Tag: Islamic Economics

Moral Reflections on Economics, Vol 5, Issue 12

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December 2025 issue (Vol 5, Issue 12) of Moral Reflections on Economics features: “The Dual Structure of Islamic Economics: Economics of Religion and Religious Economics” by Assoc. Prof. Dr. Mohd Nahar Mohd Arshad, Department of Economics, KENMS, IIUM;
“Stabilizing Purchasing Power of Common Medium of Exchange”  by Hifz Ur Rab; Highlights of Islamic Finance Development Report by Hammad; Book review of “Capitalism: A Very Brief Introduction” by James Fulcher reviewed by Aisha Wani; Research paper in focus on “Utility Maximization, Morality, and Religion” by Dr. Jonathan E. Leightner and regular sections of reflections, market news, economic and financial indicators and call for papers.

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Methodology of Economics: Secular Versus Islamic

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The author asserts that Islamic economics is currently the result of applying Islamic rules and injunctions (Fiqh) to the secular economic framework, and is not yet a separate discipline that fully replaces secular economics. The author notes that methodology is a messy and confusing area in both fields. He highlights that in Islamic economics, it is often wrongly treated as a research design or work plan. The author explains that economics is usually called ‘science’ and is seen to be built for achieving its objectives on some perception of rationality. Methodology is the ‘theory of theories’; in the field of economics it refers to the “process economists use to authenticate the knowledge about economic phenomena”.

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Moral Reflections on Economics, Vol 5, Issue 11

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November issue of Moral Reflections on Economics is published, featuring:
• “Complexity Economics: Dynamic Perspective” by Prof. Dr. Tariqullah Khan.
• Problems with Interest Based System by Hifz Ur Rab.
• Highlights of Social Report 2025 by Hammad.
• Book review of “Methodology of Economics” by Dr. Waleed.
• Research paper in focus on “The Economics Profession, the Financial Crisis, and Method” by Dr. David Colander
• Regular sections of reflections, market news, economic and financial indicators and call for papers.

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Moral Reflections on Economics, Vol 5, Issue 10

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October 2025 issue (Vol 5, Issue 10) of Moral Reflections on Economics features

• “Debt Dominance Vs Risk-Sharing Ideals: How Sukuk Reshape the Debate” by Prof. Dr. Turalay Kenc, INCEIF University.
• “Integration of Tawhidic Epistemology in ESG” by Prof. Dr. Suhaimi Bin Mhd. Sarif, IIUM, Malaysia.
• “Zakah Driven Islamic Economy and Interest Driven Capitalism” by Hifz ur Rab.
• Book review of “Kitab al-Isharah ila Mahasin at-Tijarah” byAbū al-Faḍl Jaʻfar ibn ʻAlī al-Dimashqī ; translated by Dr. Adi Setia.
• Research paper in focus on “Do Islamic Cryptocurrency and Bitcoin Co-move at Different Investment Horizons?” by Mosharrof Hosen, Hassanudin Mohd Thas Thaker, Mohammad Nazim Uddin, Abdul Qoyum & Farhad Taghizadeh-Hesary.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.

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Debt Dominance Vs Risk-Sharing Ideals: How Sukuk Reshape the Debate

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Using a contract-theoretic model, Khan compares two financial arrangements: the Fixed Return Scheme (FRS), which mirrors conventional debt, and the Variable Return Scheme (VRS), which represents profit-and-loss sharing (PLS) contracts such as Mudarabah or Musharakah. His analysis assumes a single lender allocating a fixed pool of funds across many independent projects, with symmetric information and costless observability.

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Moral Reflections on Economics, Vol 5, Issue 9

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September 2025 issue (Vol 5, Issue 9) of Moral Reflections on Economics features
• “Central Bank Digital Currencies Through an Islamic Lens” by Dr. Ilma Khan, Jamia Millia Islamia, India.
• Highlights from Lecture on “Islamic Worldview and Sustainable Development: Limits of Legal Compliance and the Need for Ethics” by Prof. Habib Ahmed, Professor, Durham University, UK.
• “The Role of Integrated Value Mediation in ESG Frameworks: Transforming Circular Agriculture within an Islamic Economic Context” by Davi John J S. Palo.
• Book review of “Islamic Economics: A Short History” by Dr. Ahmed El-Ashker and Prof. Rodney Wilson.
• Research paper in focus on “Relational business model for shared responsibility” by Dr. Josef Wieland and Dr. Jessica Geraldo Schwengber.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.

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Workshop on New Economics by Prof. Steve Keen at Center of Islamic Economics, International Islamic University of Malaysia

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Prof. Keen provided many reasons to be confident in looking at alternatives to neoclassical. The key takeaways are that money should not be seen as a commodity, private debt creation should be within limits and focused on asset creation, government shall put money in productive capacity, limit imports to the limit of exports or thereabout rather than borrowing in foreign exchange and limiting financial sector share in GDP to allow more share in pie to the workers and firms.

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Moral Reflections on Economics, Vol 5, Issue 8

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August 2025 issue (Vol 5, Issue 8) of Moral Reflections on Economics features

– “Rethinking the Architecture of Ethical Banking” by Prof. Turalay Kenc, Professor, INCEIF University Malaysia.

– “Reinstating the Family in ESG: A Tawhidic and Maqasidic Recalibration of Global Governance Frameworks” by Prof. Suhaimi Bin Mhd. Sarif, Professor, KENMS, IIUM, Malaysia.

– Towards Understanding Riba by Hifz-ur-Rab.

– Book review of “Debunking Economics” by Prof. Steve Keen.

– Research paper in focus on “Behavioural and Islamic Economics Critique on Mainstream Views on Unemployment” by Dr. Ekrem Yilmaz.

– Reflections on Faith and Science.

– Regular sections of market news, economic and financial indicators and call for papers.

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Outline of an Islamic Fiscal Policy

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Regarding taxation, Islam has laid out clear guidelines: not only is excessive taxation sinful, but even when collecting taxes even from non-Muslims, there should be no element of hardship. For example, Urwah ibn Zubayr narrated that Hisham ibn Hakeem (RA) once saw a tax collector in Homs mistreating some Christian Copts by making them stand under the sun while collecting Jizya. He objected, citing the Prophet Muhammad (PBUH) who said: “Allah will punish those who torment people in this world” (Sunan Abi Dawood 3045).

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Moral Reflections on Economics, Vol 5, Issue 7

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July 2025 issue (Vol 5, Issue 7) of Moral Reflections on Economics features

– “Islamic Banking Beyond Shariah Compliance ” by Dr. Abidullah, Asst. Prof. Sakarya University
– “Outline of Islamic Fiscal Policy” by Dr. Syed Ahmed Ali, Asst. Prof. AERC, KU
– Note on Remembering Prof. Zubair Hasan
– Highlights of HDI Report by Muhammad Hammad
– Book review of “Economic Development in Islamic Framework” by Prof. Khurshid Ahmad
– Research paper in focus on ESG Practices and Bank Performance by Dr. Faaza Fakhrunnas, Prof. Turalay Kenc, Dr. Zhang Hengchao,
– Reflections on Socio-Cultural Importance of Hajj
– Regular sections of market news, economic and financial indicators and call for papers.

Download at https://www.islamiceconomicsproject.com/periodicals

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