The is second rejoinder to the book review of Breaking the Trap of Debt, Inflation, Interest and Poverty. Original review can be accessed at: https://islamiceconomicsproject.com/2026/05/08/breaking-the-trap-of-debt-inflation-interest-and-poverty/
It is encouraging to see the commitment of the authors to engage with criticism of their proposal. Such efforts to engage with critical issues of the economy and society are highly respectable and deserve appreciation. Some further clarifications are humbly provided in response to the rejoinder by the authors.
Rejoinder on the Book Review: Breaking the Trap of Debt, Inflation, Interest and Poverty. Original review can be seen at: https://islamiceconomicsproject.com/2026/05/08/breaking-the-trap-of-debt-inflation-interest-and-poverty/
This research paper provides a theoretical reframing of the objectives underlying Islamic economics and finance. While Islamic finance is largely known for avoiding specific prohibitions—such as Riba (interest), Gharar (excessive ambiguity), and Maysir (gambling)—critics argue that it has become operationally identical to conventional finance. The author argues against this phenomenon of ‘Shariah arbitrage’, where the outward form is Islamic but the substance remains conventional.
May 2026 issue (Vol 6, Issue 5) of Moral Reflections on Economics features
• “From Ontological to Epistemic–Institutional Halal” by Prof. Dr. Turalay Kenc, INCEIF University, Malaysia.
• “The Social and Cultural Importance of Hajj” by Dr. Salman Ahmed Shaikh.
• Highlights of Global Trade Report by Muhammad Hammad.
• Book review of “Breaking the Trap of Debt, Inflation, Interest and Poverty” by Qanit Khalilullah and Sohaib Umar.
• Research paper in focus on “Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance” by Prof. Dr. Burhan Uluyol.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.
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The IEA’s Energy Innovation Forum highlighted the importance of policy support, international collaboration, and addressing financing gaps for first-of-a-kind projects. Breakout sessions focused on AI’s potential to accelerate innovation, diversifying battery mineral supplies, and reducing carbon dioxide removal costs. Recommendations include co-operation between trading partners, facilitation of partnerships, and government support for innovators. With sustained investment and cooperation, energy innovation can drive economic growth, improve energy security, and reduce emissions.
The author had written academic books contributing scholarly to the theory of civilizational decline and Islam’s position on human slavery, both at the individual level and collective level in the form of dynastic and authoritarian rule. In his later part of life, the author has shown a sublime way of writing which emphasizes the moral conduct in personal and social choices. With both an inclination as well as proficiency in literary writings, the author has produced life-changing novels in Urdu which have been translated in English as well. These novels are not only a unique addition to the propagation of Tawheed, but also are a unique addition to Urdu literature where the genre of novel is limited to romantic and thriller storytelling.
April 2026 issue (Vol 6, Issue 4) of Moral Reflections on Economics features
• “Remembering Royal Professor Syed Muhammad Naquib al-Attas”.
• “The Story of Humans – A Documentary” conceived and created by Dr. Rehan Ahmed Yousufi.
• Highlights of energy Innovation Report by Muhammad Hammad.
• Book review of “Islamization of Modern Science and Its Philosophy” by Prof. Muhammad Mumtaz Ali.
• Research paper in focus on “Mobilising Home Equity for Climate-Resilient Affordable Housing Through Tokenisation” by Prof. Dr. Tariqullah Khan.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.
The number of billionaires has surpassed 3,000, with Elon Musk becoming the first person to hold over half a trillion dollars in wealth. However, this extreme wealth concentration is happening amidst widespread hunger, with one in four people globally facing food insecurity. The issue isn’t just the lavish spending of billionaires, but how they use their wealth to influence politics, governments, and media, undermining democracy and fairness. As US Supreme Court Justice Louis Brandeis said, ‘We must make our choice. Either we can have extreme wealth in the hands of the few, or we can have democracy. We cannot have both’. This report is about that choice.
Prof. Dr. Naquib at Attas lived a prolific scholarly life which spanned almost a century. One of the pioneer figures in Islamisation, Decolonisation and Desecularization literature. He shared his profound thoughts in his books and public lectures. He provided deeply profound critique of contemporary philosophies of his time and how to respond by not copying rather than deconstructing, decolonising, desecularizing and embracing the ideals, values and principles of Islamic revealed knowledge as foundation. May Allah bless him for his tremendous contributions and mentoring generations of Muslims relentlessly, devotedly and wholeheartedly.
Islamic Economics Project 