Tag: Islamic Economics

Islam and the Economic Challenge  

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In his exhaustive deconstruction of capitalism, Chapra exposes what he terms the limits of capitalism and the logical flaws inherent in its foundational architecture. He explores the historical genesis of the market system, tracing its roots back to the Enlightenment worldview, which systematically unseated Christian scholastic moral constraints in favour of secularism, utilitarianism, and social Darwinism. The reason behind capitalism’s failure to actualize the socially-desired goals is the conflict between the goals of society and the worldview and strategy of capitalism. The goals were humanitarian, based on a moral foundation; the worldview and the strategy were social Darwinist.

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Key Highlights of the World Health Statistics Report 2026

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2026 world health statistics report key highlights including health trends, disease burden, health systems, emerging threats, and data collection.

The 2026 edition consists of three chapters: Chapter 1 reviews the status of the health-related indicators of the Sustainable Development Goals (SDGs), covering age- and cause-specific mortality, infectious diseases, risk factors for health, and universal health coverage (UHC) and health systems. Chapter 2 presents an in-depth analysis of global and regional estimates of excess mortality associated with the coronavirus disease 2019 (COVID-19) pandemic, life expectancy and healthy life expectancy (HALE). Chapter 3 assesses the availability and quality of country cause-of-death registration as reported to the WHO mortality database. This chapter also presents selected country experiences demonstrating how strengthening civil registration and vital statistics (CRVS) systems improves the quality, completeness and use of mortality data.

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Remembering Dr. Umer Chapra

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Dr. Umer Chapra was born on February 1, 1933, in Bombay, British India. Chapra’s family moved to Karachi following the 1947 partition. Despite early financial hardships after his father passed away when Chapra was only six, his mother prioritized his education. This investment paved the way for an extraordinary academic trajectory. He attended the University of Karachi, topping his class to earn a Bachelor of Commerce (B. Com) in 1954, followed by a Master of Commerce (M. Com) in 1956. In 1950, out of 25,000 students who sat for the high school leaving examinations in Karachi, Chapra topped the list, earning the prestigious Model Student title.

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Moral Reflections on Economics, Vol 6, Issue 7

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July 2026 issue (Vol 6, Issue 7) of Moral Reflections on Economics features

• “Remembering Dr. Umer Chapra” by Dr. Salman Ahmed Shaikh.

• “Conscience: A Sensor”  by Dr. Farida Khanum.

• Highlights of World Health Report 2026 by Muhammad Hammad.

• Book review of “Islam and the Economic Challenge” by Dr. Umer Chapra.

• Research paper in focus on “Bayt Al-Mal Revitalisation: A Transnational Framework for Islamic Economic Sovereignty ” by Abdullah Shakir and Malik Muhammad.

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

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

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Assessing Universal Basic Income: An Islamic Historical and Maqāşidī Perspective

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Group of people in traditional clothing gathering around a table of coins with five illuminated Islamic principles above

The authors identify a significant blind spot in modern Islamic economics, noting that contemporary Muslim jurists have historically ignored the concept of a universal, unconditional cash transfer. This silence stems from a long-standing academic preoccupation with targeted, faith-based wealth redistribution mechanisms like Zakāh and Sadaqah, which are structurally designed for selective poverty alleviation rather than serving as a baseline macroeconomic floor for every citizen regardless of financial status. By shifting the analytical lens toward the broader state obligation of ensuring collective welfare, the authors construct a fresh, normative framework that integrates UBI within an Islamic moral economy.

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Moral Reflections on Economics, Vol 6, Issue 6

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June 2026 issue (Vol 6, Issue 6) of Moral Reflections on Economics features

• “Integrative Methodology of Islamic Economics: A Note” by Prof. Dr. Tariqullah Khan, CEO and Principal Economist, Ventureethica, Toronto, Canada.

• “Beyond Pork and Alcohol: What Halal Compliance Really Means in the Modern Era”  by Dr. Nezir Khan.

• Highlights of IFSB Report 2026 by Muhammad Hammad.

• Book review of “The Great Escape” by Prof. Angus Deaton.

• Research paper in focus on “Assessing Universal Basic Income: An Islamic Historical and Maqāşidī Perspective” by Prof. Abdulazeem Abozaid and Saqib Hafiz Khateeb.

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

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Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance

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Book titled Islamic Finance Principles Practice and Innovation by Dr. Abdullah Al-Hassan with intricate gold and teal Islamic design

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.

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