Tag: Islamic Economics

Is a Crypto Asset Mal? – Part 5 What Type of Mal Is It?Introducing the Shariah Crypto Classification Framework (SCCF)

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Banner reading “Is a Crypto Asset Mal? – Part 5,” “What Type of Mal Is It?,” and “Introducing the Shariah Crypto Classification Framework (SCCF)”

Before asking whether a crypto asset is halal, we need to know what type of mal it is in Shariah, because the type decides which Fiqh rules apply. Market labels such as “utility,” “payment,” or “RWA” describe what a token does, or how a regulator treats it, not what it is in Shariah. The Shariah Crypto Classification Framework (SCCF), published here for the first time, sorts every crypto asset that qualifies as mal, starting with one question: is it money or not? The answer tells you which rules govern the asset; whether a particular asset is halal or haram is a separate question that comes later in the series.

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Moral Reflections on Economics, Vol 6, Issue 11

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November 2026 issue (Vol 6, Issue 11) of Moral Reflections on Economics features

• “Is a Crypto Asset Mal” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Money and Faith” by Azah Atikah Anwar Batcha, Research Scholar, UiTM, Malaysia.

• Highlights of AI in Education Report 2026 by Muhammad Hammad.

• Book review of “Agency, Rationality, and Morality: A Qur’anic View of Man” by Mona Abul-Fadl.

• Research paper in focus on “Islamic Finance and Money Creation: Sharīʿah Issues and a Reform Proposal” by Abdullah Al-Sulami and Ayman Saleh.

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

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

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Entrepreneurship from an Islamic Perspective

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Four colleagues discuss plans beside a whiteboard reading “Tijarah (Trade) with Integrity” and “Maqasid al-Shariah.”

The paper outlines twelve foundational Islamic ethical principles and economic controls governing commercial conduct. These include Tawhid (monotheism and ultimate divine accountability), Sidq (honesty in financial reporting and marketing), Amanah (trustworthiness in handling stakeholder resources), Adl and Qist (justice and equity in pricing and employee compensation), Al-Ihsan (striving for excellence and benevolence), Taqwa (God-consciousness), Al-Maslahah Al-Ammah (prioritizing public interest), Al-Ayid Al-Halal (earning only through permissible means), and general social responsibility.

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Moral Reflections on Economics, Vol 6, Issue 10

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October 2026 issue (Vol 6, Issue 10) of Moral Reflections on Economics features

• “Concept of Mal in Jumhur and Hanafi School” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Islamic Finance and Blue Sukuk Can Unlock Pakistan’s Maritime Century: Financing the Blue Frontier” by Naufil Shahrukh, Co-founder, Maritime Study Forum, Senior Consultant-Researcher, AAOIFI.

• “Rethinking Modern Money” by Azah Atikah Anwar Batcha, Research Scholar, UiTM, Malaysia.

• Highlights of Social Protection Report 2026 by Muhammad Hammad.

• Book review of “The Qur’anic Worldview” edited by Dr. Abdul Hamid Abu Sulayman.

• Research paper in focus on “Entrepreneurship from an Islamic Perspective” by Dr. Abdelkader Chachi and Prof. Kemal Hattab.

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

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

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Is a Crypto Asset Mal? The Hanafi View – Part 3

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Text: CRYPTO Cryptocurrency

Part 2 of this series asked whether crypto assets are property (mal) under the Maliki, Shafi’i, and Hanbali schools. The answer, at the level of the asset class, was yes. But that left one question open: whether specific crypto assets are actually lawful in Shari’ah. That question was deferred, and this series takes it up later, alongside the Hanafi school’s own version of the same question. This part asks whether crypto assets are mal under the Hanafi school, and it needs a part of its own, because the Hanafi school does not approach the question the same way.

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Moral Reflections on Economics, Vol 6, Issue 9

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September 2026 issue (Vol 6, Issue 9) of Moral Reflections on Economics features

• “Concept of Mal in Hanafi School” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Remembering Dr. Umar Chapra”  by H. A. Raquib.

• Highlights of World Housing Report 2026 by Muhammad Hammad.

• Book review of “Kalam and Its Relevance” edited by Prof. Haslina Ibrahim.

• Research paper in focus on “Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform ” by Prof. Asad Zaman, reviewed by Prof. Tariqullah Khan.

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

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

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Fiqh of Cryptos – Part 1 and Part 2

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Islamic jurisprudence and cryptocurrency symbols with digital economy elements

The most common objection to crypto assets in Shar’iah discussions is not about risk. It is not about volatility either. It is more basic than that. The objection says there is no ‘thing’ here to judge in the first place. A crypto asset, based on this view, is not property that happens to be risky. It is not property at all. It does not exist. It is only an imaginary or a fictional number in a database, created by a computation. And numbers in a database are not wealth or assets (mal).
If this premise is correct, every later question is already settled. Is a crypto asset property (mal)? Does it carry financial or economic value (maliyyah) in the Shar’iah sense? Is it a form of wealth Shar’iah recognizes (mutaqawwam)? None of these questions need to be asked if the object itself does not exist. This series of articles explores these questions in depth.

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Moral Reflections on Economics, Vol 6, Issue 8

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Geometric patterned light panel with blockchain network overlay next to open laptop showing data charts

August 2026 issue (Vol 6, Issue 8) of Moral Reflections on Economics features

• “Fiqh of Crypto” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Analysis of Fatwa on Crypto Currency”  by Prof. Dr. Zahid Mughal.

• Highlights of World Energy Report 2026 by Muhammad Hammad.

• Book review of “Muhammad Nejatullah Siddiqi” edited by Muhammad Ahmadullah Siddiqi and Imtiaz Yusuf.

• Research paper in focus on “The Determinants of Donors’ Behaviour Toward Islamic Charities: A Phenomenological Inquiry” by Mohsin Ali, Yasir Aziz, Najeeb Zada, Fadillah Mansor.

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

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

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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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