Tag: Islamic Economics

Remembering Dr. Umer Chapra

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

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

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

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

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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Moral Reflections on Economics, Vol 6, Issue 6

Port congested with shipping containers and ships, protesters with signs for peace, wildfires and flooding nearby, map of disrupted trade routes

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.

Download at: Periodicals

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Key Highlights of the State of Energy Innovation 2026

Solar panels and wind turbines generating renewable energy at sunset

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.

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