Tag: Islamic Finance

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

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Text reads "Is a Crypto Asset Mal? The Hanafi View — Part 3" above three men discussing an open Quran and cryptocurrency chart on a laptop.

In Hanafi school, saying something is not mal at all is different from saying, it is mal but unlawful. The first claim removes the thing from the law of wealth completely. The second keeps it inside that law and then restricts it. This part deals only with the first question, whether a crypto asset is mal at all. The second question, whether it is also lawful or not, is addressed in the later articles of this series.

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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 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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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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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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Integrative Methodology of Islamic Economics: A Note

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The methodological contribution of Shaikh (2026) is to formulate, more sharply than most of the literature, the choice between an assimilative economics that prices the sacred and a distinctive economics that abandons the analytical, and to argue – on the strength of World Values Survey evidence of broadly shared moral and market attitudes – that the discipline should occupy neither pole but an integrative middle. That diagnosis is sound, and the integrative impulse is the correct one. Its limitation is structural rather than substantive: Shaikh (2026) integrates the scope of analysis while partitioning its method, housing market and beyond-market behaviour under one disciplinary roof but assigning each its own separate toolkit. The result is integration by segregation, a one- dimensional fork resolved by keeping the two domains apart, and the seam shows wherever a single decision carries mixed motives.

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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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Breaking the Trap of Debt, Inflation, Interest and Poverty

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The book by Qanit Khalilullah and Sohaib Umar offers a critique of the modern fractional-reserve banking system, arguing that it is the primary engine behind chronic economic instability, inflation, and wealth inequality. The authors propose a radical macroeconomic transition to a full-reserve banking model. This proposal is specifically tailored as a structural panacea for Pakistan’s crippling debt crisis, while simultaneously being framed as a genuine path to establishing a Shari’ah-compliant Islamic financial system.

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