The author urges that deep and rapid decarbonization must become a global priority because climate tipping points will likely be reached much sooner than previously expected as greenhouse gas emissions continue to rise. To safeguard humanity and its societal systems, it is not only important to consider the time it takes to achieve decarbonization, but to ensure that we avoid reaching the climate tipping points.
January 2025 (Vol 5, Issue 1) issue of Moral Reflections on Economics is online. It features article on Theories of Economic Development and Islamic Economics, Highlights of Global Hunger Report 2024 by Hammad, IEP Public Poll results on Challenges to Banking Sector in 2025, book review of Reconstruction of Religious Thought in Islam by Allama Iqbal, research paper in focus on The Value of Societal Values in Finance by Carolin Schellhorn, Reflections on Quran and Ethics by Abrar Ahmed and regular sections of market news, economic and financial indicators and call for papers.
The forum emphasized on integrating Zakat and Waqf in a way that transforms lives and strengthens communities. There is need for collective vision encompassing the individual, the family, and the wider social order, fostering a comprehensive approach to socioeconomic development.
Islamic banking continues to be the largest segment of the IFSI, constituting 70.21% of the total global IFSI assets in 2023, while Sukuk outstanding and Islamic funds collectively represented 29.08%, and the Islamic insurance segment represented 0.71%. The regional distribution of global Islamic finance assets reveals a pronounced concentration in the Gulf Cooperation Council (GCC), which accounts for 52.50%.
The conference kicked off with address by Deputy Minister of Religion in Malaysia. Dr. Zulkifli highlighted the importance of halal economy and how the current government in Malaysia is committed to provide an enabling environment for halal industry. He highlighted the schemes and initiatives taken to support the halal economy in Johor as well as in Malaysia.
Shah Waliullah in Hujjat Allah Ul Balighah writes that exchange is of different kinds. Goods for goods or goods for services. There are people with surplus funds and some with deficiency of funds. This requires transfer of resources for need fulfillment without counter value as in Zakat and Sadaqat.
Majority of scholars hold a view that a currency‟s permissibility is not invalidated if its value diminishes. This perspective is founded on the premise that conventional forms of currency are also subject to fluctuations in value. Financial securities like Halal stocks also go through swings in prices due to market and economic factors.
The report identifies the six inter-related mega trends to impact OIC nations as: Uneven Macroeconomic Performance, Sharing and Platform Economies, Green Economy, Urbanization, Global Supply Chains and Future of Work. The first two look at shifting economies, which are playing out across OIC societies. The next two cover changing environments brought on by climate change and growing populations. The last two consider adapting ecosystems.
Trade was liked by the Prophet صلى الله عليه وسلم, because it was a means of livelihood based on morality and honesty. He صلى الله عليه وسلم himself was famous in trade and Hazrat Uthman Ghani and Hazrat Abd al-Rahman bin Awf among the Companions (may Allah be pleased with them) were known as useful traders. Hazrat Abd al-Rahman bin Awf remained engaged in trade even after his migration to Medina and achieved great commercial success with his God-given abilities. Hazrat Uthman‟s trading business was so large that his income made him a model of great generosity and he spent his wealth for society.
Riba al-Fadl is described as an unlawful excess in the exchange of two counter-values where the excess is measurable through weight or measure. The concept is based on some Ahadith according to which if gold, silver, wheat, barley, dates, and salt are exchanged against themselves, they should be spot and be equal and specified. If these conditions are not found, this transaction will become Riba al-Fadl.
Islamic Economics Project 