Tag: IslamicEconomics

Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform 

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Illustration titled ECONOMICS, RECLAIMING ECONOMICS AS A MORAL SCIENCE, AN ISLAMIC APPROACH TO MONETARY REFORM

Prof. Zaman’s paper, ‘Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform’ argues that contemporary monetary reform remains incomplete because it concentrates on technical solutions – such as macro prudential regulation, institutional safeguards, and regulatory redesign – while insufficiently addressing justice and public welfare. He observes that Islamic finance has developed relatively sophisticated mechanisms for micro-level Shari’ah compliance but still lacks comparable institutional capability for governing systemic outcomes in accordance with the public interest. The paper therefore reframes monetary reform as a problem not only of technical design but also of moral governance.

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The Late Dr. Muhammad Umar Chapra

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Dr. Muhammad Umar Chapra (February 1, 1933 – June 13, 2026) was a prominent economist, researcher, professor, and intellectual. During his student days, he was associated with Islami Jamiat-e-Talaba Karachi, and thereafter, throughout his life, he remained actively engaged in the field of knowledge and scholarship as a servant of Islam. As an author of numerous scholarly books and a creative thinker in Islamic economics, he left an indelible mark.

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Muhammad Nejatullah Siddiqi

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The book discusses the vast contributions of Dr. Muhammad Nejatullah Siddiqi in disciplines like economics, finance, Islamization, Maqasid-e-Shar’iah and contemporary socio-political and economic issues. As one of the chief contributors in Islamic economics, Dr. Nejatullah Siddiqi firmly believed that Islamization, or the acquisition of knowledge, should not be pursued for the sake of gaining power and authority. Instead, the creation, acquisition, and utilization of knowledge are fundamentally intended for the betterment of humanity. Its goal is not the universal domination of Muslims, but rather the overall welfare of humanity as a whole.

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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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From Ontological to Epistemic–Institutional Halal

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Conceptual graphic showing transition from ontological halal focusing on intrinsic nature, divine commands, and raw substances to epistemic-institutional halal involving knowledge, methods, verification, and institutional governance.

Contemporary halal certification represents a fundamental institutional transformation: the shift from an ontological framework in which permissibility is assessed directly against Islamic law to an epistemic-institutional regime in which halal status is constituted through institutional verification. This transformation is a necessary response to the informational conditions of modern economies, but it introduces structural risks—certifier-pay conflicts, interpretive fragmentation, and form-over-substance compliance—that the current institutional framework inadequately addresses.

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Islamic Economics and Economics as a System of Power

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The paper begins by addressing the post-colonial emergence of Islamic economics, which sought to establish an independent discourse based on interest-free commerce, moral behavioral norms eschewing self-interest, and the pursuit of social justice. Despite these ideal goals, the field has faced severe criticisms from scholars such as Prof. Timur Kuran, Prof. Akram Khan, and Prof. Syed Tahir for failing to develop a unique value set, an original methodology, or the analytical power necessary to solve modern economic problems.

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Iqtisaduna (Our economics)

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The book begins with an incisive academic criticism of dialectical materialism, the philosophical backbone of Marxist thought. Al-Sadr argues that history is an incredibly complex phenomenon that cannot be reduced to a single driving force, such as the economic factor or the means of production. He asserts that various other elements, including religious convictions, political structures, and social dynamics, play primary and often independent roles in shaping human destiny. He challenges the foundational logic of materialism by pointing out that it cannot explain the “first push” of the universe or human development without acknowledging a non-material or Divine cause. For al-Sadr, the materialist view is a narrow lens that fails to capture the multidimensional nature of human existence.

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Measuring What Truly Matters: A Maqasid al Shariah Approach to Reforming Gross Domestic Product

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When economic policy is guided solely by GDP, these ethical imperatives may be undermined. For example, a country may pursue industrial expansion that increases GDP but harms public health, violating hifz al nafs. Liberalization of entertainment sectors may boost GDP but erode moral and family values, violating hifz al din and hifz al nasl. Financial expansion through interest-based lending may raise GDP but undermine fairness and risk sharing, violating hifz al mal.

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