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.
Vision 2077 is an ambitious intellectual project that successfully identifies the ontological and epistemological shortcomings of modern economic policy. By utilizing Futures Thinking, it avoids the trap of forecasting the past and instead empowers policymakers to design a future rooted in the Maqasid al-Shariah (objectives of Islamic law).
January 2026 issue (Vol 6, Issue 1) of Moral Reflections on Economics features
“Roundup of IIUM Symposium on Ummah at 1,500 Years” organized by Department of Economics, KENMS, IIUM.
“A Maqasid al Shariah Approach to Reforming Gross Domestic Product” by Davi John J Simundo Palo.
Highlights of Global Health Report 2025 by Muhammad Hammad.
Book review of “A Critical Survey of Islamization of Knowledge” by Prof. Mohamed Aslam Haneef.
Research paper in focus on “Environmental Sustainability in the Prophetic Sunnah: A Foresight Perspective” by Dr. Usama Abdul Majid Alani.
Regular sections of reflections, market news, economic and financial indicators and call for papers.
Islamic Economics Project 