Tag: MoralEconomy

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

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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Muhammad Nejatullah Siddiqi

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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