Islamic Economics Project

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.

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Environmental Sustainability in the Prophetic Sunnah: A Foresight Perspective

By hammadiep on January 21, 2026 • ( Leave a comment )

The author argues that the Sunnah presented a forward-thinking model long before the modern concept of sustainability emerged. This model emphasizes resource preservation, responsible consumption, and the protection of future generations’ rights. Unlike modern secular models, the Sunnah is argued to provide a holistic framework that integrates spiritual, moral, and practical dimensions into environmental care. The author argues that environmental protection is an inherent part of the higher objectives of Islamic law (Maqasid al-Shariah), specifically the preservation of the five essentials: religion, life, intellect, progeny, and wealth.

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A Critical Survey of Islamization of Knowledge

By hammadiep on January 20, 2026 • ( Leave a comment )

The book is a succinct summary of the major thoughts in Islamization of knowledge and the noted author provides a clear demonstration of ideas and how they contrast with each other. An equally useful contribution of the book is the illustration of the different views in flowchart diagram to ease understanding through illustrations. Finally, the book also contains abstracts of seminal works together with a useful and relevant bibliography for interested readers.

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Highlights of World Health Statistics 2025

By hammadiep on January 19, 2026 • ( Leave a comment )

The COVID-19 pandemic led to a 1.54-year global drop in Healthy Life Expectancy (HALE) between 2019 and 2021, with mortality and pandemic-related outcomes causing 1.29-year and 0.28-year losses, respectively. The impact was most severe among adults aged 30+ years. Regions like the Americas and Southeast Asia saw significant HALE losses (2.72 years and 2.5 years, respectively), mainly due to COVID-19 mortality. Increased morbidity from COVID-19, anxiety disorders, and depressive disorders also contributed to HALE declines, offsetting pre-pandemic gains.

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

By hammadiep on January 18, 2026 • ( Leave a comment )

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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IIUM’s Vision 2077: Toward a Just and Balanced Economy (Al-Iqtisad Al-Wasati)

By hammadiep on January 17, 2026 • ( Leave a comment )

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).

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Utility Maximization, Morality, and Religion

By hammadiep on December 8, 2025 • ( Leave a comment )

The paper contrasts this self-centred economic model with moral philosophy. Egalitarian ethical theories which include Utilitarianism, Rawls’s theory of justice, Situation Ethics (Joseph Fletcher), and Kantian ethics (Categorical Imperative), all require that, as a necessary condition for morality, one must treat the welfare of others the same as or equally to one’s own welfare.

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Capitalism: A Very Brief Introduction

By hammadiep on December 7, 2025 • ( Leave a comment )

Capitalism is defined by the Cambridge dictionary as, ‘An economic and political system in which property, business, and industry are controlled by private owners rather than by the state, with the purpose of making a profit.’ Following this definition, not every country can be considered ‘capitalist’.

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Key Highlights of Islamic Finance Development Report 2025

By hammadiep on December 6, 2025 • ( Leave a comment )

The 2025 Islamic Finance Development Indicator (IFDI) assessed 140 countries, with the global average score declining to 11 due to new entrants scoring low in most indicators. The top 10 countries remained unchanged, led by Malaysia and the UAE, which excelled across all five indicators. Notable shifts include Bangladesh dropping out of the top 10 due to Islamic banking sector challenges, while Tanzania showed promise with Sukuk issuance and sector growth.

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Stabilizing Purchasing Power of Common Medium of Exchange

By hammadiep on December 5, 2025 • ( Leave a comment )

The rate of return for most non-agricultural activities will fall to naught, while the rate of return for farming will soar high. The organized sector, assisted by interest-driven financing, keeps prices of its products and services high by controlling production and employment. Due to the confusion created by the illusion of consistently rising prices, commoners fail to respond effectively.

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