islamiceconomicsproject

[islamiceconomicsproject]

Comprehending Human Economic Behavior Through a Multicultural Lens: Examining the Concepts of Homo Economicus and Islamicus

Paper Title: Comprehending Human Economic Behavior Through a Multicultural Lens: Examining the Concepts of Homo Economicus and Islamicus Author:        Setiawan bin Lahuri and Sultan Nanta Setia Dien Labolo Publisher:    Kawanua International Journal of Multicultural Studies, 4(2), 106-117. The concepts of homo economicus and homo islamicus have very different intellectual roots in viewing the…

[islamiceconomicsproject]

Budget for FY-26 and Economic Prospects for Pakistan

Salman Ahmed Shaikh It is comforting to note that Pakistan economy has breached the level of $400 billion economy. Per capita income had also breached the level of $1,800. With decrease in interest rates and inflation, the economy may get breathing space. Decrease in interest rates has eased the fiscal burden which will provide space to contain fiscal deficit at 3.9% of GDP and maintain primary…

[islamiceconomicsproject]

Economic Thinking of Arab Muslim Writers During the Nineteenth Century

Abdul Azim Islahi In this book, IDB Laureate Prof. Abdul Azim Islahi explores the state of Arab Muslim economic thinking in the 19th century. He investigates the works of nine distinguished Arab writers from various fields including economics, Islamic jurisprudence, political leadership and literati. The covered authors hail from Yemen, Egypt, Tunisia and Syria. Prof. Islahi shows that the…

[islamiceconomicsproject]

What is Money

Muhamed Ahmed When we think of money, we picture banknotes, digits in our accounts, and the ‘money’ we use every day. But that is a huge misunderstanding — because the truth is, that’s not really money. Have we ever been taught in school or university what money actually is? It seems like such a simple question with an obvious answer — right? The fact is, most people, including Muslims, get it…

[islamiceconomicsproject]

Highlights of the IFSB Report 2025

Muhammad Hammad The Islamic Financial Services Industry (IFSI) entered 2025 with renewed growth momentum and broad-based expansion into new markets and across all three core sectors banking, capital markets, and insurance. Total IFSI assets rose significantly, with double-digit growth recorded in all three sectors, driven by the continuing dynamism of the Islamic banking sector, and a growing…

[islamiceconomicsproject]

Beyond Integrative Approaches: Methodological Tensions in Islamic Economics

Aaliah Rafee Introduction Contemporary mainstream economics, with its physics-inspired mathematical formalism, has long been critiqued for its inability to predict crises or account for human complexity. As Dr. Salman Ahmed Shaikh argues, the reductionism of DSGE models—which treat economies as closed, deterministic systems akin to celestial mechanics—fails to capture the moral, social, and…

[islamiceconomicsproject]

Moral Reflections on Economics, Vol 5, Issue 6

June 2025 issue (Vol 5, Issue 6) of Moral Reflections on Economics features Beyond Integrative Approaches: Methodological Tensions in Islamic Economics by Aaliah Rafee Highlights of the IFSB Report 2025 by Muhammad Hammad What is Money by Muhamed Ahmed Book review of “Economic Thinking of Arab Muslim Writers During the Nineteenth Century” by Prof. Abdul Azim Islahi Research paper in focus on…

[islamiceconomicsproject]

Monetary Policy and Islamic Banks: A Critical Literature Review

Paper Title: Monetary Policy and Islamic Banks: A Critical Literature Review Author:        Zakaria Savon and Abdellah Yousfi Publisher:    Journal of Islamic Accounting and Business Research, 16(2), 444 – 457. This review paper explores the relationship between monetary policy and Islamic banks. The authors explain that Islamic banks adhere to Islamic economic and financial principles,…

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Methodology of Islamic Economics

Syed Agil & Aidit Ghazali This book is an important introduction to the topic of Methodology of Economics in which the pioneer thinkers of modern Islamic economic literature had shared light on ways to develop the body of knowledge of Islamic economics and how. Each chapter is written by one of the distinguished economist working in Islamic economics. The notable contributors include: Prof.…

[islamiceconomicsproject]

Highlights of Global Energy Review 2025 Report

Report Review by Muhammad Hammad This edition of the Global Energy Review is the first comprehensive depiction of the trends in 2024 across the entire energy sector. It covers data for all fuels and technologies, all regions and major countries, and energy-related carbon dioxide (CO2) emissions. Global trends Different elements of the world’s energy system saw very different growth rates in…

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Labour in Comparative Economic Systems

Salman Ahmed Shaikh Labor is an important factor of production in any production process. In classical literature, labor theory of value appears as a fundamental determinant of commodity price movements. In the middle of the Industrial Revolution, Marx observed the exploitation of labor by capitalists. In his study of the production process, Marx argued that all value is created in the…

[islamiceconomicsproject]

Moral Reflections on Economics, Vol 5, Issue 5

May 2025 issue (Vol 5, Issue 5) of Moral Reflections on Economics features Remembering Prof. Khurshid Ahmad Labour in Comparative Economic Systems by Salman Ahmed Shaikh Highlights of Global Energy Review Report 2025 by Muhammad Hammad Book review of Methodology of Islamic Economics edited by Syed Agil and Aidit Ghazali Research paper in focus on Monetary Policy and Islamic Banking by…

[islamiceconomicsproject]

Life and Works of Prof. Khurshid Ahmad

Prof. Khurshid Ahmad passed away on April 13, 2025 at the age of 93 years in Leicester, UK. He was born on March 23, 1932 in Delhi. He was a renowned scholar, academic, economist, prolific writer, policymaker and legislator. He was the founder of one of the oldest think tank in Pakistan which has produced tremendous literature on policy issues ever since 1979. He was one of the prolific and…

[islamiceconomicsproject]

Theoretical and Analytical Approach of Financial Stability: Islamic Perspective

Paper Title: Theoretical and Analytical Approach of Financial Stability: Islamic Perspective Author:        Hassan Belkacem Ghassan and Noureddine Krichene Publisher:    Turkish Journal of Islamic Economics, 12(1), 140 – 175. Traditional banking systems, based on interest-based debt, have led to financial instability and crises throughout history. The 2007-2008 financial crisis highlighted the…

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The Divine Whispers

Mujeeb Haqqie This book delves into the intersection of science and spirituality, particularly from an Islamic perspective. The title itself, “Divine Whispers”, suggests a focus on understanding the subtle ways in which divine guidance and knowledge can be perceived within the natural world. The book aims to reconcile scientific understanding with Islamic faith, suggesting that the natural…

[islamiceconomicsproject]

Highlights of Net-Zero Banking Alliance 2024 Progress Report

Report Review by Muhammad Hammad This report review provides an update on NZBA member banks’ progress on climate target setting and transition planning in the context of the NZBA commitment. When joining the Alliance, each member bank voluntarily commits to independently setting, disclosing, and reporting on their progress towards science-based de-carbonization targets, as data and…

[islamiceconomicsproject]

Insaan Ki Kahani by Abu Yahya

A Project of Inzaar Education and Charitable Trust “Insaan Ki Kahani” is a documentary series created by Dr. Rehan Ahmed Yousufi, also known with the pen name Abu Yahya. The author is a learned scholar and author of many books on Islam, character building, social reforms and highlighting the moral issues in a Muslim culture, especially in Pakistan where he currently lives. The author had…