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Islamic Economics Project

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Website title: Islamic Economics Project – Research on Islamic Economics and Finance and Role of Faith in Markets and Society in Post Modern Scientific Age

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The Dual Structure of Islamic Economics: Economics of Religion and Religious Economics

Islamic economics is fundamentally a normative field, dedicated to the in-depth study of the normative principles outlined in the Qur’an and the Sunna (religious economics). In its empirical research, it probes into the economic behaviours and values of Muslims. As a result, it extensively utilizes economic tools to comprehend Muslim behaviour, integrating the economics of relig...

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Moral Reflections on Economics, Vol 5, Issue 12

December 2025 issue (Vol 5, Issue 12) of Moral Reflections on Economics features: “The Dual Structure of Islamic Economics: Economics of Religion and Religious Economics” by Assoc. Prof. Dr. Mohd Nahar Mohd Arshad, Department of Economics, KENMS, IIUM; "Stabilizing Purchasing Power of Common Medium of Exchange"  by Hifz Ur Rab; Highlights of Islamic Finance Development Report b...

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The Financial Crisis and the Systemic Failure of Academic Economics. Lessons from the Financial Crisis: Causes, Cons...

The authors note that the instability leading to crisis is assumed away by the models which assume inherent stability. Economists are confined to models of stable states that are perturbed by limited external shocks. Economists failed to incorporate the intrinsic recurrent boom-and-bust dynamics characteristic of a complex economic system. Consequently, ‘systemic crisis’ is trea...

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Methodology of Economics: Secular Versus Islamic

The author asserts that Islamic economics is currently the result of applying Islamic rules and injunctions (Fiqh) to the secular economic framework, and is not yet a separate discipline that fully replaces secular economics. The author notes that methodology is a messy and confusing area in both fields. He highlights that in Islamic economics, it is often wrongly treated as a r...

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Key Highlights of World Social Report 2025

The report calls for a new policy consensus based on equity, economic security for all, and solidarity. It emphasizes the need for structural transformations in policy, institutions, norms, and mind-sets, and a fundamental reorientation of policymaking through a social lens. A new consensus must prioritize strong social policies, investments in public institutions, and a people-...

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