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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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Moral Reflections on Economics, Vol 6, Issue 1

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...


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Utility Maximization, Morality, and Religion

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

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

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 c...


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Stabilizing Purchasing Power of Common Medium of Exchange 

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...


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