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This paper provides an analytical commentary from the perspective of Islamic economics on Zarlenga and Poteat's article, \"The Nature of Money in Modern Economy - Implications and Consequences.\" Mabid Ali Al-Jarhi examines the concept, functions, and moral dimensions of money within the broader framework of financial ethics. He argues that in modern economic systems, money has deviated from its essential role as a medium of exchange to become a tradable financial commodity, leading to structural imbalances between the real and financial sectors. Al-Jarhi criticizes this distortion, emphasizing that in Islamic economics, money is not a commodity but a unit of value and a facilitator of exchange, and its use for usurious or speculative purposes violates principles of justice and equity. The paper discusses the implications of interest-based financial systems, showing how they concentrate wealth, widen inequality, and disconnect finance from production. In contrast, Islamic monetary thought promotes profit-and-loss sharing, wealth circulation, and real-sector linkage as mechanisms for sustainable growth. Al-Jarhi maintains that reform should not be limited to state control of money issuance, as proposed by Zarlenga, but should entail a comprehensive reconstruction of the financial system grounded in moral and Sharia-based principles ensuring value stability and distributive justice. The study concludes that money, in the Islamic worldview, must operate within an ethical and spiritual framework that aligns economic activity with the higher objectives of Sharia, providing a viable and balanced alternative to contemporary monetary paradigms. Abstract Written by Dar AlMandumh, 2025, Using AI.

In this essay, the rise of platform capitalism and its claims to a utopian economic world is explored. Using the tawḥīdī worldview, I trace its emergence within the context of the growth of modern capitalism itself. The study reveals that there are certain core elements within the institutional framework of the modern economy that empowers capitalism to hegemonize society and its structures. In its drive to create and capture value, it grows rapidly, but destroys other institutions, including its own in the process. However, it always protects its inner core so that it is able to reincarnate itself in some new form. Platforms and its basket of newly emerging technologies thus represent this next frontier in the capitalist agenda, subsequent to its spectacular collapse in 2007 2008. Though some have hailed the emergence of platform capitalism as the dawn of a new age in material prosperity for all, this article demonstrates that this claim is nothing but subterfuge to deceive the world into embracing the digital age wholeheartedly. Global capitalism recognizes only one agenda: the need to feed its insatiable appetite to accumulate material wealth; all else is irrelevant. It is only an ethically-based Islamic system of economy, which embraces the precept of tawḥīd, i.e., an ontology and epistemology of systemic oneness in everything, that can offer hope to the world at large.

هدفت الدراسة إلى التعرف على ضوابط الاستثمار الإسلامي بشكل عام وتحديد ما هو أخلاقي منها وما هو غير ذلك، ثم محاولة استنباط المقاصد الأخلاقية والاجتماعية من الضوابط غير الأخلاقية، ثم إبراز الأثر الإيجابي للمقاصد الأخلاقية والاجتماعية على المجتمع وعلى الاستثمار والمستثمرين. وتوصلت الدراسة أن علم الاقتصاد الإسلامي علم أخلاقي بالدرجة الأولى حيث أن معظم الضوابط الشرعية للاستثمار الإسلامي هي ضوابط أخلاقية وأن الضوابط غير الأخلاقية في معظمها ذات مقاصد أخلاقية.

According to Marshall, \"economic conditions are constantly changing, and each generation looks at its own problems in its own way\" (Marshall, 1920/1946, p. v). Our generation's most formidable problems are climate change and platform capitalism. While climate change is upon us now, platform capitalism is already reconceptualizing our economy, forcing us to rethink economics, and to redefine basic terms like the firm, industry, market, monopoly, etc., that most of the economics profession has long taken for granted. This essay explores the ramifications of platform capitalism, which like climate change, is causing a lot of angst about our rapidly changing economy and whether (and if) we can adjust fast enough, never mind control it. After defining platform capitalism, the essay discusses its main characteristics, and how it differs from traditional markets (and firms). It then proceeds to discuss the origins of platform capitalism and the various solutions that have been proffered, while also offering questions for discussion, especially for Islamic readers. The essay also touches upon the urgent and concomitant need to reform economics education in this regard.

A firm's financing decision is a key concern in corporate finance and has drawn strong interest from various stakeholders. This decision is more pertinent in Malaysia due to its uniqueness of having a dual financial system. Since the financing decision is part of a firm's strategic decisions, the CEO holds a significant responsibility for a firm's financial strategic policy and direction. In most cases, empirical results from previous studies could not pinpoint the factors as well as the theories that best explain a firm's financing choice. This issue arises because traditional theories assumed that economic players are always rational. However, corporate financing decisions can be less than fully rational or biased. Thus, this study aims to fill the gaps by examining the impacts of a CEO's overconfidence on financing decisions in Sharīʿah-compliant firms (SCFs) listed on the Bursa Malaysia. This study analyzed panel data over a period from 2009 to 2017. The findings show that male CEOs are willing to take high-risk corporate strategic policies by increasing the debt level which enables SCFs to maximize the firm's value resulting from the benefits of tax-shield and lower agency costs arising from the conflict between managers and shareholders.

The 2008 crisis was an obvious anomaly for mainstream Neoclassical economic theory, and yet a decade after the crisis, the Neoclassical school still dominates the discipline and is largely unchanged. I argue that the separation of ac-ademic economics from the consequences of its empirical failures means that it is extremely unlikely that academic economics will be reformed. Instead, if change is to occur within economics, it will likely be led by institutions like central banks and treasuries which are under at least some pressure to produce useful economic forecasts. Apart from this, I hold out hope that emerging disciplines such as com-plex system analysis will supplant economics itself. I also encourage all would-be students of economics to join the Rethinking Economics network and teach them-selves non-mainstream economics using the resources of the internet.

The aim of the present paper is to shed light on the major problems and barriers that hinder successful ESP teaching/ learning in the Algerian University. It reports the findings of a study conducted at the faculty of Economic Sciences, Commerce and Management of the University of Ghardaia with a sample of 5 ESP teachers and 99 students enrolled at different departments across the faculty. Classroom observation and two questionnaires were used for data collection. The results revealed that ESP is facing many challenges in our universities among them: the lack of ESP syllabus, lack of ESP teacher training, lack of teaching resources, lack of students\" motivation, large classes and insufficient instruction hours.

This article provides an analytical and critical commentary from an Islamic economic perspective on Zarlenga and Poteat's paper, \"The Nature of Money in Modern Economy - Implications and Consequences.\" Masudul Alam Choudhury argues that money in Islamic thought fundamentally differs from its conception in capitalist economics-both in its philosophical foundation and functional role in society. In Islam, money is not a commodity or an end in itself but a medium of exchange and a vehicle for achieving moral and social justice. Choudhury contends that the root flaw in the modern monetary system lies in its detachment from ethical and normative foundations, having transformed money into an instrument of speculation and power. Drawing on his Tawhidi epistemological framework, he presents a unifying model in which economic relations are governed by faith-based values such as justice, consultation (shura), and mutual solidarity. He critiques the notion that state control over money creation alone can solve systemic problems, arguing that genuine reform requires reconstructing the moral and epistemic foundations of economic behavior. The paper concludes that Islamic economics views money not as an instrument of dominance but as a social trust governed by divine and communal accountability, offering a comprehensive and sustainable alternative to the Western financial paradigm through the balance of spiritual and material dimensions. Abstract Written by Dar AlMandumh, 2025, Using AI.

هدف البحث الحالي إلى الكشف عن فاعلية برنامج مدمج قائم على نموذج التدريس الواقعي لتنمية بعض مهارات التفكير الشمولي لدى طالبات كلية الاقتصاد المنزلي جامعة الأزهر ولتحقيق هدف البحث تم استخدام المنهج الوصفي التحليلي والمنهج التجريبي ذي المجموعتين المتكافئتين (الضابطة والتجريبية)، وتكونت عينة البحث من (٥٤) طالبة من طالبات الفرقة الرابعة بكلية الاقتصاد المنزلي جامعة الأزهر قسمت بطريقة عشوائية بواقع (۳۰) طالبة للمجموعة التجريبية، (٢٤) طالبة للمجموعة الضابطة، واستخدم البحث اختبار مهارات التفكير الشمولي وكانت من أهم النتائج التي توصل إليها البحث الحالي فاعلية البرنامج المدمج القائم على نموذج التدريس الواقعي في تنمية مهارات التفكير الشمولي وهي (التحليل- حل المشكلات- إصدار حكم- الاستنتاج- التعميم) لدى طالبات كلية الاقتصاد المنزلي جامعة الأزهر.

In the history of ideas, the unit of analysis is an individual concept. A historian tries to identify and describe the emergence, evolution, and recession of ideas over time. The present book may fall in this category where the author presents the history of intellectual thought on selected topics in major intellectual traditions including Islam. Islamic economic thought is an important link between Greek philosophy and modern economic thought. This book under review presents, in an intellectually provoking and lucid manner, the intellectual economic thoughts in Greek, Christian, Islamic, classical, neoclassical, and modern intellectual traditions. At a time when the world is facing grave economic and financial issues, the book's attempt to provide an intellectual history of economic thought from diverse traditions is novel in its scope and aspiration. This is an admirable work in an area of immense importance.