<![CDATA[This article examines M. Umer Chapra’s conception of the future of Islamic economics by integrating moral values, institutional governance, and policy reform. The study aims to synthesize Chapra’s historical-institutional diagnosis and future policy agenda and to formulate a coherent model of economic transformation. It employs qualitative library research with Chapra’s The Future of Economics: An Islamic Perspective as the primary source and recent journal literature as secondary material. A document-review matrix was used to classify evidence into historical diagnosis, values, institutions, fiscal and monetary policy, the real sector, redistribution, and Islamic finance; the data were analyzed through descriptive-analytical thematic comparison and source triangulation. The findings show that economic decline is systemic: erosion of public ethics weakens accountability, institutions, and policy quality. Reform therefore requires three interdependent layers—values as a compass, institutions as a lever, and policy as an instrument. Islamic finance is positioned as a means, rather than the final objective, and must be evaluated by its contribution to stability, productivity, distributional justice, and public welfare. The model is relevant but context-dependent on state capacity, rule of law, and institutional credibility.]]>
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