Abbas Mirakhor is a prominent academic who has made original contributions to the theoretical foundations of modern Islamic economics and finance. Born in Iran, he obtained his undergraduate, master’s, and doctoral degrees at Kansas State University (USA). He commenced his academic career in 1968 at the University of Alabama and subsequently assumed senior positions at prominent global financial institutions, including the International Monetary Fund (IMF). During his tenure at the International Monetary Fund (IMF) from 1984 to 2008, Mirakhor concentrated on developing the theoretical framework for Islamic economics and finance, proposing alternative models to conventional financial systems. His work is notable for its integration of the fundamental principles of Islamic finance with economic theory. Mirakhor, who developed the theoretical framework for interest-free banking models, emphasizes the role of tools such as profit-loss sharing in ensuring financial stability and economic justice. The Islamic financial system is characterized by its unique capacity to circumvent the asymmetric distribution of risk inherent in conventional systems. By facilitating the collective sharing of risk among its constituents, it fosters a more robust system that is less susceptible to financial crises. Another of his theoretical contributions to the field is his analysis of the integration of Islamic financial instruments (zakat, waqf, and karz-i hasen) into poverty alleviation and sustainable development strategies. Moreover, his research on the role of monetary and fiscal policies in Islamic financial systems has initiated a significant debate on the means through which macroeconomic stability can be achieved in an interest-free environment. Additionally, he provides a response to the critiques leveled at the evolution of Islamic economics. Contrary to this perspective, scholars such as Bernard Lewis and Timur Kuran have challenged the notion that Islam is inherently incompatible with economic advancement. They contend that Islamic principles, when interpreted within a broader sociopolitical context, can support the emergence of private property, entrepreneurship, and equitable distribution systems. In conclusion, Abbas’s work has advanced Islamic economics and finance beyond a purely normative discipline, thereby establishing it within a theoretical and empirical framework.