Yaron thanks for your invite to review your story here. I think its very cool there are more folk now giving the subject of money serious thought. To clarify, for third parties, my own interest is as a long practicing systems Engineer working on the global energy problem now for seven years, building up an MBSE system model in the process. always from the point of view of energy, because money is energy, always, physically, and its an existential energy problem we are dealing with globally.
The energy problem became apparent to me during PhD work on virtual world modeling, by that we can deduce reasonably accurately what is going on in the real world, and its clear that energy profit, upon which all human organisations, platforms, governments, institutions, corporate entities currently depend, is physically unsustainable, because as resources are depleted, difficulty of extraction increases, and since its the difference between the latter, and the energy yielded that comprises profit, there comes a line of unprofitability below which all things must fail, as difficulty of extraction continues to rise, as resources deplete, and loss of energy in money carries on, towards making money valueless.
The problem can be visualised by seeing Earth is basically just a kind of battery, trickle charged by the energy of the sun. Plants are at the positive terminal of the battery, receiving the energy of the sun, adding this to the planet as energy resources of all kinds barring geological / nuclear, which are still (arguably!) more energy from the sun, just much older. Those also can be depleted of course.
Our extraction of energy is from the negative terminal, we take it as resources, and throw most of it to heat. This heat then adds to more which is generated in both extraction and refinement processes, and the total of all of this, when converted to KWhrs, applied as heat energy to the thermal mass of the planet, has to equate to temperature rise. That part is inarguable, regardless of what might be implied by "greenhouse gases", the bottom line is that the planetary temperature rise has to equate to the total heat energy applied to the thermal mass of the planet.
Knowing the planetary temperature rise, and the thermal mass of the planet, we can deduce the amount of heat energy that has to be acting on the thermal mass to give us this temperature rise. Again this is independent of greenhouse gases.
Part of the problem is that we don't seem to know much about the linkage between money and energy, and yet it is critically important to get this right, because money absolutely does transport energy. In fact more energy is transported by money than any other means. We can quantify what is conveyed by money in many ways, but the easiest is to just convert it to KWhrs at market rates. In the case of the utilities energy supply business you mentioned that the oil rich countries are implementing, from "Renewables" or otherwise, they will be doing this for profit. The energy they are supplying will be at profit. Which means, when all money is converted to energy (KWhrs) at market rates, more energy will be flowing into the utilities energy suppliers, than out. This has to happen, if they are to make profit at all. This is what profit is, it's energy profit, and the movement of energy. Being supplied with utilities energy by another party who charges profit for it, does not benefit you, it impoverishes you, and you are forced to do more or less the same thing to someone else, by supplying them with less work in return for more energy as money, for example, to make sure you yourself never fall into energy bankruptcy, below the point your body would cease to function. We all need a constant energy supply of about 3KWhrs per day to metabolise, in order to meet our own requirements to just stay alive.
Its our lack of choice in this that makes it technically a system of energy slavery.
Even if it doesn't seem to matter when we are talking about these things in the context of fiction, its surely important to get the "Mechanical" parts right, that the reader might expect to be known by the "learned" community with reasonable accuracy, in a way that the reader might incidentally learn by reading the material of the fictional story, given these systemic considerations are not included in any specialist curriculum.
I don't think the oil rich Arab World education system will be much different in that, it too will be for profit I guess (Correct me if I am wrong!), with curriculums mostly inherited from the "Educated" West. I bet education is only available to the sections of community in those states who are seen to benefit the political powers there, and education will be commoditised, pretty much the same way it is in the rest of the world, to make profit as always.
In the case of "Renewables" being used to cool indoor areas of hot places, only solar can do it without adding heat energy to the greater environment. It's not possible by wind, hydro, or any other non solar energy, not even geothermal, because all of them came from the planet, from finite stocks, which ultimately are thrown to heat in the environment. In the case of geothermal, it doesn't heat the surface of planet significantly until we bring it out, by putting it to our use.
Contrast with the sun; it heats the planet, until we put it to use. This is very different from any other source. This is decrease of entropy by definition, whereas use of all extracted sources is increase of entropy and its what all plants do, they cool, and again we can compute effects of known loss of plant life, due to desertification, on temperature rise.
Anyhow sorry to rattle on about that, but hopefully it gives you more context for what I would say about the details of your article, recalling always, energy profit is physically unsustainable.
I would argue taking a house or any tangible assets could constitute profit. As mentioned, profitability in general is becoming impossible, so many loans will not be redeemed. At its most cynical, Musharakoin could be implemented and administrated in a way that acquisition of the house is what the giving of the loan was always intended to achieve. It could be seen as just an elaborate way to con folk out of their homes. Not much different from how things work in the conventional fiat world. And look, the effect of impoverishing particularly resourceful people, who don't just conveniently die off, after they've been robbed, in order to make any kind of recovery, the loser of the house has to generate enough profit to put themselves "Back on the rails" of profitability, and that again has to propagate back to the planet as energy stolen from the planet, after all the Peters have robbed all the Pauls.
So to me Musharakoin is a con, an energy con, the same as any other handling of money for profit.
On those plans for things in 2040 and 2048, the planetary temperature rise is currently gaining speed, and has already hit flashpoint in many places in the world, with all kinds of unexpected systemic effects, even commercial air flight is under threat, because of increasing wind speeds of storms and turbulence, this hitting insurance companies etc, besides declining safety standards, all again under pressure of decreased profitability due to rising difficulty of extraction, vs overheads expanding due to inflation (Loss of energy in money).
So I would not like to try to project forward more than a year or so in any given year, each one could be the last for the current ecological system of humanity.
The Island states projecting to use CDBCs is all about governments and organisations including banks, expecting to carry on existing, by extracting energy from the handling of money, but this is just making energy profit, by skimming off some energy from the throughput flow of energy. Again it impoverishes the masses, removing from them energy that they have to turn to the planet to replace.
What needs to happen, is for all money issuing authorities, all governments, all big corporates including banks, all need to go solar energy, and start issuing money, fiat or otherwise on the energy received from solar.
It has to be given for free to all people, unconditionally, to remove their need to carry on making profit.
This is the only way to monetise creation, rather than destruction, thus putting the energy back into money, and that is the only way to quit the destruction.
Again, the physical analysis showing the method of how to work out the unmonetised economic product owed to the public to date, is in this article:
