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Theory and an Application of Maqāṣid al-Sharīʿah-Based Measurement Index for Socio-Economic Development: Index Method and Prototype Index

  • Salman Syed AliEmail author
  • Hamid Hasan
Chapter
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)

Abstract

This study examines the theoretical framework and develops axioms and a method to gauge socio-economic development in line with Maqāṣid al-Sharī’ah. The measure is disaggregated and multidimensional so as to facilitate policy guidance at various levels of aggregation. The study explores the application of Alkire-Foster counting methodology to construct Maqāṣid al-Sharī’ah Index using World Values Survey data for Pakistan. It shows that a better multidimensional measure that is closer to the comprehensive human development is possible. Refinement would require expanding the scope of socio-economic data collection.

Keywords

Human Development Index Maqāṣid al-Sharī’ah Index Multidimensional Index 

JEL Classifications

C43 Z12 Z13 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Islamic Research and Training InstituteIslamic Development BankJeddahSaudi Arabia
  2. 2.King Faisal UniversityHufufSaudi Arabia
  3. 3.IIIE, International Islamic UniversityIslamabadPakistan

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