Theory and an Application of Maqāṣid al-Sharīʿah-Based Measurement Index for Socio-Economic Development: Index Method and Prototype Index
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.
KeywordsHuman Development Index Maqāṣid al-Sharī’ah Index Multidimensional Index
JEL ClassificationsC43 Z12 Z13
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