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Consumer Behaviour, Consumption Planning and Objectives of Sharīʿah

  • Fahim M. Khan
Chapter
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)

Abstract

Consumers pursue fulfilling their needs rather than satisfying their wants. There are, however, influences (either external or internal) that put the consumers off the track of fulfilling needs and instead seeking satisfaction of wants, which are not needs. This results in problems of increasing Isrāf (waste of resources) and hence worsening well-being at micro-level and creating problems like poverty, unemployment and slowing down of growth at macro-level. If such economic diseases occur in a society because of distorted consumption behaviour, then how to correct the situation and how to put the consumers back on their natural and rational track. This chapter explains the role of public policy and consumption planning. It has been argued that state can play a role in this respect not by directly telling the consumer what is their need and what is not but by adopting an appropriate policy framework and institutional arrangements that will promote in the economy a consumption pattern conforming to the objectives of Sharīʿah.

Keywords

Maqāṣid al-Sharīʿah Consumer satisfaction Public policy Human well-being 

JEL Classification

D11 E21 Z12 

KAUJIE Classification

B5 H47 N5 

References

  1. Khan, Fahim M. (2013a). “An Alternative Approach to Analysis of Consumer Behaviour: Need for Distinguished Islamic Theory”. Journal of Islamic Business Management, Vol. 3, No. 2, pp. 1–35.Google Scholar
  2. Khan, Fahim M. (2013b). “Theorizing Islamic Economics: Search for a Framework for Islamic Economic Analysis”. Journal of King Abdulaziz University: Islamic Economics, Vol. 26, No. 1, pp. 209–242.Google Scholar
  3. Khan, Fahim M. (n.d.). “Revising the Fundamental Concepts and Thoughts in Islamic Economics”. In Islamic Economics: Basic Concepts, New Thinking and Future Directions. Newcastle upon Tyne: Cambridge Scholars Publishing.Google Scholar
  4. Siddiqi, M. N. (1988). “Guarantee of a Minimum Level of Living in an Islamic State”. In Munawar Iqbal (Ed.), Distributive Justice and Need Fulfillment in an Islamic Economy. Leicester: The Islamic Foundation.Google Scholar
  5. Veblen, Thorstein. (1979, original work 1899). The Theory of the Leisure Class. New York: Penguin.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Fahim M. Khan
    • 1
  1. 1.Professor Emeritus and Director International Centre for Research in Islamic EconomicMinhaj University LahoreLahorePakistan

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