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Maqāṣid al-Sharīʿah for Socioeconomic Development Index: A Statistical Approach

  • M. Fevzi Esen
  • Adem EsenEmail author
Chapter
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)

Abstract

Islamic jurists have used the Maqāṣid al-Sharīʿah concepts, which lie safeguarding humankind’s faith (din), their self (nafs), their intellectual (ʿaql), their posterity (nasl), and wealth (mal) for centuries. In fact, these concepts are the bases of the divine religions. Hence, they cover all areas of life, especially the socioeconomic topics. In this chapter, our aim is to introduce a statistical approach to construct Maqāṣid al-Sharīʿah index. We present two statistical approaches. First, Bayesian Factor Analysis that provides a powerful method to choose number of factors to explore the covariance structure of the index variables. Due to the latent nature of the Maqāṣid al-Sharīʿah variables, we also propose a second approach, Bayesian Structural Equation Modeling, to explain the relationships of latent variables.

Keywords

Maqāṣid al-Sharīʿah index Bayesian models Structural equation Factorial analysis 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Istanbul Medeniyet UniversityIstanbulTurkey
  2. 2.Istanbul UniversityIstanbulTurkey

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