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Islamic Inclusive Growth Index (i-IGI): Measurement and Determinants

In: Towards a Maqāṣid al-Sharīʿah Index of Socio-Economic Development

Author

Listed:
  • Reza Ghazal

    (Islamic Development Bank
    University of Kurdistan-Hawler)

  • Muhamed Zulkhibri

    (Islamic Development Bank)

Abstract

On the need for revisiting, the Islamic worldview to take a comprehensive approach to measure Islamic economic performance and social progress based on Maqāṣid al-Sharīʿah principle, the paper attempts to develop an Islamic Inclusive Growth Index (i-IGI), a composite index of growth inclusiveness for Muslim countries. It comprises of three sub-pillars to measure the countries’ performance based on three building blocks of inclusiveness: (a) Islamic-adjusted economic growth incorporating Maqāṣid al-Sharīʿah’s principle; (b) performance of poverty reduction; and (c) performance of the society inequality and social inclusion. The results from the index suggest that Muslim countries in the Central Asia, despite having a good performance on the three pillars of inclusiveness, the economy is lagging behind in terms of its conformity with Maqāṣid al-Sharīʿah principles. Contrarily, the poor Muslim countries in the Sub-Saharan Africa despite a low ranking on inclusiveness index, they perform relatively well on the Sharia’s compliance side.

Suggested Citation

  • Reza Ghazal & Muhamed Zulkhibri, 2019. "Islamic Inclusive Growth Index (i-IGI): Measurement and Determinants," Palgrave Studies in Islamic Banking, Finance and Economics, in: Salman Syed Ali (ed.), Towards a Maqāṣid al-Sharīʿah Index of Socio-Economic Development, chapter 0, pages 285-309, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_10
    DOI: 10.1007/978-3-030-12793-0_10
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    More about this item

    Keywords

    Inclusive growth; Maqāṣid al-Sharīʿah; Islamic; Development;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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