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

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

Author

Listed:
  • Salman Syed Ali

    (Islamic Development Bank)

  • Hamid Hasan

    (King Faisal University
    IIIE, International Islamic University)

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.

Suggested Citation

  • Salman Syed Ali & Hamid Hasan, 2019. "Theory and an Application of Maqāṣid al-Sharīʿah-Based Measurement Index for Socio-Economic Development: Index Method and Prototype Index," 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 391-410, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_15
    DOI: 10.1007/978-3-030-12793-0_15
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