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Consumer Behaviour, Consumption Planning and Objectives of Sharīʿah

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

Author

Listed:
  • Fahim M. Khan

    (Minhaj University Lahore)

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.

Suggested Citation

  • Fahim M. Khan, 2019. "Consumer Behaviour, Consumption Planning and Objectives of Sharīʿah," 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 125-157, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_4
    DOI: 10.1007/978-3-030-12793-0_4
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    More about this item

    Keywords

    Maqāṣid al-Sharīʿah; Consumer satisfaction; Public policy; Human well-being;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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