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An Economic IslamicityIndex (EI2)

Author

Listed:
  • Rehman Scheherazade S.

    (The George Washington University)

  • Askari Hossein

    (The George Washington University)

Abstract

Given the post-9/11 climate of global uncertainty, suspicion, hostility, and fear, interest in the relationship between religion and economics, politics, and social behavior has been rekindled. In particular, there has been considerable attention afforded to the impact of religion on economic, social, and political development and vice versa. However, before the impact of religion on economic performance or the impact of economic performance on religion can be examined, one should first ascertain the religiosity of a country. In this case, "how Islamic are Islamic countries?" or "what is their degree of Islamicity?'" In this paper, we assess, on a very preliminary basis, the adherence of Islamic countries to Islamic economic teachings and develop an Economic IslamicityIndex (EI2) to assess the extent that self-declared Islamic countries adhere to Islamic doctrines and teachings. We do this by measuring 208 countries' adherence to Islamic Economic principles using as proxies 113 measurable variables.

Suggested Citation

  • Rehman Scheherazade S. & Askari Hossein, 2010. "An Economic IslamicityIndex (EI2)," Global Economy Journal, De Gruyter, vol. 10(3), pages 1-39, October.
    • Handle: RePEc:bpj:glecon:v:10:y:2010:i:3:n:1
    DOI: 10.2202/1524-5861.1680
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    1. Muhammad Hanif, 2019. "Shariah Screening Process of Capital Markets: An Evaluation of Methodologies عملية التدقيق الشرعي لأسواق رأس المال: تقييم المنهجيات," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(1), pages 23-42, January.
    2. Akin, Tarik & Iqbal, Zamir & Mirakhor, Abbas, 2016. "The composite risk-sharing finance index: Implications for Islamic finance," Review of Financial Economics, Elsevier, vol. 31(C), pages 18-25.
    3. Hanif, Muhammad, 2018. "Sharīʿah Screening Process of Capital Markets: An Evaluation of Methodologies," OSF Preprints enx3p, Center for Open Science.
    4. Adel Benhamed & Mohamed Sadok Gassouma, 2023. "Preventing Oil Shock Inflation: Sustainable Development Mechanisms vs. Islamic Mechanisms," Sustainability, MDPI, vol. 15(12), pages 1-16, June.
    5. Emilia Justyna Powell & Steven Christian McDowell & Robert O’Brien & Julia Oksasoglu, 2021. "Islam-based legal language and state governance: democracy, strength of the judiciary and human rights," Constitutional Political Economy, Springer, vol. 32(3), pages 376-412, September.
    6. W. A. Wan Omar & Fauzi Hussin & Asan Ali G. H., 2014. "The Trend Analysis of Islamization in Malaysia Using Islamization Index as Indicator," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(10), pages 1298-1313, October.

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