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Construction of Maqāṣid al-Sharīʿah-Based Index of Socio-Economic Development: Principles and Issues

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

Author

Listed:
  • Junaidah Abu Seman

    (Universiti Sains Islam Malaysia)

  • Nazam Dzolkarnaini

    (Edinburgh Napier University)

Abstract

The promotion of achieving Maqāṣid al-Sharīʿah through socio-economic development is considered an agenda priority in many countries especially where Muslims population is dominant. This paper addresses the dimensions and indicators related to the computation of Maqāṣid al-Sharīʿah-based index. It is developed based on five pillars of Maqāṣid al-Sharīʿah, namely human self (nafs), faith (din), intellect (ʿaql), posterity (nasl) and wealth (māl). Based on prior studies computing financial inclusion index, the issue of data is similarly expected in building the Maqāṣid al-Sharīʿah-based index. While numerous amounts of data are available on many aspects of the financial sector, systematic indicators of inclusiveness of the financial sector are not. As a consequence, the paper also examines the data available to compute the Maqāṣid al-Sharīʿah-based index as well as issues pertaining to it.

Suggested Citation

  • Junaidah Abu Seman & Nazam Dzolkarnaini, 2019. "Construction of Maqāṣid al-Sharīʿah-Based Index of Socio-Economic Development: Principles and Issues," 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 159-188, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_5
    DOI: 10.1007/978-3-030-12793-0_5
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