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Wealth as an Indicator of Socio-Economic Welfare: Islamic Views

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

Author

Listed:
  • Asad Zaman

    (Pakistan Institute of Development Economics)

  • Arif Naveed

    (University of Cambridge)

  • Atiq Rehman

    (Pakistan Institute of Development Economics)

Abstract

According to Western views, wealth is unambiguously good, and so human welfare increases when wealth increases. Islam has a substantially more sophisticated view of the relation between wealth and welfare. Excess wealth is a trial, which can bring great rewards if utilized correctly, and also bring great harm if utilized incorrectly. Similarly, poverty is a trial which can bring great rewards if borne with patience and prayer, and also cause great harm if it leads to begging from others. Thus, there is no clear and simple relationship between wealth and welfare. This means that Islamic approaches to constructing an index for welfare must be substantially more complicated than those currently in use in the west. It is worth considering the reasons for undertaking the project of measurement and assessing what needs to be measured, and whether measurement itself is necessary, for achieving these goals?

Suggested Citation

  • Asad Zaman & Arif Naveed & Atiq Rehman, 2019. "Wealth as an Indicator of Socio-Economic Welfare: Islamic Views," 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 189-205, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_6
    DOI: 10.1007/978-3-030-12793-0_6
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    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems

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