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Maqāṣid al-Sharīʿah for Socioeconomic Development Index: A Statistical Approach

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

Author

Listed:
  • M. Fevzi Esen

    (Istanbul Medeniyet University)

  • Adem Esen

    (Istanbul University)

Abstract

Islamic jurists have used the Maqāṣid al-Sharīʿah concepts, which lie safeguarding humankind’s faith (din), their self (nafs), their intellectual (ʿaql), their posterity (nasl), and wealth (mal) for centuries. In fact, these concepts are the bases of the divine religions. Hence, they cover all areas of life, especially the socioeconomic topics. In this chapter, our aim is to introduce a statistical approach to construct Maqāṣid al-Sharīʿah index. We present two statistical approaches. First, Bayesian Factor Analysis that provides a powerful method to choose number of factors to explore the covariance structure of the index variables. Due to the latent nature of the Maqāṣid al-Sharīʿah variables, we also propose a second approach, Bayesian Structural Equation Modeling, to explain the relationships of latent variables.

Suggested Citation

  • M. Fevzi Esen & Adem Esen, 2019. "Maqāṣid al-Sharīʿah for Socioeconomic Development Index: A Statistical Approach," 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 207-230, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_7
    DOI: 10.1007/978-3-030-12793-0_7
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