IDEAS home Printed from https://ideas.repec.org/h/pal/psibcp/978-3-030-12793-0_9.html
   My bibliography  Save this book chapter

Socioeconomic Philosophy of Conventional and Islamic Economics: Articulating Hayat-e-Tayyaba Index (HTI) on the Basis of Maqāṣid al-Sharīʿah

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

Author

Listed:
  • Muhammad Mubashir Mukhtar

    (Institute of Business Administration (IBA)
    New Zealand Society of Local Government Managers (SOLGM))

  • Hafiz Muhammad Sarfraz Nihal

    (University of Karachi
    Bank Al-Habib Ltd)

  • Hafiz Abdul Rauf

    (Institute of Business Administration (IBA)
    Meezan Bank)

  • Waleed Wasti

    (Institute of Business Administration (IBA)
    Iqra University)

  • Muhammad Shahid Qureshi

    (Institute of Business Administration (IBA))

Abstract

In this paper, we have presented contrasting positions of Conventional Economics and Islamic Economics with respect to socioeconomic philosophysocio economic philosophy. The epistemology of human life as deemed in conventional economics is strongly rooted in rejection of religion and rewards in life hereafter. In the conventional terms, human is a self-autonomous being, with sole motives of self-interest, growth, and development. Contrary to this position, Islam guides and encourages toward becoming a non-self-centric man, with a mission to spiritually develop oneself and others, by taking a leap from darkness to lightness. This Islamic religiostic approach in every sphere of life—Religion, Life, Intellect, Lineage, Property—is governed more generally by Maqāṣid al-Sharīʿah, through which one gains internal and external satisfaction, leading toward a peaceful life—Qur’ānically termed as Hayat-e-Tayyaba. Further on, the notion of Growth and Development in Conventional Economics is contrasted with the superior notion of Hayat-e-Tayyaba for Islamic Economics. This paper identifies and suggests variables within the society for deriving essence of Maqāṣid al-Sharīʿah and utilizing it for developing a Hayat-e-Tayyaba Index. A survey exploring the religiosity among the male and female youth of Pakistan was also carried out.

Suggested Citation

  • Muhammad Mubashir Mukhtar & Hafiz Muhammad Sarfraz Nihal & Hafiz Abdul Rauf & Waleed Wasti & Muhammad Shahid Qureshi, 2019. "Socioeconomic Philosophy of Conventional and Islamic Economics: Articulating Hayat-e-Tayyaba Index (HTI) on the Basis of Maqāṣid al-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 249-284, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-12793-0_9
    DOI: 10.1007/978-3-030-12793-0_9
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    Maqāṣid al-Sharīʿah; Human Development Index;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:psibcp:978-3-030-12793-0_9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.