Islamic Inclusive Growth Index (i-IGI): Measurement and Determinants

Reza Ghazal () and Muhamed Zulkhibri
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Reza Ghazal: Islamic Development Bank

Chapter Chapter 10 in Towards a Maqāṣid al-Sharīʿah Index of Socio-Economic Development, 2019, pp 285-309 from Palgrave Macmillan

Abstract: Abstract On the need for revisiting, the Islamic worldview to take a comprehensive approach to measure Islamic economic performance and social progress based on Maqāṣid al-Sharīʿah principle, the paper attempts to develop an Islamic Inclusive Growth Index (i-IGI), a composite index of growth inclusiveness for Muslim countries. It comprises of three sub-pillars to measure the countries’ performance based on three building blocks of inclusiveness: (a) Islamic-adjusted economic growth incorporating Maqāṣid al-Sharīʿah’s principle; (b) performance of poverty reduction; and (c) performance of the society inequality and social inclusion. The results from the index suggest that Muslim countries in the Central Asia, despite having a good performance on the three pillars of inclusiveness, the economy is lagging behind in terms of its conformity with Maqāṣid al-Sharīʿah principles. Contrarily, the poor Muslim countries in the Sub-Saharan Africa despite a low ranking on inclusiveness index, they perform relatively well on the Sharia’s compliance side.

Keywords: Inclusive growth; Maqāṣid al-Sharīʿah; Islamic; Development (search for similar items in EconPapers)
JEL-codes: C12 C23 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-030-12793-0_10

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DOI: 10.1007/978-3-030-12793-0_10

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