Theory and an Application of Maqāṣid al-Sharīʿah-Based Measurement Index for Socio-Economic Development: Index Method and Prototype Index

Salman Syed Ali and Hamid Hasan
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Salman Syed Ali: Islamic Development Bank
Hamid Hasan: King Faisal University

Chapter Chapter 15 in Towards a Maqāṣid al-Sharīʿah Index of Socio-Economic Development, 2019, pp 391-410 from Palgrave Macmillan

Abstract: Abstract This study examines the theoretical framework and develops axioms and a method to gauge socio-economic development in line with Maqāṣid al-Sharī’ah. The measure is disaggregated and multidimensional so as to facilitate policy guidance at various levels of aggregation. The study explores the application of Alkire-Foster counting methodology to construct Maqāṣid al-Sharī’ah Index using World Values Survey data for Pakistan. It shows that a better multidimensional measure that is closer to the comprehensive human development is possible. Refinement would require expanding the scope of socio-economic data collection.

Keywords: Human Development Index; Maqāṣid al-Sharī’ah Index; Multidimensional Index; C43; Z12; Z13 (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_15

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DOI: 10.1007/978-3-030-12793-0_15

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