Consumer Behaviour, Consumption Planning and Objectives of Sharīʿah

Fahim M. Khan
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Fahim M. Khan: Minhaj University Lahore

Chapter Chapter 4 in Towards a Maqāṣid al-Sharīʿah Index of Socio-Economic Development, 2019, pp 125-157 from Palgrave Macmillan

Abstract: Abstract Consumers pursue fulfilling their needs rather than satisfying their wants. There are, however, influences (either external or internal) that put the consumers off the track of fulfilling needs and instead seeking satisfaction of wants, which are not needs. This results in problems of increasing Isrāf (waste of resources) and hence worsening well-being at micro-level and creating problems like poverty, unemployment and slowing down of growth at macro-level. If such economic diseases occur in a society because of distorted consumption behaviour, then how to correct the situation and how to put the consumers back on their natural and rational track. This chapter explains the role of public policy and consumption planning. It has been argued that state can play a role in this respect not by directly telling the consumer what is their need and what is not but by adopting an appropriate policy framework and institutional arrangements that will promote in the economy a consumption pattern conforming to the objectives of Sharīʿah.

Keywords: Maqāṣid al-Sharīʿah; Consumer satisfaction; Public policy; Human well-being; B5; H47; N5 (search for similar items in EconPapers)
JEL-codes: D11 E21 Z12 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/978-3-030-12793-0_4

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