Maqasid Al-Shariah based index of socio-economic development: A literature review

Muhammad Nooraiman Zailani; Nurul Huda Mohd Satar; Roza Hazli Zakaria

doi:10.33102/jmifr.v19i1.409

Authors

Muhammad Nooraiman Zailani Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia
Nurul Huda Mohd Satar Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia
Roza Hazli Zakaria Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia

DOI:

https://doi.org/10.33102/jmifr.v19i1.409

Keywords:

Socio-economic development, Maqasid al-Shariah, Islamic economics

Abstract

A healthy society is not just merely reflected by the result of a country’s income level and high industrial activities but covers more than just an increase in income and standard living. In Islam, the creation of human beings in this world is to achieve al-falah, which is success in the world and hereafter. Thus, it is vital to measure the development progress by integrating the principles of Shariah law. Maqasid al-Shariah based Index of socio-economic development attempts to establish an index to monitor the development progress according to the Maqasid al-Shariah principles that provide basic protection in five key dimensions including the protection of faith, life, intellect, posterity, and wealth. This study reviews the indicators proposed in integrating the five dimensions of Maqasid al-Shariah in developing and measuring socio-economic development from the Islamic perspective through extensive reading of the past studies. The study concluded that the development of Maqasid al- Shariah based Index is challenging, particularly in establishing indicators pertaining to the faith dimension. In addition, most of the studies were constructed at a macro level with readily available data and data that are not frequently available. This can limit the scope of the variables or indicators used in the construction of Maqasid al-Shariah based Index.

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Author Biographies

Muhammad Nooraiman Zailani , Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia

Nurul Huda Mohd Satar, Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia

Roza Hazli Zakaria, Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, 50603 Kuala Lumpur, Malaysia

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