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Macro and Micro-level Indicators of Maqāṣid al- Sharī‘ah in Socio-Economic Development Policy and its Governing Framework

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  • MOHAMED, HAZIK

    (Stellar Consulting Group)

Abstract

This paper sets macro-level and micro-level operational indicators for socioeconomic development through a Maqāṣid al- Sharī‘ah framework. It also sets forth six broad recommendations and nine specific initiatives within a fourdimensional framework for institutional governance, particularly for socioeconomic development policy. A lattice of multidimensional indicators and multipronged initiatives are proposed to address the multifaceted dimensions of institutional governance and the various transmission channels that influence socio-economic policy. While empirical studies have demonstrated the importance of institutions and ethics in socio-economic development, the pressing issue remains how deep Maqāṣid al- Sharī‘ah understanding in human decision-making can be developed to influence behaviors that are efficient, inclusive, moral, and trustworthy that leads to peace, prosperity and progress. This paper attempts to address this concern

Suggested Citation

  • Mohamed, Hazik, 2018. "Macro and Micro-level Indicators of Maqāṣid al- Sharī‘ah in Socio-Economic Development Policy and its Governing Framework," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 25, pages 19-44.
    • Handle: RePEc:ris:isecst:0169
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    1. Arman Mergaliyev & Mehmet Asutay & Alija Avdukic & Yusuf Karbhari, 2021. "Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants," Journal of Business Ethics, Springer, vol. 170(4), pages 797-834, May.

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