Abstract

The meassures of economic development change with time. Economic growth, the structural change model, GNI per capita, and, more recently, HDI, which incorporates inequality and environmental concerns, are all considered development measures. However, the meaning of development for Muslims differs from the contemporary definition of development. The goals of development for Muslims are diametrically opposed to the prevailing concept of development. The materialistic view of development which is based on utility maximization has caused poverty, inequality, and serious environmental concerns to the survival of the planet. The Islamic view of development is based on both material and nonmaterial achievements along with accountability and social responsibility. Based on the Islamic approach to development, we have constructed a Maqasid al Shariah-based index of socio-economic development using the data from WVS 7 for 15 OIC member countries. According to our findings, the most Maqasid al-Shariah (MS) deprived country is Nigeria, and the least deprived is Tajikistan. The relative ranking of the countries based on the score of MS dimensions will help these countries to divert policy focus and resources for the betterment of their people.

Keywords

Socio-economic development, Maqasid al-Shariah, Holistic welfare.