Title: Benchmarking objectives of Shari'ah (Islamic law): index and its performance in select OIC countries

Authors: Alaa Alaabed; Hossein Askari; Zamir Iqbal; Adam Ng

Addresses: INCEIF, Lorong Universiti A, 59100 Kuala Lumpur, Malaysia ' The George Washington University, Funger Hall #405, 2201 G Street NW, Washington DC 20052, USA ' The World Bank, World Bank Global Center for Islamic Finance, Borsa Istanbul, Re?itpa?a Mahallesi, Tuncay Artun Caddesi, Emirgan, 34467, Istanbul, Turkey ' INCEIF, Lorong Universiti A, 59100 Kuala Lumpur, Malaysia; Oxford Centre for Islamic Studies and Global Economic Governance Programme, George Street, Oxford OX1 2AR, UK

Abstract: Islam offers a sustainable and comprehensive development model for humanity that can be systematically categorised as the means as well as the ideal outcome of achieving Maqasid (objectives) of Shari'ah (Islamic law). As a rule-based religion, Islam's prescription for development goes well beyond market regulations and includes rules necessary to maintain a dignified life; in order that the faithful can maximise their intellectual capacity, preserve and promote their health and education, and have equal opportunity for employment and partnership in the economic and social development of society, and unhampered by practices of fraud, cheating, corruption, or property abuse, among others. In practice, however, there is dichotomy between Islam's prescription and the current state of affairs in Muslim countries. In order to develop a better understanding of the factors contributing to this divergence, this paper provides the design of a benchmark for the monitoring of adherence to and compliance with Maqasid al-Shari'ah. This benchmark is intended to serve as a self-inspection tool for policy makers to monitor economic, social and policy development within the scope of Maqasid, and to serve as a benchmark for the progress and performance of OIC member countries.

Keywords: Maqasid al-Shari'ah; sustainable development; socio-economic development; economic development; social development; policy development; sustainability; benchmarking objectives; Islamic law; OIC countries; Organisation of Islamic Cooperation; Islam; Muslim countries; adherence; compliance.

DOI: 10.1504/IJPEE.2016.079685

International Journal of Pluralism and Economics Education, 2016 Vol.7 No.3, pp.218 - 253

Received: 10 Jan 2015
Accepted: 12 Jan 2016

Published online: 30 Sep 2016 *

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