A REVIEW OF INDICATORS FOR THE PRESERVATION OF WEALTH (HIFZ AL-MAL) BASED ON MAQASID AL-SHARIAH

Islam has established several rules for the maslahah of human beings in this world and hereafter. As a result of their religious convictions, Muslims need to redefine and reconfigure their own needs and aspirations based on Islamic teachings. Islam adopts a wide approach to human development, stressing the need to reach the Maqasid al-Shariah in the discussion of public policy. This emphasizes the need for an index that includes dimensions that are in accordance with Maqasid al-Shariah that emphasize five important dimensions to be preserved namely faith (din), intellect (aql), life (nafs), posterity (nasl) and wealth (mal). Nevertheless, the selection of indicators used to measure the economic development based on Maqasid al-Shariah are philosophically and operationally challenging. Thus, this paper reviews the indicators proposed for the preservation of wealth, which is one of the elements of Maqasid al-Shariah. The study found that many indicators proposed are not being defined according to Islamic teachings, which diverted away from Islamic philosophy. In addition, there is a need to establish indicators that are able to capture the development at micro level. The study recommended several indicators encompassing both macro and micro levels that could be a better proxy for the preservation of wealth based on Maqasid al-Shariah. Keywords: Maqasid al-Shariah; economic development; preservation of wealth

[1]  Ali Rama,et al.  Construction of Islamic Human Development Index , 2019, journal of king Abdulaziz University Islamic Economics.

[2]  M. Larbani,et al.  A Structural Equation Model of Maqasid Al-Shari'Ah As a Socioeconomic Policy Tool , 2016 .

[3]  Muhamed Zulkhibri,et al.  Islamic Inclusive Growth Index for the Organisation of Islamic Cooperation (OIC) Member Countries , 2016 .

[4]  R. Kasri,et al.  Assessing Socio-Economic Development Based on Maq�?ṣid Al-SharīʿAh Principles: Normative Frameworks, Methods and Implementation in Indonesia , 2015 .

[5]  M. Haneef,et al.  The Integrated Development Index (I-Dex): a new comprehensive approach to measuring human development , 2015 .

[6]  M. Mili.  A Structural Model for Human Development, Does Maq�?ṣid Al-SharīʿAh Matter! , 2014 .

[7]  M. Anto.  Introducing an Islamic Human Development Index (I-HDI) to Measure Development in OIC Countries , 2011 .

[8]  A. W. Dusuki,et al.  The Framework of Maqasid al-Shari'ah and its Implication for Islamic Finance , 2011, ICR Journal.

[9]  M. Kamali,et al.  Maqasid Al-Shariah Made Simple , 2008 .

[10]  Ahmad Al-Raysuni.  Imam Al-Shatibi's Theory of the Higher Objectives and Intents of Islamic Law , 2005 .

[11]  Houssem Eddine Bedoui.  Sharīʿah-Based Ethical Performance Measurement Framework and Relevant Data to Measure Development in Light of Maqāṣid al-Sharīʿah , 2019, Palgrave Studies in Islamic Banking, Finance, and Economics.

[12]  Rafi Amir-ud-Din.  Maqāṣid al-Sharīʿah: Are We Measuring the Immeasurable? , 2019, Palgrave Studies in Islamic Banking, Finance, and Economics.

[13]  Mohamed Saladin Abdul Rasool,et al.  Non-Monetary Poverty Measurement in Malaysia: A Maqāṣid al-Sharīʿah Approach , 2019, Palgrave Studies in Islamic Banking, Finance, and Economics.

[14]  M. Mohammed.  Developing UM-HI theoretical framework , 2018 .

[15]  M. U. Chapra.  The Islamic Vision of Development in the Light of the Maqasid Al-Shari'ah (Research Paper) , 2008 .