Macro and Micro-Level Indicators of Maqāṣid Al-Sharī‘ah in Socio-Economic Development Policy and Its Governing Framework

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