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Islamic Inclusive Growth Index (i-IGI): Measurement and Determinants

  • Reza Ghazal
  • Muhamed ZulkhibriEmail author
Chapter
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)

Abstract

On the need for revisiting, the Islamic worldview to take a comprehensive approach to measure Islamic economic performance and social progress based on Maqāṣid al-Sharīʿah principle, the paper attempts to develop an Islamic Inclusive Growth Index (i-IGI), a composite index of growth inclusiveness for Muslim countries. It comprises of three sub-pillars to measure the countries’ performance based on three building blocks of inclusiveness: (a) Islamic-adjusted economic growth incorporating Maqāṣid al-Sharīʿah’s principle; (b) performance of poverty reduction; and (c) performance of the society inequality and social inclusion. The results from the index suggest that Muslim countries in the Central Asia, despite having a good performance on the three pillars of inclusiveness, the economy is lagging behind in terms of its conformity with Maqāṣid al-Sharīʿah principles. Contrarily, the poor Muslim countries in the Sub-Saharan Africa despite a low ranking on inclusiveness index, they perform relatively well on the Sharia’s compliance side.

Keywords

Inclusive growth Maqāṣid al-Sharīʿah Islamic Development 

JEL Classification

C12 C23 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Islamic Research and Training InstituteIslamic Development BankJeddahSaudi Arabia
  2. 2.Business and Management Sciences DepartmentUniversity of Kurdistan-HawlerKurdistanIraq

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