Identification and Classification of Maqasid Al-Shariah Terms for Socio-Economic Development Index

Abstract

Islamic jurists have used the maqasid al-shariah concepts, which lies safeguarding humankind’s faith (din), their self (nafs), their intellectual (akl), their posterity (nasl), and wealth (mal) for centuries. In fact, these concepts are the bases of the divine religious. Hence, they cover all areas of life, especially the socio-economic topics. Our aim is to study this article by using classical fiqh opinions, and transforming them to socio-economic index.Transforming the problem into a single-class scenario by defining a new class variable with all of the possible combinations of classes is important to provide a better statistical modeling during a statistical index development. In this study, we present a two-step statistical model for Maqasid al-Shariah index. First step provides the dependency and interrelations between the subjective - objective variables by using structural equation modeling. Secondly, the Bayesian Approaches to factor analysis and structural equation modeling are discussed.