Socio-Economic Philosophy of Conventional and Islamic Economics : Articulating Hayat-E-Tayyaba Index ( HTI ) on the Basis of Maqāṣid Al-Sharīʿah

Abstract

In this paper, we have presented contrasting positions of Conventional Economics and Islamic Economics with respect to socioeconomic philosophy. The epistemology of human life as deemed in conventional economics is strongly rooted in rejection of religion and rewards in life hereafter. In the conventional terms, human is a self-autonomous being, with sole motives of self-interest, growth, and development. Contrary to this position, Islam guides and encourages toward becoming a non-self-centric man, with a mission to spiritually develop oneself and others, by taking a leap from darkness to lightness. This Islamic religiostic approach in every sphere of life—Religion, Life, Intellect, Lineage, Property—is governed more generally by Maqāṣid al-Sharīʿah, through which one gains internal and external satisfaction, leading toward a peaceful life—Qur’ānically termed as Hayat-e-Tayyaba. Further on, the notion of Growth and Development in Conventional Economics is contrasted with the superior notion of Hayat-e-Tayyaba for Islamic Economics. This paper identifies and suggests variables within the society for deriving essence of Maqāṣid al-Sharīʿah and utilizing it for developing a Hayat-e-Tayyaba Index. A survey exploring the religiosity among the male and female youth of Pakistan was also carried out.