The Islamic concept of development offers a holistic, balanced and sustained improvement in material and non-material well-being with high moral standards and values. However, there is a lack of consensus among Islamic economists on how this kind of development should be measured. Instead of using prevailing conventional measurement, Muslim ummah need to have their own measurement which incorporates both material and non-material dimensions of human life.
This recent study attempts to take part in constructing development measurement with a special reference to the preservation of wealth ( حفظ المال ). The proposed indicators will differ with that of the conventional. Spiritual and moral considerations based on Islamic values provide underlying foundation and proper direction for this measurement.
There are three steps in constructing the measurement: (1) defining the concept of preservation of wealth; (2) determining the dimensions of the preservation of wealth; and (3) determining the indicators of each dimension. The study is constructed based on Islamic teachings as reflected in the Qur‟an and the tradition of the Prophet Muhammad (peace be upon him).
The study contributed in assessing the state of wellbeing of Muslim ummah especially in terms of preservation of wealth at a micro level (household and individual level) in a more comprehensive way. It does not only talk about the acquisition and ownership of wealth, but also pay attention to the preservation from any harm and circulation of wealth among society. The prohibition of unjust earning and wastefulness, the order to perform social responsibilities such as zakat and sadaqat are among important features of this measurement which are not considered in the conventional approach.
Keywords: Epistemology, Paradigm, Science, Islam, Economics, Islamic Economics, Islamisation of Knowledge
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