Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries

Sustainable economic development is mainly about balanced development of economy, society an environment which is achievable through ending poverty and improving well-being through access to education, employment, information, better health and housing, and reducing inequality while moving towards s...

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Main Authors:	Haneef, Mohamed Aslam, Mohd Amin, Ruzita, Abdullah Yusof, Selamah, Khan, Foyasal
Format:	Conference or Workshop Item
Language:	English English
Published:	2015
Subjects:	HB Economic Theory HB126.4 Islamic Economics HG201 Money
Online Access:	http://irep.iium.edu.my/48759/ http://irep.iium.edu.my/48759/ http://irep.iium.edu.my/48759/1/s2s2_aslam_haneef.pdf http://irep.iium.edu.my/48759/4/48759_tentative.pdf

id	iium-48759
recordtype	eprints
spelling	iium-487592018-06-29T03:31:12Z http://irep.iium.edu.my/48759/ Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries Haneef, Mohamed Aslam Mohd Amin, Ruzita Abdullah Yusof, Selamah Khan, Foyasal HB Economic Theory HB126.4 Islamic Economics HG201 Money Sustainable economic development is mainly about balanced development of economy, society an environment which is achievable through ending poverty and improving well-being through access to education, employment, information, better health and housing, and reducing inequality while moving towards sustainable consumption and production. Except few countries, the performances of the OIC Countries in terms of these essential factors of sustainable economic development is generally not sound and healthy. One of the key barriers, inter alia, to sustainable economic development in the OIC countries is a conventional economic development mindset especially to follow the prescriptions of neo-liberal free market economy of self-interest and rationalism. To achieve sustainable economic development, therefore, needs to focus on the shari’ah based Islamic economic system because the very objective (maqasid) of the Sharī‘ah is to promote the well-being of the people through serving the interests of all human beings and saving them from harm. Imām al-Ghazālī classified the maqasid into five major categories. These are: safeguarding their faith (dīn), their self (nafs), their intellect (‘aql), their posterity (nasl), and their wealth (māl). These maqāsid or goals are all mutually interrelated and they can together help promote real human well-being. The objective of this paper, however, is to discuss one of the maqasid, Safeguarding Wealth, in greater details and its role in sustainable economic development in the OIC countries. As methodology of the paper, various databases and conventional as well as Islamic economic literature will be studied to find out the necessary requirements of sustainable economic development in the OIC countries. 2015-10 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/48759/1/s2s2_aslam_haneef.pdf application/pdf en http://irep.iium.edu.my/48759/4/48759_tentative.pdf Haneef, Mohamed Aslam and Mohd Amin, Ruzita and Abdullah Yusof, Selamah and Khan, Foyasal (2015) Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries. In: International Conference on “Islam, Science and Sustainable Development: Maqasid al-Shari‘ah and Humanity’s Well-being, 6th-7th October 2015, Kuala Lumpur, Malaysia. http://www.iais.org.my/e/index.php/events-sp-1744003054/upcoming-events/568-international-conference-on-islam-science-and-sustainable-development-maqasid-al-shari-ah-and-humanity-s-well-being.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB Economic Theory HB126.4 Islamic Economics HG201 Money
spellingShingle	HB Economic Theory HB126.4 Islamic Economics HG201 Money Haneef, Mohamed Aslam Mohd Amin, Ruzita Abdullah Yusof, Selamah Khan, Foyasal Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
description	Sustainable economic development is mainly about balanced development of economy, society an environment which is achievable through ending poverty and improving well-being through access to education, employment, information, better health and housing, and reducing inequality while moving towards sustainable consumption and production. Except few countries, the performances of the OIC Countries in terms of these essential factors of sustainable economic development is generally not sound and healthy. One of the key barriers, inter alia, to sustainable economic development in the OIC countries is a conventional economic development mindset especially to follow the prescriptions of neo-liberal free market economy of self-interest and rationalism. To achieve sustainable economic development, therefore, needs to focus on the shari’ah based Islamic economic system because the very objective (maqasid) of the Sharī‘ah is to promote the well-being of the people through serving the interests of all human beings and saving them from harm. Imām al-Ghazālī classified the maqasid into five major categories. These are: safeguarding their faith (dīn), their self (nafs), their intellect (‘aql), their posterity (nasl), and their wealth (māl). These maqāsid or goals are all mutually interrelated and they can together help promote real human well-being. The objective of this paper, however, is to discuss one of the maqasid, Safeguarding Wealth, in greater details and its role in sustainable economic development in the OIC countries. As methodology of the paper, various databases and conventional as well as Islamic economic literature will be studied to find out the necessary requirements of sustainable economic development in the OIC countries.
format	Conference or Workshop Item
author	Haneef, Mohamed Aslam Mohd Amin, Ruzita Abdullah Yusof, Selamah Khan, Foyasal
author_facet	Haneef, Mohamed Aslam Mohd Amin, Ruzita Abdullah Yusof, Selamah Khan, Foyasal
author_sort	Haneef, Mohamed Aslam
title	Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
title_short	Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
title_full	Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
title_fullStr	Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
title_full_unstemmed	Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries
title_sort	safeguarding wealth (hifdh al mal) and its role in sustainable economic development in the oic countries
publishDate	2015
url	http://irep.iium.edu.my/48759/ http://irep.iium.edu.my/48759/ http://irep.iium.edu.my/48759/1/s2s2_aslam_haneef.pdf http://irep.iium.edu.my/48759/4/48759_tentative.pdf
first_indexed	2023-09-18T21:09:06Z
last_indexed	2023-09-18T21:09:06Z
_version_	1777411132518039552

Safeguarding wealth (Hifdh al mal) and its role in sustainable economic development in the OIC countries

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