Promoting shared prosperity in developed and developing countries on sustainable development concept via Islamicity Prosperity Index
Greater inequalities and social exclusion are reckoned to be the results of economic growth which led the World Bank to set the new goal, to end extreme poverty and promote shared prosperity. Interestingly, the approach of the contemporary solution is largely in consonance with the objectives of the Shari'ah. Realizing the importance of this agenda, a bold attempt is made in this study to quantify and visualize 'prosperity sharing' in 28 developed countries and 14 developing countries by reshaping the sustainable development concept from an Islamic perspective. The four pillars of prosperity namely Faradh (social responsibility), Shura (social participation), Al Adl Wal Ihsan (social equilibrium) and Ummah (social cohesion) are examined to capture the essence or the core of prosperity sharing. The analysis begins with an extensive literature survey as the basis for designing and developing the construct of the dimensions and indicators, followed by the adequacy test of the indicators by applying the Principal Component Analysis (PCA) prior to the estimation analysis. We then apply the panel data regression analysis, to identify which determinants have significant impacts on the shared prosperity indicator(s). Finally, we construct a multidimensional index labelled as the Islamicity Prosperity Index (iPI).
Inequalities , Social exclusion , Prosperity sharing , Islamicity Prosperity Index , Developed countries , Developing countries
Ismail, N. H. (2020). Promoting shared prosperity in developed and developing countries on sustainable development concept via Islamicity Prosperity Index (Doctoral dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3511