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All Journal FALASIFA : Jurnal Studi Keislaman Journal of Islamic Monetary Economics and Finance
Mahyudi, Mohd
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Religion Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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A MAQASID-BASED WELFARE INDEX IN INDONESIA: AN EMPIRICAL INVESTIGATION Suliswanto, Muhammad Sri Wahyudi; Mahyudi, Mohd; Barom, Mohd Nizam
Journal of Islamic Monetary Economics and Finance Vol 11 No 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2098

Abstract

Acknowledging the importance of having an alternative welfare measurement to the prevailing material-based conventional welfare index, this study formulates a maqasid-based welfare index that encapsulates the material, spiritual, and social needs of individuals and then calculates the index for all regions in Indonesia. Our proposed index is based on a comprehensive set of maqasid indicators and on appropriate weighting of each maqasid indicator to arrive at the index scores for all regions in the country. From the results, four provinces in Indonesia are at the high level of Maqasid-based welfare. They are Aceh, Nusa Tenggara Barat, Gorontalo, and Sulawesi Barat. Meanwhile, twenty-five provinces are at the medium range of welfare. The index we compute for each region should prove useful as it would allow policymakers to tailor welfare strategies to each province’s strong and weak areas of the maqasid al-shariah. ACKNOWLEDGEMENT Special thanks to Universitas Muhammadiyah Malang and International Islamic University Malaysia for their research support and valuable resources provided throughout this study.
A MAQASID-BASED WELFARE INDEX IN INDONESIA: AN EMPIRICAL INVESTIGATION Suliswanto, Muhammad Sri Wahyudi; Mahyudi, Mohd; Barom, Mohd Nizam
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2098

Abstract

Acknowledging the importance of having an alternative welfare measurement to the prevailing material-based conventional welfare index, this study formulates a maqasid-based welfare index that encapsulates the material, spiritual, and social needs of individuals and then calculates the index for all regions in Indonesia. Our proposed index is based on a comprehensive set of maqasid indicators and on appropriate weighting of each maqasid indicator to arrive at the index scores for all regions in the country. From the results, four provinces in Indonesia are at the high level of Maqasid-based welfare. They are Aceh, Nusa Tenggara Barat, Gorontalo, and Sulawesi Barat. Meanwhile, twenty-five provinces are at the medium range of welfare. The index we compute for each region should prove useful as it would allow policymakers to tailor welfare strategies to each province’s strong and weak areas of the maqasid al-shariah. ACKNOWLEDGEMENT Special thanks to Universitas Muhammadiyah Malang and International Islamic University Malaysia for their research support and valuable resources provided throughout this study.
The Conceptualization Of Universal Man As The Economic Agent For Islamic Economics Kosasih, Ahmad Badrun; Mahyudi, Mohd; Azizy, Satria Hibatal; Shulhan, Shulhan
FALASIFA : Jurnal Studi Keislaman Vol 17 No 01 (2026)
Publisher : UAS PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62097/falasifa.v17i01.2906

Abstract

Along with the development of the times and the progress of Islamic economics as an alternative economic paradigm, there are fundamental problems that have not been resolved in scientific studies remain, both from the economic agent model regarding homo economicus and homo Islamicus. As the dominant model of economic agents in conventional economics and Islamic economics, each fails to represent the actual human economic behavior that occurs, creating a constant gap between theoretical idealization and empirical reality. Meanwhile, homo economicus degrades human motivation to self-interest and maximizes utility. Homo Islamicus as a model of agents is highly demanding of a high standard of behavior based on piety and which realistically cannot be observed in real economic settings. This research overcomes the gap through a qualitative approach conducting a systematic comparative literature analysis based on a three-dimensional microfundamental framework: main purpose, means, and virtues. This study argues that the concept of the 'universal man being' defined by gradual well-being as a goal, the Dominant Active Human Element (DAHE) as a means, and justice as the main virtue, are more empirically based and epistemologically coherent economic agents for Islamic economics. The findings show that the universal man being bridges the gap between theory and reality while remaining consistent with Islamic epistemological sources. Theoretically, this research provides a reconceptualized microfoundation for Islamic economics that goes beyond the limitations of both existing economic agent models, with broader relevance to heterodox economic theory and human-centered development discourse.
Co-Authors Azizy, Satria Hibatal Barom, Mohd Nizam Kosasih, Ahmad Badrun Muhammad Sri Wahyudi Suliswanto