A two-day seminar on Maqasid al-Shariah-based Index for Socio-Economic Development recently organized at the IDB Headquarters in Jeddah by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank(IDB) Group highlighted the importance of developing Shariah-based multi-dimensional indices to facilitate policy making and for comprehensive socio-economic development in IDB member countries.

The seminar was inaugurated by Dr. Azmi Omar, Director General, IRTI and Dr Umer Chapra, a leading scholar on Maqasid al-Shariah gave the keynote address. Papers were presented by experts from Indonesia, Malaysia, Pakistan, Saudi Arabia, Tunisia, Turkey, and UK as well as from IDB and IRTI.

The seminar noted that in order to develop such indices, an extensive consultation with policy makers and other stakeholders in the IDB member countries is necessary. This is expected to take place during the IDB Annual Meeting, scheduled to be held in Jeddah during Shaban 1435H (June 2014). A prototype index which IRTI has developed and which is being finalized by a network of researchers and policy makers will be presented during the IDB Annual Meeting. Participants agreed to hold the next seminar in Yogyakarta, Indonesia, in June 2014.