TY  - JOUR
T1  - The Economic Islamicity Index, between Islamicity and Universality:
Critical Review and Discussion
AU - M. Abdeldayem, Marwan AU - Hameed Aldulaimi, Saeed 
JO  - International Business Management
VL  - 12
IS  - 1
SP  - 46
EP  - 52
PY  - 2018
DA  - 2001/08/19
SN  - 1993-5250
DO  - ibm.2018.46.52
UR  - https://makhillpublications.co/view-article.php?doi=ibm.2018.46.52
KW  - Economic index
KW  -Economic Islamicity (EI) index
KW  -Maqasid Shariah
KW  -Islamic financial system
KW  -criticism
KW  -theoretical
KW  -Denmark
KW  -Sweden
KW  -Malaysia
AB  - This study aims to criticize and debate the Economic Islamicity (EI) index that was developed by
Rehman and Askari. We believe that the design of this index has fallen into a theoretical black hole by assuming
specific areas to measure the EI as well as choosing some unfair and biased indicators to develop this EI index.
Surprisingly, their study concluded that the top countries that adhere to Islamic ideologies and teachings in
both economic achievement and social values are Ireland, Denmark, Luxembourg, Sweden and the United
Kingdom. The first Muslim country is Malaysia ranking at 33 while the only Arab state in the top 50 is Kuwait
at the rank of 42. We used the methodological criticism in this study to critically assess, analyze and review this
EI index. The main findings of this research effort are that the study of Rehman and Askari does not conform
to the Maqasid Shariah which serves to guide the economic, social, political and cultural aspects of Islamic
societies. Moreover, the study excluded the 5 main pillars of Islam when they were building their measures and
proxies of EI index. Despite the researchers introducing and using the index as an Islamicity index, Islam is not
part of the criteria or forming the standards. Therefore, the EI index introduced by their study is claimed to be
unreliable, inaccurate and does not reflect the economic Islamicity whatsoever as discussed and explained in
this research effort. The main implication of this study is to shed some light that may lead to overcome the
theoretical and practical lapses existing in the EI index. Hopefully, reconsidering and criticizing the EI index
would enhance the validity and applicability of this index.
ER  -