Reintegrating the Economic Objectives of Sharīʿah: A Study of Mawdūdī’s Economic Thought in Pakistan

Abstract

The objectives of Sharīʿah (maqāṣid al-sharīʿah) have generally focused on the protection of religion, life, intellect, progeny, and property. Over time, these objectives have expanded to encompass broader social and economic concerns, particularly in response to the complexities of modernity. In Pakistan, Sayyid Abul Aʿlā Mawdūdī emerged as a pioneer in highlighting the economic dimensions of the Sharīʿah, integrating them into his broader vision of dīn and the Islamic state. He established foundational principles of Islamic economics grounded in Sharīʿah objectives. However, with the institutional rise of Islamic banking, the focus increasingly shifted toward technical legal compliance, often neglecting this wider maqāṣid-oriented economic vision. This study aims to highlight the significance of incorporating Mawdūdī's economic objectives into contemporary Islamic financial practices. It offers fresh perspectives by engaging his economic thought within the ongoing debate on Islamic finance and suggesting ways to realign contemporary practices with the economic objectives of Sharīʿah. Employing a qualitative textual methodology, the research examines Mawdūdī’s key works—particularly “First Principles of Islamic Economics” and “Principles and Objectives of Islam’s Economic System”, to identify the economic maqāṣid embedded in his writings, outline the fundamental principles of his proposed Islamic economic system, and highlight how his holistic, maqāṣid-based vision diverges from the technical, issue-specific approach prevalent in modern Islamic finance. The study finds that while the post-1975 Islamization of economics advanced technical compliance and institutional growth, it has only partially realized Mawdūdī’s broader moral, social, and civilizational objectives. Reintegrating his vision is essential for establishing a just and comprehensive Islamic financial system that transcends a narrowly fiqh-based framework. This requires expanding scholars’ roles to consider societal welfare, developing interdisciplinary training institutions, and redirecting the Islamization project toward Mawdūdī’s holistic approach to economic justice, equitable wealth distribution, and societal development.