The Relevance of the Concept of al-Falāḥ in the Formulation of Islamic Economic Development Goals

Abstract

The concept of al-Falāḥ occupies a central position in Islamic economics as a holistic notion of success that encompasses material prosperity, spiritual well-being, social justice, and success in both this world and the hereafter. However, contemporary economic development paradigms remain predominantly focused on material growth indicators, often neglecting ethical, spiritual, and social dimensions of human welfare. This study aims to analyze the relevance of the concept of al-Falāḥ in formulating the objectives of Islamic economic development and to explore its contribution as a comprehensive framework for sustainable human well-being. Employing a qualitative approach through a library research method, this study examines classical and contemporary literature in Islamic economics, Qur’anic exegesis, and development theories. The findings reveal that al-Falāḥ provides an integrative foundation for Islamic economic development by balancing economic growth with moral values, equitable wealth distribution, social responsibility, environmental sustainability, and spiritual fulfillment. Furthermore, the concept offers a normative framework that complements and extends conventional development indicators by emphasizing multidimensional human welfare. The study concludes that the incorporation of al-Falāḥ into Islamic economic development objectives can strengthen the realization of inclusive, ethical, and sustainable development. Therefore, policymakers, scholars, and Islamic economic institutions are encouraged to integrate al-Falāḥ-based indicators into development planning and evaluation frameworks to achieve more comprehensive and value-oriented economic outcomes.