Ijma or consensus based decision making and its effects on private and social well being, and economic prosperity

The objective of this study is to examine how to make correct decision by pursuing Ijma or consensus-based decision-making process, and thus it is possible to maximize private and social wellbeing as well as economic prosperity. The current study is based on purely theoretical and multiple regression model. In addition, partial derivatives are applied for analyzing the individual effects of each of the explanatory variables. The findings suggest that if correct decisions are made based on Ijma or consensus, then it is expected that private and social wellbeing as well as economic prosperity will be maximized. However, the success of Ijma depends on the qualifications of the experts and learned scholars, practical experiences and previous success and track record of the scholars and experts. Consensus of the scholars and experts, in-depth knowledge of Quran, Sunnah, Ijma, Qiyas, Ijtihad and Maslaha, and the speed of implementation of a particular decision and support services are the major determinants of the success in Ijma based decision making. This study is one of the latest attempts to evaluate the effects of Ijma based decision making on private and social wellbeing as well as on the economic prosperity. This study will be extremely useful to decision makers, Shari'ah scholars, Judges, governments, policy makers, research scholars, students, and academicians across the globe.