A New Analytical Framework of Saudi's Economic Diversification Through a Systemic Approach to Zakatable Assets

Abstract

The purpose of this research is to propose a framework for analyzing Saudi Arabias economic diversification based on a systemic approach to zakatable assets. The interest of such an approach is to invite economists and decision-makers to consider problems in their entirety over a long period of time, considering the interactions between the different elements of a complex system, rather than analyzing them in isolation by extrapolating very short-term trends. This perspective transcends traditional frameworks, focused on the production of goods and services and the creation of value in financial markets, to rethink wealth creation and well-being, which cannot be limited to purely financial considerations. The research advocates a deeper understanding of economic life by connecting the world we live from to the world we live in. Such a connection reveals the limitations of economic analyses focused on the concepts of growth and competitiveness. Hence the interest in the meanings of tawlid (engendering life) and inzal al-mal (sending down what is beneficial to life), as well as the matrix of the weights of zakatable assets based on what is essential for life before any other consideration. Beyond the mainstream discourse that limits life to adaptation to the market, the research opens up possibilities to influence the market, create a new market, and overcome the commodification of life.