Muslim Ummah

In the current global environment, strength and power potential of any country or region is directly associated to its, economic strength, prosperity and self reliance. On the contrary, most of the Muslim countries, despite possessing vast natural resources and huge reservoir of human resource, mostly form part of third world.
This bleak situation needs to be addressed through a focused approach driven by common economic interest of all Muslims, through a comprehensive policy framework ensuring economic unity. However, trends of global economy, regionalism, political influences, disproportionate wealth among member states and divergent economies could be termed as some of the hurdles in this wake.
Nexus to above, analyze the economic potentials of Muslim Ummah in the world economic order to highlight the possibilities of joint economic progression, along with a framework for overcoming the foreseeable obstacles.

  * 1. The Muslim countries vary greatly in their economic structure, but still all Muslim countries fall within the category of developing countries even though some of them are relatively rich while others are extremely poor. Most of these countries , particularly the poorer ones, like other developing countries, are also beset with a number of extremely difficult problems. One of these problems is their macroeconomic imbalance reflected in high rates of unemployment, inflation, excessive balance of payments deficits, continued exchange rate depreciation and heavy debt burden. The other problem is the extreme inequality of income and wealth among the different classes of each country, as well as between different Muslim countries. Consequently, while even the basic needs of considerable portions of the population remain unsatisfied, the rich and the upper middle class live in great affluence. This tends to corrode the fabric of social...