Economic Issues of Muslim Countries

Abstract

The majority of Muslim countries are facing several economic issues. A few Muslim countries attain highest GDP growth and per capita income. Nonetheless, most of Muslim countries are facing low GDP and Per capita income. Population of a few Muslim countries is also in miserable conditions. They have not even access to basic necessities of life. In most Muslim countries, the literacy rate is almost 90 per cent. Nonetheless, the literacy rate is less than fifty percent in a few Muslim countries. Some Muslim countries are facing the challenge of unemployment due to the absence of skilled labor force that is the requirement of a dynamic economy. West is also making Muslim countries financially weaker through conditional debt with high rate of interest and aid. Western economic policy wants the access, by hook or by crook, of west to the mineral resources of Islamic countries. Islam strictly prohibits interest based debt and conditional economic assistance which affects the Islamic norms. Islam has also no space for any economic policy which is meant to exploit an individual or a group. Presently, economic integration of Islamic world is imperative to resolve the economic issues. The purpose of this research paper is to highlight the economic issues of Islamic world and analyses it in the light of Islamic teachings. The research paper follows content analyze.

Keywords

• Muslim Countries
• Economic Growth
• Development
• Skilled Labor Force
• Poverty
• Debt and Aid.