Al-Mal Special Report spotlighted a study conducted by the Islamic Economics Center at Al-Azhar University, which questioned Islamic countries incapability to meet various obligations resulting from international pressures by organizations like the International Monetary Fund, World Bank, World Trade Organization, amongst others.
This study stressed necessity for the creation of an Islamic economic pact to counteract globalization. Such a partnership is said to be able to placate unwanted effects of global economic trends while helping engineer a robust Islamic economy with the capacity to compete at the highest international economic level through reform.
Also overviewed in the report were various essential steps for reaching this target, such as but not limited to creating an Islamic capital market, the institution of extensive legal and legislative foundations, and the unification of financial, monetary, and customs policies. It also necessitated the coordination of transport and foreign trade positions, simultaneously assembling a tactic to turn Islamic countries collectively more competitive.
In the study, emphasis was placed on the significance of guaranteeing free movement for both individuals and capital alike spanning Islamic nations, in addition to the ensuring of property rights and instituting a common fiscal market between Islamic nations.
