Imperative of Economic Integration Among Muslim Countries: Lessons From European Globalisation

Lukman Raimi Mobolaji H 17 PAGES (7854 WORDS) Article
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Purpose – The paper was written to highlight the advantages of initiating economic integration among Muslim countries across the globe, drawing special lessons from Europe’s experience; its successful economic integration and challenges which trailed the process.

Design/methodology/approach – The methodology is basically descriptive and analytical.

Theoretical construct and model on economic integration was developed for adoption by the Muslim countries. The model seeks to enhance their economic strength through intra and inter trade relations and reduces their weaknesses through specialization. Secondary data from Organization of the Islamic Conference and Islamic Development Bank member countries were exhaustively used in thestudy.

Findings – The paper found out that integration is plausible and beneficial, however, a concerted effort must be made in promoting technological development, raise human capital, and improve the

product diversification among Muslim countries while developing stable institutions and

infrastructures. Two, the potential benefits of integrating exceed the costs. The emphasis needs to

be, not in cutting costs/inputs (reductionist approach), but on generating more wealth/revenue/income

(incrementalist approach) that results in reducing the huge external debt, poverty, diseases,

frustration, and corruption in most Muslim countries. Three, key to Muslims’ socio-economic

happiness is through mutual cooperation for growth and development (Qur’an 42:38, Q3:159).

Research limitations/implications – The major contributions of this paper are three, firstly, the

paper explores a faith-based integration effort, and secondly, it identifies reasons for low success in

the integration efforts among Muslim countries and finally suggests an econometric model based on

faith that neglects the artificial geographical barrier.

Practical implications – The practical implication of the paper is the recommendation to establish

a Muslim Economic Bloc because Muslim countries are economically heterogenous group, with

uneven development and growth pattern.

Originality/value – The paper is major contribution in the field of Islamic economics and applied

economics. Contrary to what we know in the conventional economics, this paper advocates a faithbased

economic model and bloc in a globalised world economy. It is a contribution to existing

literature.

Keywords Economic integration, Globalization, Islam

Paper type Conceptual paper

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APA

Lukman, R (2019). Imperative of Economic Integration Among Muslim Countries: Lessons From European Globalisation. Afribary.com: Retrieved December 03, 2020, from https://afribary.com/works/imperative-of-economic-integration-among-muslim-countries-lessons-from-european-globalisation

MLA 8th

Raimi, Lukman. "Imperative of Economic Integration Among Muslim Countries: Lessons From European Globalisation" Afribary.com. Afribary.com, 24 Aug. 2019, https://afribary.com/works/imperative-of-economic-integration-among-muslim-countries-lessons-from-european-globalisation . Accessed 03 Dec. 2020.

MLA7

Raimi, Lukman. "Imperative of Economic Integration Among Muslim Countries: Lessons From European Globalisation". Afribary.com, Afribary.com, 24 Aug. 2019. Web. 03 Dec. 2020. < https://afribary.com/works/imperative-of-economic-integration-among-muslim-countries-lessons-from-european-globalisation >.

Chicago

Raimi, Lukman. "Imperative of Economic Integration Among Muslim Countries: Lessons From European Globalisation" Afribary.com (2019). Accessed December 03, 2020. https://afribary.com/works/imperative-of-economic-integration-among-muslim-countries-lessons-from-european-globalisation