Economic Structure of Muslim Countries

Abstract

Muslim countries are bestowed with abundant natural resources. They have fertile lands, vast water and mineral resources which play a vital role in their economic development. Agriculture sector has remained a backbone for the economy of most of the Muslim countries such as Pakistan, Bangladesh, Kazakhstan, Kyrgyz Republic and Guinea-Bissau etc. Some Muslim countries like Malaysia, Indonesia, Bangladesh and Pakistan are focusing on their industrial development. Muslim countries are also following liberal market policy to attain the rewards of dynamic economy. Natural resources, especially oil and gas, have a large contribution to GDP and foreign exchange earnings of Muslim countries such as Kazakhstan, Kuwait, Iraq, UAE, Saudi Arabia, Algeria and Libya etc. A few Muslim countries such as Qatar and Oman are attaining increasing and stable GDP and per-capita income growth. The main reason of this growth is the abundance of natural resources. Furthermore, they are focusing on the development of industry, construction and service sectors. It is the need of time that Muslim countries should enhance their mutual cooperation in industry, trade and investment. They should work together to set up economic union for the integration and development of Muslim countries. The purpose of this research paper is to discuss the economic structure of Muslim countries. This research work will add a new asset in literature. It will contribute to the field of Islamic Economics. It will help readers learn about the main economic feature of Muslim countries. The research paper follows content analysis.