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ABSTRACT Several papers investigate of the impact of the death penalty on the occurrence of FRF in an Islamic society. However, no study examines such a relationship in a secular [...]

This essay focuses on two questions: How do the current economic systems and institutions of Muslim countries differ from those of other countries at the same stage of economic development? What is the impact of Islam on the economic and social performance of these countries? Employing a cluster analysis I find that there is no special Muslim economic system; moreover, few economic institutions are uniquely Muslim. Using a regression analysis I also find that the presence of Islam has relatively little influence on most economic or social performance indicators. In the analysis of Muslim economies, religion does not appear to be a useful explanatory variable. Key words--Muslim countries, economic institutions, economic systems, economic performance

The study use data from a survey of over 10,000 respondents in nine predominantly Muslim countries to examine the correlates of these divergent perceptions, focusing in particular on media use and education. The finding regarding both media and education suggest that increased exposure to information is not necessarily correlated with more accurate perceptions of world events.

The United States should take the lead in mobilizing the financial resources of the international community to support a new and radical approach to foreign aid for Islamic countries. This [...]

In Islamic countries, where fixed value and interest are forbidden, innovative financial instruments are developed. Inflation is found to impede growth and economic welfare, while financial innovation encourages it.

Islamic banking, based on the prohibition of interest, is well established throughout the Muslim world. Attention has now turned towards applying Islamic principles in equity markets. The search for alternatives to Western style markets has been given added impetus in Muslim countries by the turmoil in Asian financial markets in 1997. Common stocks are a legitimate form of instrument in Islam, but many of the practices associated with stock trading are not. In this paper the instruments traded and the structure and practices of stock markets are examined from an Islamic perspective. Speculation is not acceptable in Islam and measures would have to be taken to control speculative trading. In addition short selling and margin trading are severely restricted. The use of stock index and equity futures and options are also unlikely to be acceptable within an Islamic market. Regulatory authorities in Muslim countries will therefore find a vast array of problems in attempting to structure a trading system that will be acceptable.

Many factors have been put forward to explain the underdeveloped nature of many predominantly Muslim countries, but the role of public discourse has been largely neglected. Countries with a mainly Muslim population account for a disproportionately large number of the world's poorest nations. The factors which might explain this include communalism, political structure and the role of Islam itself as a permanent barrier to development. However public discourse in Muslim countries also plays a major role, by keeping individuals from noticing or questioning social inefficiencies.

Qur'an provides guidance for dealing with the poor and dominates much of the thought and behavior concerned with economic activity. Since the poor were at the heart of this economic universe, the teachings of the Qur'an on poverty had a considerable, even a transforming effect in Arabia and other Islamic countries.

The relatively well-educated men responsible for the September 11 terrorist attacks against the United States were citizens of Muslim-dominated 'failed states.' They came from nations that possess neither a modern [...]