Human (Under-) Development and Intra-Ummatic Economic Cooperation

Abstract

This paper examines the state of human development and economic cooperation within the Muslim World, referred to as the Ummah. It highlights the significant resources and geographical advantages of Muslim countries, which collectively represent a substantial portion of the global population and land area. Despite these advantages, the paper argues that many Muslim nations face severe challenges in human development, characterized by high levels of poverty and underutilization of human capital. The analysis includes a comparative study of economic conditions between Muslim and Non-Muslim countries, focusing on the impact of external trade policies and the burden of foreign debt. The paper emphasizes the potential for intra-Ummatic trade and cooperation, suggesting that enhanced economic ties and the establishment of financial institutions, such as a Muslim Monetary Fund and a Human Development Fund, could alleviate financial strains and promote sustainable development. Ultimately, the paper calls for urgent measures to improve the socio-economic conditions of the Muslim Ummah through coordinated efforts and strategic initiatives.