The Influence of Islam on the economic development of Muslim Countries

In this paper we investigate the possible ways in which Islam influences the economic development of Muslim countries, specifically in the Arab world. Islam is regarded here less in its narrow definition as a set of particular religious beliefs, but more in its broader concept, as defining a specific culture, resulting in a specific social, political and legal environment. The paper focuses on Islam’s possible role in affecting economic activity, science and education, political systems, and the position of women. These contextual features are then discussed in light of their impact on human, physical, and natural resources, whose output is a crucial determinant of economic development. It is concluded that there are several ways in which Islam – defined more as a culture than a religious belief – may hinder economic development in Muslim countries in the Arab world. We conclude by suggesting ways of increasing economic development in Muslim nations, highlighting Turkey as a potential role model.