Abstract
A step toward the formation of an Islamic Common Market (ICM) was taken to bring about a unity among the Islamic countries that would allow them to achieve sustainable economic progress. Among the Organization of Islamic Countries (OIC)’s prime objectives was to strengthen intra-Islamic economic and trade cooperation in order to achieve economic integration, leading to the establishment of an ICM (http://www.oicun.org/2/23/). An attempt is made in this chapter to analyze the possibility of the establishment of the ICM, which is the first step towards the reawakening of the Muslim ummah in strengthening the ties between Muslim countries by establishment of a Shari’ah-based trading and commercial system, which would ultimately aim at creating a global market platform with cooperation towards furtherance economic prosperity in the globe.
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Notes
- 1.
- 2.
Beg, T. (1994, January). Islamic Common Market: Some conceptual and operational issues in the light of European community experience. Journal of Objective Studies, 6 (1), 48-67.
- 3.
Dabour, N. M. (2004). Implications of establishing an Islamic Common Market: Gradual integration and possible consequences. Journal of Economic Cooperation, 25 (1), pp 71-98.
- 4.
- 5.
- 6.
- 7.
See al-Qur’an 5:2.
- 8.
See al-Qur’an 5:2.
- 9.
Idris, J.S., Unity among Western Muslim Communities, Islam.com
- 10.
- 11.
SESRTCIC (2003), Id.
References
“Plan of Action to Strengthen Economic and Commercial Cooperation among member countries of the organization of the Islamic conference”: Resolution No. 1/3-e (IS) of the third Islamic summit conference, 25–28 January, 1981, Makkah al-Mukarramah and Taif, Kingdom of Saudi Arabia.
Beg, T. (1994, January). Islamic common market: Some conceptual and operational issues in the light of European community experience. Journal of Objective Studies, 6(1), 48–67.
Dabour, N. M. (2004). Implications of establishing an Islamic Common Market: Gradual integration and possible consequences. Journal of Economic Cooperation, 25(1), 71–98.
Idris, J. S., Unity among Western Muslim communities, Islam.com
Resolution No.33/25-E. (1997). Resolution establishing an Islamic Common Market, Raahbar Informatics Co., Tehran, http://www.global-islamic-finance.com/2008/01/gcc-common-market-becomes-reality.html#ixzz48KYxfqLX, http://www.global-islamic-finance.com/2008/01/gcc-common-market-becomes-reality.html#ixzz48KXDmHFv
SESRTCIC. (2003, February). Implementations of establishing an Islamic common market: A Program for gradual integration. Ankara.
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Billah, M.M. (2017). Islamic Common Market an Alternative Model to Globalization. In: Alam, N., Rizvi, S. (eds) Islamic Economies. Palgrave CIBFR Studies in Islamic Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-47937-8_5
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DOI: https://doi.org/10.1007/978-3-319-47937-8_5
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