In the days of yesteryear, when the Prophet Muhammad (Peace Be Upon Him) united the followers of Islam into a single economic and political group, people linked their livelihoods to their tribe. Buying, selling, and making money were done largely through the ideology that the tribe must flourish and dominate. As Islam grew in importance, it became clear that it superseded any consideration of the needs of other entities. Islam has become the new standard of economic activity. As the borders of the Muslim world expanded, so did its economic power. After all, it was the most powerful entity on Earth.
In modern times, Muslim countries live in great poverty. While there are several wealthy pockets, the vast majority struggle to feed their children or build the necessary infrastructure improvements. Why is that? The reasons lie in the supremacy of nationalism over Islam. In the past of Islam, there was no concept of a country and a national currency. Instead, each city was seen as a small state that lived and worked within the collective of the Muslim world. At the time, the concept was revolutionary and led to many economic changes. Christendom continued to argue and wage wars against each other, which fueled the economic drain on their local economies. Therefore, they could not effectively compete with the Muslims. Muslims had a central authority that made great strides in reducing internal strife. Therefore, when they acted, they could do so in a unified manner.
Today the situation is reversed. The rich countries of Europe have come together in terms of economic treaties and military cooperation. The United Nations, the European Union, and the FTAA are examples of this joint effort. This collaborative spirit mitigates any internal structures they have by using one of these larger organizations to make decisions. The Muslim world, to its dismay, has been reduced to infighting and actively "undermining" one another.
The only way to reverse the Muslim calamity is to change our whole outlook on business. The Islamic principles of justice, hard work, and collective effort must evolve. The concept of nationalism should be considered obsolete and the singular concept of “Ummah (community) should take its place. By working together, people can use their untapped wealth in terms of knowledge and natural resources to develop something for the betterment of all. Countries like Saudi Arabia that desire a more secure food source could invest in countries with fertile soil but little capital wealth. Trade barriers between nations can be lowered to ensure that the easy flow of goods and money is possible. The leadership could be responsible for increasing the viability of not only their nation but also their neighbors.
The promotion of a single Muslim currency and the governing body is essentially essential if any meaningful reform is to take place. The structural governing body would be similar to that of the European Union, but with substantial Islamic enhancements. Individual and national agendas would not be given full weight and economic improvement should not be subject to corruption. Internal control would have to be developed to help solve some of the problems that thrive in the Muslim world.
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