INTRA-UMMATIC TRADE AND COOPERATION- CHALLENGES AND SOLUTIONS

Abstract

This research paper explores the quality and shortcomings of the Intra-Ummatic trade that has been in existence among the Organization of Islamic Cooperation (OIC) member countries. It analyses the potentials and challenges of such trade considering the set target of 25% trade among the OIC member countries by the year 2025. The research briefly discusses some International Trade (IR) theories: Globalization, Liberalism, Feminism, Nationalism, Realism and Normative theories affecting Intra-Ummatic trade and how efforts can be geared towards maximizing the benefits and preventing the harms that may come from such systems. It looks into the history of the Muslims and how IslÄmic globalization took place in the golden age of the Muslims. It highlights the possibility of re-achieving lost glory if the Muslims learn from their common history and hold on to their religious teachings. The research further analyses the root cause of the continuous depreciation of the economies of Least Developed Countries (LDCs), with special reference to Muslim Countries (MCs) and the risk of worsening and not having a voice in the near future, if proper measures are not taken. The research uses secondary data, online books, journals, articles, and websites. Tables and graphs have been used for better understanding at a glance. This research is significant as it adds to the body of knowledge in the area of the study of economies of MCs and how trade among OIC member countries can pave a path to growth and development of these nations. This research has also found a relationship between other factors, such as abandonment of religious teachings and the failures of these economies. This is because ethics have a positive relationship with the growth of economies. Unfortunately, Muslim countries are generally implicated in high levels of bureaucratic corruption and mismanagement. For the purpose of this research, factors that are likely to affect trade among the OIC member countries were divided into two: Internal factors: factors within the control of these nations and External factors: factors that are international in nature and therefore out of their control, or are imposed upon them.