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Why have the Islamic countries failed to develop even with resources like oil, while countries with no resources like Switzerland have flourished?

Posted on 09 January 2013

It’s true. Outside of oil and gas projects and a few specific infrastructure projects (ports like Jebel Ali and airports like Dubai), far less real economic development has happened in the oil-rich parts of the Arab world than would be expected based on their great endowment of human and natural resources.
The Islamic world isn’t monolithic, and it’s probably worthwhile to address relatively stable oil-rich states separately from Iraq, Iran, and Libya, again separately from other Islamic states without much oil separately from Asian Islamic countries like Malaysia and Indonesia. Let’s look specifically at the stable oil rich Arab Islamic states for now………………………………………..Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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