2.Economic challenges


Industrial and technological backwardness
o No manufacturing industry to use abundant natural resources
o Primary exports oil and agri products

Economic dependence on the West
o Source of vital imports e.g. machinery, finished goods etc
o Technology and services also imported

o Shortcomings in implementation of Islamic economic system

o More focus on spending than investment

Inequality among Muslim countries
o Oil rich Gulf countries vs neighbor Yemen and Gaza
o Capital flows towards west instead of other Muslim countries