Saudi Arabia's Islamic growth model - applications to monetary and banking policy

Having seen Saudi Arabia as an economy enjoying much growth and one set in a fairly calm social and political framework, it must be understood that the Islamic growth model is not an inadequate one. It might even be said that this outlook on development has promoted growth and has led to greater flourishing. Islamic thinkers hold that the Islamic economic system is more consistent than the capitalist and socialist approaches. In the Saudi kingdom, the rulers have been sensible to set up institutions that enhance the lives of the people. The funds for these institutions come from oil revenue. Islam's scriptures give a set of moral guidelines that are to be applied in economic life, but there are not many regulations specifically regarding economic life. Other countries should be careful in imitating the Saudi approach, however, because Saudi Arabia's situation is particular to that land. Different governments just can't afford to make as many mistakes as the Saudis can.