Principles and instruments of Islamic economic co-operation in contemporary times

The author seeks to discuss the notion of international economic co-operation in a general context, in the particular context of the Bretton Woods establishments, and in the case of a number of states within the Muslim world. After discussing the Bretton Woods institutions created under the United Nations Charter, the author makes mention of the 1947 General Agreement for Tariffs and Trade (GATT) and the Group of 77 countries in the organization UNCTAD. The author addresses Islam's theoretical foundations for economic cooperation and then proceeds to present a brief analysis of Islamic Development Bank financing behavior. The author emphasizes how an Islamic system of development has the concept of profit and loss sharing at its core. Also mentioned are some consequences in the market of a lack of cooperation between Malaysia, Indonesia, and Bangladesh--three Muslim countries.