Hard economic realities facing Islamic world

Governments throughout the Muslim world, with the intention of uniting Muslims economically and to increase their cooperation on other issues, have created institutions like the Jeddah-based Islamic Development Bank. The Bank has all 40 nations of the Organization of the Islamic Conference (OIC) as its members, with most of its capital coming from Arab nations. The main role of the Bank has been to finance the purchase of Arab oil by the oil-deficient countries of the OIC. However, this must be changed and the primary object of the Bank should be development finance through equity participation. Some OIC members have stepped in to help with development finance where the Bank has not treaded. Such bilateral investment should be practiced throughout the OIC. Economic projects that benefit regional groups of countries rather than merely individual members of the OIC should also be encouraged.