Efficiency, Productivity and Innovation: Knowledge-Based Islamic Economics for Sustainable Economic Development in OIC Countries

With the help of favourable macroeconomic conditions during the last two decades, the Muslim societies have intensified their efforts to transform themselves to knowledge based economies, while at the same time also successfully become financial hubs. These efforts aim to create thriving economies based on innovative management of knowledge based assets. Efficient educational institutions and intellectual property industries are of particular importance to this new economic philosophy and infrastructure. However, the main issues of this process, such as; research and development, innovation, intellectual property and copyright have not yet been discussed in the current state of Islamic economics. Today, Islamic economics has no prospects for the issues mentioned above, which are crucial for economic development and sustaining such development. As a result, this study aims to address this extremely important weakness and be the first to open the discussion from an Islamic economics pers