5. Islamic Common Market an Alternative Model to Globalization

A step toward the formation of an Islamic Common Market (ICM) was taken to bring about a unity among the Islamic countries that would allow them to achieve sustainable economic progress. Among the Organization of Islamic Countries (OIC)’s prime objectives was to strengthen intra-Islamic economic and trade cooperation in order to achieve economic integration, leading to the establishment of an ICM (http://www.oicun.org/2/23/). An attempt is made in this chapter to analyze the possibility of the establishment of the ICM, which is the first step towards the reawakening of the Muslim ummah in strengthening the ties between Muslim countries by establishment of a Shari’ah-based trading and commercial system, which would ultimately aim at creating a global market platform with cooperation towards furtherance economic prosperity in the globe.