Islamic Economy: Its Relevance to the Globalization of Economy in the Muslim Filipino Areas

Author: 
Ali B. Panda
Description: 
DISCUSSION PAPER SERIES NO. 2005-07
JEL codes: 
Organisation: 
Abstract: 
This study confines on the relevance of Islamic economy to global trade, investment and industry in Muslim Filipino areas. It is useful, valuable and a reference material in the formulation of economic policies, plan and strategies. Islam encourages legitimate economic activities. It condemns usury, hoarding, business monopoly and speculative business and believes in free trade. Its basic principles (truthfulness, honesty, and justice) and other significant elements are acceptable to the Muslims and adoptable in the Philippine setting. It is suggested that orientation programs on the global business be conducted in the Muslim areas. Capital must be available to Muslim businessmen by way of responsive financial institution. Communication, transportation and tourism facilities be provided and improved. Accreditation of Islamic organization to examine goods and commodities in accordance with Islam. Peace and order must be maintained. Establishment of Islamic pawnshops.