IEC 535 - Economies of Islamic Countries

The aim of the course is to analyze the main trends in the economies of Muslim Countries in comparison with the economies of developed countries and world averages. A secondary aim of the course is to internalize the basic economic concepts in these analyzes. This course also aims to teach each student the evaluation and presentation techniques of a country's economy.

Muslim countries consist of 57 countries that are members of the Organization of Islamic Cooperation (OIC). They are geographically dispersed over a wide area. Geographical conditions, reliance on raw materials, income status and features determined by the colonial past are also reflected in their socio-economic structure.

Almost all Muslim countries have been in efforts to develop their economies since the 20th century. Since the end of the 20th century, globalization has increased in the world, there has been a rapid development in communication and information technologies, and China has become an important part of the world trade system as a new global actor. All these developments put countries face to face with competitive pressure. Changes in global, social, and demographic environmental conditions force countries to change. The success of countries' development efforts depends on their ability to respond appropriately to these changes and adapt to new environmental conditions.

This course includes both comparatively presenting these global developments, measuring the performance of Muslim countries, analyzing the reasons of lower performance compared to developed countries, and presenting future-oriented adaptation and reform areas within the framework of certain concepts and techniques.