Islamic economics in Middle East countries - North Africa and some explanations for middle income status

Abstract

Research on the development process of the Middle East-North Africa region shows that most countries in the region are in middle-income status and many middle-income countries are trapped. One of the reasons is that the Islamic economic principle makes the economic system less flexible and impedes the accumulation of assets and long-term business. Still, many high-income countries are rich in oil and have accumulated enormous financial resources, operating under the principles of Islamic finance. This is a new area that Vietnam needs to study and approach to serve the country development.