Islamic development model: A shift from growth-driven to prosperity-driven model

Abstract

For far too long the Islamic Economic Community (IEC), be in Malaysia or in any other OIC nations, has been over-dependent on Western development model. Some of the development indicators or in short the KPI are less suitable for the IEC. The Western models are so dominant since their international consulting institutions such as PwC, E&Y, F&S, Deloitte, OECD or even more established fraternities such as HSBC Global Research or Standard Chartered Global Research, are aggressively promoting their economic model. Even our National Economic Policy (NEP), formulated in early 1970, was made possible with inputs from the West. However, fortunate for us, the main architect of the said Policy, the late Tan Sri Dr Just Faaland of Norway, is more Malay than the Malay and more Muslim than the Muslim.