globalization, economic imbalances, and sustainable development: what islam can contribute to solve...

8/10/2019 Globalization, Economic Imbalances, and Sustainable Development: What Islam Can Contribute to Solve It?

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Globalization, Economic Imbalances, and Sustainable Development: What Islam Can Contribute to Solve It?| Yuli Andriansyah

ICCP on Law and Sustainable Development amongst Developed and Developing Countries 2014| Page 1 of 15

Globalization, Economic Imbalances, and Sustainable

Development: What Islam Can Contribute to Solve It?Yuli Andriansyah

Department of Islamic Economics, Faculty of Islamic Studies, Islamic University

of Indonesia

[email protected]

Abstract

This paper emerges from an academic and empirical anxiety regarding the currenttrends in globalization effects on economic imbalances and sustainability issues

especially in developing countries. Economic globalization as manifested in freertrade and finance around the world has brought at one side a wider access andopportunity for humanity to thrive and prosper. But it also has taken humanity toglobal imbalances in economic, political, and social achievement due to thedifferences in readiness and preparedness in dealing the fast expansion ofglobalization. Understanding this state of affairs, this paper explores what Islam,the fastest-growing religion in the world with about 2B adherers, can contribute toaddress this issues mainly viewed from its legal formal and economic system. Todo so, this paper will firstly examine to what degree that the globalization in tradeand finance has brought imbalance and sustainability issues in developingcountries. Afterward it takes a closer inquiries into the nature of ideal development,

justice and balance from Islamic legal and economic thought. It then expands theanalysis on how Islamic contributions can be implemented in dealing withglobalization massive effects on economic imbalances and sustainable developmentin developing countries.

Keywords: developing countries, economic imbalances, globalization, Islam,sustainable development

Introduction

Globalization is among the most used term in daily activities around the

world. It can be viewed in cultural, economic, political, educational, and many otherperspectives. In term of culture, globalization can be expressed in standardizationof many aspects of human life from the way they travel, the food they eat, theclothes they use, the entertainment they enjoy and many others. As a politicalelement, globalization has been viewed as another threat to national sovereigntyand identity as it create a universal idea about how a good government work basedon the idea of individualism, market, and democracy (Encyclopdia Britannica,2012).

In term of economic and financial activities, globalization can be describedas a process of eliminating obstacles that constrain economic interactions, or flows,

among countries such as in goods and services, capital, technology, and labor.
mailto:[email protected]:[email protected]


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Without such obstacles, all countries in the world enhance a new level ofcompetition. This competition can take many forms such as increased flow of goods

into the country at a lower price, increased flow of services (including banking andother forms of financial services) at a lower price, etc. (Askari, Iqbal, & Mirakhor,2010, pp. 29-30).

Globalization as logic consequence of advancement in human civilizationhas emerged as international phenomenon involving all countries, cultures,economies, faiths, and other human structures. Its primary form can be traced to theorigin of humanity, the birth of colonial power until current global complexity(Robertson, 1990, pp. 26-27) which indicate its nature as evolving human path. Asit develops, its impacts consist of positive and negative sides to civilization. It atone hand makes communication and relation among people easier and wider. It also

create another spaces for human quality of life improvement as many ideas spreadfaster and more accessible through the advancement in information andcommunication technology. This positive side impacts in the way business andeconomy work to increase opportunity in more competitive and open market.

However, in other hand, globalization also brings its negative side tohumanity. As information spread fast, many foreign values of life are introduceddirectly to young generations with or without conflict with local values inherited byelders. A new way of life might also be introduced and practiced with many of itsdisadvantages to local communities. In term of finance, globalization has been verysupportive to foreign investment which in advance bring benefit mostly to origincountry of funds. Poverty, inequalities, social and cultural issues are among theimpacts of globalization many countries now have to deal with.

Because of its wide impact on humanity, globalization is praised by itssupporters for it has put humanity to such amazing advancement. While for itscritics, globalization has been blamed as the sources of degradation in humanityand its environment. Departing from this state of affairs, this paper was aimed toexplore what globalization has done to humanity in term of economic imbalanceand sustainable development. It also explores what Islam as one major religion inthe world can offer to solve the problem brought by globalization.

Globalization and Economic Imbalances

One of the most anticipated effect of globalization especially in trade andfinancial sectors is global economic imbalances. The economist (2009) define it asthe pattern of large, persistent current-account deficits in America and, to a lesserextent, Britain and some other rich economies, matched by surpluses in emergingmarkets, notably China. Other definitions can also be added like the hugecurrent account deficits chalked up by the US and the corresponding surplusesaccruing to the oil exporters and East Asian exporters(Dorman, 2014, p. 81), and large current account deficits of the United States reflect asymmetries in thedevelopment of financial markets across regions of the world (Corsetti, 2012). At


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general these definitions imply the existence of a wide diversity between someadvanced economies with large deficit with their counterparts in trade. As the

deficit grows higher, it finally become systemic problem in financial industry andfinally turn into a crisis.

How the world economic imbalance happens can be described from deLarosires (2009) opinion that it comes from three dimensions namely: (1) astrong GDP growth in the US coupled with large current account deficits; (2)subdued economic growth in Europehindered by insufficient structural reforms

and a balanced position in terms of current accounts; and (3) a spectaculareconomic expansion in East Asia coupled with high current account surpluses andgrowing international reserve accumulation. In order word, The United Statesconsumption-driven economy has been so far fueled by investment-driven growth

emerging economies especially China.

International Monetary Funds (2014) data as described in the followingfigures and table can give better information to understand what global economicimbalances is and its effects on current trends in world economy. Before 2009,advanced economies suffer a very deep deficit in trade as depicted by negativecurrent account in US$ in figure 1 below. While at the same time emerging marketand developing economies benefit from a large surplus in trade as shown by positivecurrent account. As the financial crisis begins, advanced economies realize it is timeto stop or at least decrease the deficit. As fighting deficit become the main policyin many advanced economies, surplus previously owned by emerging marketdecrease slowly.

Figure 1 Current Account Balance, US$ Billion, 2005-2014, World

Source: International Monetary Fund (2014)

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-400

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600

800

World

Advanced economies

Emerging market and

developing economies

Latin America and theCaribbean

Middle East and North Africa

Sub-Saharan Africa


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The similar trend can also be traced from countries level data as describedby the following figure. The United States deficit was very deep preceding 2008

financial crisis which make it incompatible to compete with China. China duringthe last decade has gained many advantages from international trade not only inrelation with developing economies but also with developed ones. In 2005, forexample, as China gained US$ 132.378 in trade surplus, The United States deficitwas US$ -745.434. The numbers decrease significantly as the anti-deficit policytook into action and resulted in US$ -430.939 deficit in 2014 or almost half of thenumber in the last decade.

Figure 2 Current Account Balance, US$ Billion, 2005-2014, Selected Countries


The reason why some developments in advanced economies are importantfor emerging market and developing economies can be simply explained by theextended effect of globalization. As the interconnectivity between countriesincreases, economic and financial development in a country group will bring directand indirect impact to many sectors in other groups. The following figure describeshow the importance in development between economic groups has shifted in thelast decade. Advanced economies have been the largest contributors for worldeconomy in term of GDP share in 1980s, 1990s, and 2000s. But as 2010s and thenear future, emerging market and developing countries contribution tends to growfaster and temporally become higher compared to advanced economies.

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2 0 05 2 00 6 20 0 7 2 00 8 20 0 9 2 01 0 20 1 1 2 01 2 20 1 3 2 01 4

United States

Japan

China

India

Indonesia

Malaysia

Philippines

Singapore

Thailand

Vietnam


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Figure 3 Gross Domestic Product Based on Purchasing-Power-Parity (PPP), Share of World Total, 1980-2014, World


Share of world for each economies as described in the figure below indicatesthe relatively close relation between economies during the last decade. As theadvanced economies suffer deep recession in the 2008 financial crisis and itsaftermath, world economies also follow the same trend. However, after the fastrecovery led by emerging market and developing economies, the world economiesslowly awake. An exception can be easily seen in Middle East and North Africaregion as well as in Latin America and the Caribbean due to regional issues insecurity and others.

0

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1980 1990 2000 2010 2014

Advanced economies Emerging market and developing economies

Latin America and the Caribbean Middle East and North Africa

Sub-Saharan Africa


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Figure 4 Growth of Gross Domestic Product, Constant Prices (%), 2005-2014, World


The same trend can also be viewed using countries data level as thefollowing figure illustrates. As the United States economy growth fell in 2009,Japan, Singapore, Thailand, and Malaysia economies also encountered with same

problem with different degrees. In the other hand, China and India kept the growtheven tough with a slower run. As for 2010 many countries have finally showedpositive growth with a slower recovery, indicating the depth of recession the UnitedStates suffered. This description indicates how the relation on global financial hasimpacted many countries at the fast and unpredictable speed depending on countryreadiness to short-run shocks.

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World

Advanced economies

Emerging market and

developing economies

Latin America and theCaribbean

Middle East and North Africa

Sub-Saharan Africa


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Figure 5 Growth of Gross Domestic Product, Constant Prices (%), 2005-2014, Selected Countries


The 2008 financial crisis was the one and the only example of globalizationeffect on global economic imbalance. The 1997/1998 Asian crisis showed howcapital flight from the emerging economies resulted regional crisis which itsimpacts spread into international economic and political aspects. Thailand,

Malaysia and Indonesia were among the most impacted by concurrent exchangerate and asset price falls that finally overwhelmed banking and financial sectors,lowered real investment and prompted recessions (Makin, 2009, p. 12). Not onlyemerging countries, an advanced economy, like South Korea, also underwentstraight even though it rapidly recovered. Other countries like Hong Kong, ChineseTaipei and Singapore were distressed through indirect chain mainly from tradeshocks. Asian financial crisis showed how serious macroeconomic problems canemerge in an economy after a currency crisis appears. (Makin, 2009, pp. 12-13).

From this point of view, the previous discussion suggest how globalizationcan generate a massive and wide impact on economies mostly because of itscapacity to integrate many nations into a single market. As a region suffer from acrisis, another ones shall always be ready to prevent itself from the same potentialcrisis as the consequence of this integration. However, as seen from previous crises,global imbalances play significant role in deepening the negative impact ofglobalization mainly because of differences in countries readiness in dealing witheconomic shocks. A larger economy with higher surplus tends to be well-preparedin dealing with crises compared to smaller economy having deeper deficit. To this

point, imbalances in global economy can be viewed as one of the main diseasebrought by globalization that many developing countries should always be ready tofight it.

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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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Indonesia

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Vietnam


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Globalization and Sustainable Development

Another effect emerges from the globalized economic of the world issustainable issues. Economic and financial forces in the globalized world have putmany natural resources in danger because of its exploration and use. Not only thenatural resources, the planet earth as humanity home base is also in danger becauseof pollution, climate change, and many other environmental disasters rooted in thehuman ambition to achieve economic growth and financial goals. These negativeeffects of globalization have brought the world to take more effort in understandingand applying a more sustainable approaches to the global economic activities sothat development can bring not only prosperity for today generations but also thefuture ones.

Based on a report of a team selected by the United Nations established toidentify future environmental approaches for the world, sustainable developmentwas defined as development that meets the needs of the present withoutcompromising the ability of future generations to meet their own needs (Elliott,2006, pp. 7-8). This definition, by which expressed in a report two decades ago,mainly focuses sustainability as a whole process in development by which nextgenerations interests should be taken into account by policy makers today. Thewholeness in the definitions imply the need of sustainability not only in term ofenvironmental issues but also can be generated to governance, financial, etc.

Therefore, Munasinghe (1993, p. 3) pointed three methods to makesustainable development real, namely: (a) economic approach by maximizingincome while maintaining a constant or increasing stock of capital; (b) ecologicalapproach by maintaining resilience and robustness of biological and physicalsystems; and (c) social-cultural approach by maintaining stability of social andcultural systems. Furthermore, Rogers, et al. (1997) proposed some indicators bywhich sustainable development can be achieved, i.e.:

Leave everything in the pristine state, or return it to its pristine state.

Develop so as to not overwhelm the carrying capacity of the system. Sustainability will take care of itself as economic growth proceeds

(Kuznets). Polluter and victim can arrive at an efficient solution by themselves (Coase). Let the markets take care of it. Internalize the externalities. Let the national economic accounting systems reflect defensive

expenditures. Reinvest rents for nonrenewable resources (weak and strong sustainability).

Leave future generations the options or the capacity to be as well off as weare (Rogers, Jalal, & Boyd, 2008, p. 23).

Despite bringing imbalances in economic capacity, globalization alsodifferentiate countries on their capacity in exploration of their natural resources and


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its uses. World Banks (2011) report in the following tables and descriptions can beviewed as important reason why sustainable development is required by current

policy makers. In this report World Bank uses many indicators to captureeconomies and countries based on their wealth. Total wealth is present value offuture consumption that is sustainable, discounted at a rate of time preference of 1.5

percent, over 25 years. Net foreign assets are calculated as total assets minus totalliabilities. Produced capital is sum of physical capital and urban land, which isvalued at 24 percent of physical capital across all countries. It is defined asaccumulation of investment series (gross capital formation) taking into accountdepreciation at the rate of 5 percent with 20 years as the service lifetime assumption.

Natural capital is sum of Crop, Pasture Land, Timber, Non Timber Forest, ProtectedAreas, Oil, Natural Gas, Coal, and Minerals. And intangible capital is calculated asa residual.

Advanced economies, based on this report, tend to be more creative intechnology that make their environment better and finally their wealth much highercompared to lower income economies. As table 1 below shows, total wealth of highincome OECD countries reached US$ 551,964 in 2005. It was far above lowerincome countries which for the same data, its wealth didnt reach 1% of the wealth

of high income countries.

Table 1 Trend in total wealth based on a balanced sample of 124 countries across all 3 years (1995, 2000,

and 2005), US$ Billions, 2005

Aggregate values Population TotalWealth

Intangible

CapitalNet

Foreign

Assets

Produced

CapitalNatural

Capital

East Asia & Pacific 1,707,083,759 35,284 17,615 122 10,035 7,512

Europe & Central Asia 408,064,333 29,684 18,420 -442 5,450 6,256

Latin America & Caribbean 531,341,503 42,079 29,981 -826 6,515 6,410

Middle East & North Africa 239,764,358 6,951 2,869 47 1,663 2,372

South Asia 1,439,572,302 15,031 8,783 -177 2,629 3,796

Sub-Saharan Africa 680,952,968 9,457 5,829 -184 1,301 2,510

Low income 586,050,253 3,597 2,153 -112 462 1,094

Lower middle income 3,432,693,572 58,023 29,476 -128 14,032 14,642

Upper middle income 579,971,064 47,183 33,447 -779 7,650 6,865

High income: OECD 938,210,925 551,964 449,946 -1,735 93,386 10,367

High income: non-OECD 54,232,900 12,826 5,080 1,340 2,653 3,753

World 5,591,158,713 673,593 520,102 -1,412 118,182 36,721

Source: World Bank (2011)

The data for per capita wealth in selected countries also captures the sametrends as the following table indicates. United States and Japan lead the table for itshigh achievment in total wealth compared to other countries. An intriguing data can

be seen in case of Singapore. With only US$2 per capita natural capital, this


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neighbouring country has US$300,975 total wealth per capita far above southeastAsian countries which also make it among rich countries in the world. Singapores

experience indicates that achievment in global economy was not merely caused bythe natural resources but mostly by capacity to advance any opportunities to

progress. It is simply because globalization brings competition closer to every homecountries so that readiness and preparedness are requirements to win the challengeof globalization.

Table 2 Per Capita Wealth Estimates, 2005, US$, Selected Economies

Economy Population Total Wealth IntangibleCapital

Net Foreign

AssetsProduced

CapitalNatural

Capital

United States 296,410,404 734,195 627,246 -6,947 100,075 13,822

Japan 127,774,000 548,751 398,870 11,920 135,866 2,094

China 1,304,500,000 19,234 8,921 284 6,017 4,013

India 1,094,583,000 10,539 5,961 -107 1,980 2,704

Indonesia 220,558,000 19,769 11,398 -523 3,968 4,926

Malaysia 25,347,368 64,767 35,943 -750 16,824 12,750

Philippines 83,054,478 19,698 14,076 -592 2,745 3,468

Singapore 4,341,800 300,975 164,849 54,719 81,405 2

Thailand 64,232,758 37,765 21,150 -905 9,711 7,810

Vietnam 83,104,900 9,374 4,196 -303 1,851 3,630

Source: World Bank (2011)

To make sure that a country thrive in a global economic competition, humanresources quality is a must instead of natural resource. High quality in humanresources can improve a countrys quality and guarantee its sustainability since

human factors have been proven the main causes of many fatalities in environment.From this point of view, sustainability should also be seen as an integrated aspectof human life which imply the need of human resource quality improvement tosucceed in globalization. Without strong and comprehensive attention to humanresources, sustainability in development will be far to reach even though in acountry where natural resources are affluent. In the context of developing countries

like Indonesia, such situation has been clearly exposed. The lack of capacity intechnology along with pressure from advanced economies together have putnational wealth absorbed abroad while many population living under poverty lineor close to it.

Contributions of Islam for a Better Globalization

As this paper has described earlier, at some point globalization is a nobleendeavor to maintain humanity in good relation by opening wide access fordifferent cultures, faiths, languages, etc. to collaborate in harmony and achieve

greater benefit for all. Using this attribute to understanding globalization, then


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Islamic sources of teaching, the Holy Quran and the Sunnah impulse Muslims toalways seek knowledge and be tolerant in faiths, societies, and nationalities (Soguk,

2011, pp. 30-32). At this point, one may conclude that Islam is very supportive tothe idea of globalization.

Furthermore, when globalization was defined as the process towards anincreasingly strong interdependence between increasingly large parts of the world,which then resulted in the phenomenon that an occurrence and progress in an areaeffect almost others, Islam has important role in globalization processes. From itsvery beginning, Islam has contributed many political, economic, and cultural lifeof other civilization through its conquering (fat) and assimilation (Meuleman,2002). In short, Islam not only supportive to progress brought by globalization

process but it was among prominent player in spreading ideas to create a globalized

world.

Islam is also a religion of civilization by mean never separate culturalessence outside history so that it was blended in politics, society, and history(Atasoy, 2005, p. 18). Such idea of civilization makes Islam not only supportive forglobalization but also an active player in coloring globalization with thoughts andcontributions. Therefore, Islam and Western civilization, as they have long beeninterconnected through international trade and economic exchange,now embracea new relation in an economic world system (Wallerstein, 1974 ) (1984). Thiseconomic system worldly involve humanity is what historically connect nations ingeneral along with material and cultural exchanges (Ahmed & Donnan, 1994).Islams compatibility to globalization is, from this perspective, undeniable.

Although Islam is compatible to globalization, many of Islamic teachingsdo not allow Muslims to fully entangling in globalization because of its negativeimpacts on culture, faith, and economy. This paper however focuses only oneconomic aspect mainly with regard to efforts in legal and financial framework. Asthe financial and economic crises like the ones in 2007/08 emerges it is clear thatspeculative transactions are main cause of it (Binswanger, 2012). Speculativetransaction may appears mostly because of greediness naturally possessed bymaterialistic capitalism in which globalization relying on. In the other hand, Islam

forbid speculation for its destructive effect not only on money but also to society.This idea of forbidding speculation is mainly rooted in Holy Quran teachingregarding gambling (mysir, qimar) for example in Surah A-Baqarah verse 319 andSurah Al-Maidah verses 93-94. Such a forbidding was then legalized by Muslimscholars in fiqh and as well as in Islamic finance application as one of its main

principles (Iqbal & Mirakhor, 2011, p. 10).

Not only forbidding speculative transaction as the root of financial crisis,Islam also forbid Muslims to consume too much resources for it make abundancewasted. Surah Al-Isra verses 26-27 forbid wasting food and blame those who do itas companion of devils. Other verses like 141 of Surah Al-Anam and 30 of Surah

Al-Araf remind Muslims to eat and drink proportionally and without wasting


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resources. Why does Islamic teaching regarding consumption important forglobalization? The answer relies on previous discussion on causes of global

economic imbalances. Consumption-driven economy like the United States andother advanced economies have been responsible for fast growing consumption ofmany products which impacted in large deficit. Without any efforts to stop or atleast limit the consumption, planet earth capacity to feed human race must be indanger.

Not only endanger planet earth capacity in providing food, consumption-driven economy put the world into a paradox as many rich countries spend billionsdollar to fight obesity, their counterparts in low income countries suffer from massfamine. Therefore, Islamic teaching on feeding hunger (Surah Ad-Dahr verses 8and 9) and giving the needs (Surah Al-Maun) should be introduced as a solution

to imbalances in wealth among people. And as Prophetic sayings, faith is related towillingness to feed poor because those who sleep knowing others in hunger and donot give appropriate help, his faith is questioned. From this point, Islamic teachinggive solution on dealing with imbalances by driving Muslims to be wish inconsumption and generous in helping others.

In term of sustainability Islamic teaching mainly urge human race as thebest creation of God (Surah At-Tiin) and therefore they were obliged to guide theworld as leaders (khalifah) to bring prosperity on it (Surah Al-Baqarah verse 30,Yunus verses 14 and 73, Al-Araf verses 68 and 83, etc.). Islam acknowledgehuman right and capacity to develop earth as their home for creating prosperity butalso reminds them about the consequence they will deal if they make destructionson earth. Surah Ar-Rum verse 41 explains how natural disasters, destructions, andmany other difficulties faced by humanity are the results of human actions. Thesedifficulties are exposed to humanity to make them aware of their faults with a hopethey can make it to the blessed way of God. Destructive human actions in thiscontext are the cause for disasters but also the source to make them realize theirwrong way. It implies that Islam put human race not only as free community indealing with resources available on earth but at one hand emphasizes theresponsibility to take care of it. Freedom then is nothing in Islam withoutresponsibility.

The balance between consumption and giving as well as between freedomand responsibility then brings to the very important principle in Islamic teaching:

justice. Justice has been praised as the closest way to taqwa(Surah Al-Maidah verse9), the highest stage of excellences in Islam (Surah Al-Hujurat verse 13). Justice inIslam is not merely object in term of legal or law but can also be widened to fartheraspects of Muslims life. In the context of globalization justice implies theresponsibility of advanced economies to take more actions on developing countriesto deal with famine, hunger, indebtedness, etc. as consequence for the benefit theytake in the form of natural resources, etc. Justice for emerging economies means

proper wage for workers so that they live a better life and protect the world from


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dumped price. Justice in globalization also reflects the need to renegotiate tradeagreements to benefit both parties not only the advanced societies.

To summarize, Islamic teachings pay attention on creating justice societywhere gambling is forbidden for it is harmful, empowering community throughlimitation of unnecessary consumption and providing others in needs, and

promoting justice as global idea in dealing with universal human problem. Willsuch ideas be respected, accepted, and even applied? As Singh (2014) noted ourneed now is to have an integrated, holistic approachto maintain sustainable worldtogether. According to Strong (1996, p. 16), such efforts should have a root in theculture, the values, the interests and the priorities of the peoplewho have concernabout the matter. This simply put Islamic ways in dealing globalization effects asone option for solution. Without trying to find cure to globalization problems from

the perspective of different cultures, faiths, and societies, the world will go to moredangerous situation caused by a globalized life in planet earth. However, this paperhas offered a little but hopefully beneficial and applicable solution in dealing withglobalization.

Conclusion

Previous discussions suggest that globalization has many faces in front ofhumanity. It is a gift at one hand as it enables more people to engage and gain

benefits but in the other hand it produce many problematic issues. The discussions

focus mainly on economic imbalances and sustainable development as two amongmany other negative effects of globalization. Imbalances in global economy mainlycaused by the high consumption-driven activities in advances economies comparedto deep investment-driven growth in emerging markets. But the problems caused

by imbalances touch not only those living in the two economies but also around theworld as part of globalization consequences. While for sustainability issues,globalization brings another challenges for developing countries as it absorb itsnatural and human resources and bring them to advanced economies that finallyresulted in wider inequalities in capacity to sustain in the future. Sustainability dealsnot only environmental aspects but also countries capacity to grow and benefit fromit.

Islam offers many guided teachings on how to deal with globalization,mainly by forbidding speculative transaction as the basis of greed which fuel thecrises around the world. It also encourages balance between freedom andresponsibility in using world scare resources to guarantee future generationscapacity to grow. In its core of teachings, Islam emphasizes justice in legal andeconomic aspects as cure for humanity problems in the age of globalization as by

justice better solution can be gained. These options for solution to globalizations

impact on imbalance and sustainability issues emerge from Islamic teachingoriginated from the Holy Quran and Sunnah which for Muslims are main sourcesof their daily life guidance.


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This paper has many limitations mainly because it focus on imbalance andsustainability as wide aspects of globalization. A more specific focus on poverty,

inequalities, disparities, and other with special cases can be offered for betterresearch in the future. Moreover, discussion on Islam and globalization will be moreattractive when viewed from country or region perspective along with specificopinion of scholars or school of thought in Islam. However, endeavors this papercarried should be seen as an opening step for another journeys in relation of Islamand globalization and efforts to make it work better.

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