The Muslim world has a proud tradition of providing economic and social justice to their diverse citizenry during their ubiquitous leadership of the early Islamic period. To be relevant today and into the future, however, developing Muslim societies will need to re-examine their currently Euro-centric understanding and model of social advancement and strive to serve global equity through a more balanced philosophy, one that acknowledges their rich cultural heritage whilst simultaneously embracing the need for modernisation and economic advancement.
Thus, the contemporary strategist in the Arab and Muslim world needs to reflect on the contribution to development of civilisation of early Islamic scholars. The principles for good governance - knowledge, justice, wisdom and tolerance, for example, were articulated by Al- Ghazzȃli nearly a millennium ago and have great resonance today.
This paper proposes a paradigm shift in social and economic ethics, inspired by early Muslim practitioners, for creating sustainable, just and moderate Islamic societies in the twenty-first century. It further demonstrates the ability of growing knowledge economies in the Muslim world, to adapt economically and socially, by implementing traditional Islamic ethical guidelines to achieve sustainable growth
