One of the contemporary issues of paramount importance in the modern economy is the issue of “international loans”, which became widespread on a global scale after the end of the Second World War and resulted in major international financial institutions such as the International Monetary Fund, the World Bank, And other financial institutions working in this area.
The study dealt extensively with international lending and financing, with an analysis of the impact of international loans on the economies of developing countries, with some successful or unsuccessful international credit experiences, with a focus on the Turkish and Egyptian cases.
The study presented a range of strategic alternatives that can address the financing gap needed by Arab and Islamic countries to settle sustainable development and address the structural imbalances in their trade balance and balance sheets. The most important of these are the unified Arab stock exchange, trade exchange, with the achievement of Arab-Islamic economic integration, and interest in Islamic financing formats, especially for prosperous Arab and Islamic countries.
The study concluded that access to Islamic financing alternatives to the contemporary international loan contexts and forms would be a successful solution to the problems of the Arab and Islamic countries of development problems and financing problems.
The study concluded that the therapeutic prescriptions for the debt problem of Western governments and international financial institutions have often been counterproductive in developing countries and that the disastrous effects of external indebtedness on Arab and Islamic countries have turned many of them into dependent States in the orbit of major creditor nations.
The study also stressed that international experiences in this context proved the lack of developing countries to the system of success, which manages the loan strategy effectively increase the advantages and reduce the negative effects, so the funds of grants and loans, will remain, until further notice, go to the pockets of governments, Or act in the appearance of useless projects behind them, the governments of these affected countries, which pay generations after tax generations of these loans and grants are devoted to their present and future.
The study showed that developing countries, especially Arab and Islamic countries, bear the brunt of the inability to implement economic policies and financial schemes, rather than clinging to imposed models that proved their failure in several countries, including Greece and Venezuela, among others.
The study recommended the need to modernize and develop the system of sustainable development work in the Arab and Islamic countries to address the structural problems in the economic decision-making process and to achieve the “development efficiency” in the strategies of settling sustainable development in Arab and Islamic countries.
This is in addition to the launch of a unified Arab-Islamic system for sustainable development work, benefiting from the Islamic Endowment, as a pioneering development vehicle, through which financing needs can be provided for sustainable development and addressing funding gaps.
The study also recommends benefiting from Turkey’s successful experience in eliminating the pressures of external financing by integrating the tools and mechanisms of the international economic system with the benefits of internal integration.
The study recommends launching an Islamic Marshall project for development by undertaking a comprehensive package of strategies to help rich Arab countries in supporting sustainable development strategies in our Arab countries, and poor Islamic countries, through easy and easy means of financing, taking advantage of the experience of the Islamic Development Bank in this context.