Introduction: The Present-day Socioeconomic Situation Islam is the world's second-largest religion, adhered to in all its various denominations by 1.6 billion people, or 23 percent of the global population.¹ Of undoubted importance, Islam has a great influence on the way of life in Muslim-majority countries and beyond. This paper attempts to critically examine the impact of Islamic doctrines and practices on economic and social development in the Muslim world. As we shall see, Muslim-majority countries overall fare poorly in regard to economic development. Intellectual curiosity and rigor requires one to address the causal factors for this, including the role of…