Hmm. Let’s see. Hypothetically remove oil revenues and examine the GDP of economies that have any trace of Sharia law. They are pathetic. Not one has made significant contributions to the rise of the industrial world. As Pervez Musharraf has pointed out, all achievements by Islamic scholars, such as winning Nobel prizes for economics or anything else, come when they are at Western Universities.
Absent oil revenues, the combined GDP of all Arab countries is less than that of Finland.
The brilliant historian Niall Ferguson, in “The Cash Nexus” points out that when Islam was in fact a world leading culture its bankers found away around the Koranic prohibition on interest.
This kind of nonsense will not be examined and become apparent as nonsense until we swerve the oil weapon out of their hands.
I work in commercial real estate and they have a well set up system with leases that essentially accomplish the same thing as traditional debt (same remedies, remuneration levels, etc.)