Can the Quran Solve the World’s Economic Crisis?

As governments and institutions reassess the underlying assumptions of global economic governance, a growing number of policymakers and business leaders across Muslim-majority economies are exploring how faith-based principles might support more stable and equitable economic models. The World Quran Convention (WQC), an initiative launched in 2019 by Malaysia’s Warisan Ummah Ikhlas Foundation (WUIF), is positioning itself as a platform to advance this conversation.

The 2025 convention (to be held on Dec. 6-7, 2025) will focus on the economic and leadership themes drawn from Surah Al-Saff, a Quranic chapter emphasising unity, discipline and collective responsibility. Organisers believe that these values, if translated into policy and market frameworks, could support more resilient and socially grounded economic systems.

Related:  Is There any Difference Between Quranic Finance and Islamic Finance?

A Growing Ethical-Economic Sector

The prominence of WQC reflects a broader shift occurring in global finance. Islamic finance — one of the most established forms of values-based financial governance — has continued to expand despite global headwinds. According to the Islamic Financial Services Board, the sector grew 14.9% in 2024, reaching US$3.88tn in total assets. Growth has been strongest in Islamic banking, which expanded by 17%, and in the sukuk market, where issuance rose to US$230bn.

Several governments, including Malaysia, Saudi Arabia and Indonesia, are using Islamic financial instruments to support infrastructure development, SME financing and financial inclusion initiatives. Analysts expect the sector to surpass US$5tn by 2025 if current trends persist.

Within this context, WQC is seeking to broaden the discussion beyond finance to the wider structures that underpin economic behaviour: governance, trade, investment, philanthropy and community development.

A Structured Framework

The 2025 convention will highlight WQC’s Heaven-to-Earth (HTE) framework, which links spiritual guidance to practical economic outcomes. The model begins with Quranic values and extends through knowledge production, innovation, institutional behaviour and economic activity. Organisers argue that this sequence helps translate abstract ethics into tangible policy inputs.

Areas of focus include:

• Ethical trade and market conduct, drawing on Quranic principles of transparency and fairness.

• Sustainable investment, with an emphasis on longer-term, risk-aware capital allocation.

• Revitalisation of waqf (endowments) as funding mechanisms for education, healthcare and social welfare.

• Philanthropic ecosystems, particularly the role of sadaqah in supporting communities with limited access to financial services.

Many Muslim-majority countries have significant untapped waqf assets. Studies in Indonesia, for example, estimate potential annual cash waqf contributions of IDR180tn, although mobilisation remains modest due to regulatory and institutional constraints. Similar gaps exist in North Africa, South Asia and parts of the Gulf.

Strategic Significance

For policymakers, the relevance of WQC lies in its attempt to formalise and elevate a conversation that typically remains fragmented. The initiative intersects with several ongoing trends:

• ESG and impact finance: As global investors scrutinise ethical standards more closely, Islamic economic principles may offer compatible frameworks, particularly on governance and social welfare.

• Economic diplomacy: Cross-border cooperation through shared ethical values could support greater alignment across Muslim-majority economies, including in trade policy and capital markets.

• Long-term capital formation: Waqf-based structures, if modernised, could create patient capital pools less vulnerable to market volatility.

However, several challenges remain. Institutional capacity varies widely across markets; regulatory frameworks for waqf differ from one jurisdiction to another; and the integration of faith-based principles into policy requires careful navigation in pluralistic societies.

The World #QuranConvention is emerging at a moment when many governments are re-evaluating how economic systems can become more inclusive and sustainable. Whether WQC can convert ethical aspirations into institutional outcomes will depend on its ability to engage regulators, economists, financial institutions and community organisations in a coordinated manner.

Its organisers argue that Quranic values can play a constructive role in shaping economic behaviour. For policymakers seeking alternatives to purely growth-driven models, the convention offers a structured, values-oriented lens through which to consider reform.