<P> In modern times, economic policies of the 1979 Islamic Revolution in predominantly Shia Iran were heavily statist with a very large public sector, and official rhetoric celebrating revolution and the rights of the dispossessed, although this tendency has faded over time . In Sudan, the policies of the National Islamic Front party dominated regime in the 1990s have been the reverse, employing economic liberalism and accepting "market forces in the formulation of state policies ." In Algeria, Jordan, Egypt, and Pakistan, Islamist parties have supported populist policies, showing a "marked reluctance to adopt austerity policies and decreased subsidies ." In recent years, Turkey had a rapidly growing economy and became a developed country according to the CIA . Indonesia, Saudi Arabia and Turkey are members of the G - 20 major economies . </P> <P> In 2008, at least $500 billion in assets around the world were managed in accordance with Sharia, or Islamic law, and the sector was growing at more than 10% per year . Islamic finance seeks to promote social justice by banning exploitative practices . In reality, this boils down to a set of prohibitions--on paying interest, on gambling with derivatives and options, and on investing in firms that make pornography or pork . </P> <P> Another form of modern finance that originated from the Muslim world is microcredit and microfinance . It began in the 1970s in Bangladesh with Grameen Bank, founded by Muhammad Yunus, recipient of the 2006 Nobel Peace Prize . </P> <P> One issue "generally absent" from contemporary Islamist economic thought (with the exception of Sayyid Qutb) and action "whether moderate or radical" is the question of agrarian reform . Opposition to agrarian reform even played a role in Islamist uprisings (Iran 1963, Afghanistan, 1978). At least one observer (Olivier Roy) believes this is primarily because it would "imply a reexamination of the concept of ownership", and in particular "throw into question the Waqf, endowments whose revenue ensures the functioning of religious institutions ." In the Islamic Republic of Iran, for example, waqf holdings are very large (in Khorasan Province, "50% of the cultivated lands belong to the religious foundation Astan - i Quds, which oversees" the Imam Reza shrine in Mashhad). Thus questioning waqf property would mean questioning "the foundation of the financial autonomy of the mullahs and mosques", particularly among Shia Muslims . </P>

How were the muslim society and economy organized