<P> In the 1980s and 1990s, as the Iranian revolution failed to reach the per capita income level achieved by the regime it overthrew, and Communist states and socialist parties in the non-Muslim world turned away from socialism, Muslim interest shifted away from government ownership and regulation . In Iran, it is reported that "eqtesad - e Eslami (meaning both Islamic economics and economy)... once a revolutionary shibboleth, is indubitably absent in all official documents and the media . It disapperared from Iranian political discourse about 15 years ago (1990)." </P> <P> But in other parts of the Muslim world the term lived on, shifting form to the less ambitious goal of interest - free banking . Some Muslim bankers and religious leaders suggested ways to integrate Islamic law on usage of money with modern concepts of ethical investing . In banking this was done through the use of sales transactions (focusing on the fixed rate return modes) to achieve similar results to interest . This has been criticised by some western writers as a means of covering conventional banking with an Islamic facade . </P> <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>

Which economic system developed as a result of the commercial revolution