Islamic Imperatives to Curb Corruption and Promote Sustainable Development

Abstract

According to the World Bank more than US$1 trillion is paid in bribes every year (World Bank, 2009). Furthermore the cross border flow of proceeds from corruption, criminal activities, and tax evasion is US$3.61 trillion every year, or the equivalent of 3 to 5 percent of the world’s GDP (APEC, 2009). The African Union estimated that corruption costs African economies in excess of US$148 billion a year which represents 25% of Africa's GDP. The report also found that corruption increases the cost of goods by as much as 20%, deterring investment and holding back development (Blunt, 2002). Further reports highlight the social costs of corruption in public services. For example, a survey carried out by Transparency International (2002) found that petty corruption was endemic in all sectors in Bangladesh, India, Nepal, Pakistan and Sri Lanka and bribes were a constant burden upon households. Corrupt practices also impact upon the environment as they regularly breach regulations designed to protect it