The Trump administration’s approach to the United Nations has been marked by both rhetoric and retreat. While officials insist that U.S. President Donald Trump envisions a return to the U.N.’s founding principles of maintaining international peace and security, the policy specifics remain elusive. What is clear, however, is that Washington’s actions reflect a shift toward a more transactional, power-driven use of the international body—one that favors big-power dealmaking at the expense of multilateralism.

The Trump administration has made no secret of its dissatisfaction with the U.N., systematically pulling the United States out of key multilateral commitments. It has withdrawn from the World Health Organization (WHO), defunded agencies that focus on human rights, and announced a full-scale review of U.S. multilateral obligations, including the U.N. Charter itself. Such moves indicate a broader strategy: Washington is seeking to reshape the U.N. into a mechanism that serves its immediate national interests rather than an institution that fosters global cooperation.

This strategy became even more apparent last week, on the third anniversary of Russia’s full-scale invasion of Ukraine. Traditionally, the U.N. General Assembly has been a stage for collective condemnation of aggressors and an affirmation of international norms. The Biden administration had previously supported resolutions that reaffirmed Ukraine’s sovereignty and territorial integrity. However, Trump’s approach suggests a departure from this collective stance, instead signaling that the U.N. could be a forum where great powers dictate the terms of engagement, sidelining smaller nations and their concerns.

Preserving Multilateralism and Justice

We believe that the integrity of the U.N. must not be sacrificed on the altar of unilateralism. The United Nations, for all its flaws, remains one of the last bastions of collective diplomacy, providing a platform for weaker nations to voice their concerns and influence global decisions. The Trump administration’s efforts to undermine multilateralism and restructure the U.N. into a tool of great-power politics threaten the very essence of global cooperation and peacebuilding.

The Islamic world, particularly nations that have suffered from unilateral interventions and geopolitical maneuvering, should be deeply concerned. If the U.N. is remolded into a vehicle for power politics, then smaller nations—many of them in the Global South—will find themselves increasingly marginalized. This trend is dangerous, not only for Muslim-majority countries but for all states that rely on international law and institutions to uphold their sovereignty and rights.

The Need for Reform—But Not at the Cost of Integrity

Yes, the United Nations requires reform. The Security Council’s structure, the inefficiency of certain U.N. agencies, and its inability to prevent major conflicts all point to the need for change. However, reform must be inclusive, transparent, and aimed at strengthening multilateralism—not at dismantling it.

The Trump administration’s vision appears to be one of selective engagement: withdrawing from commitments that uphold human rights and international development while using the U.N. as a battleground for power politics. This double standard weakens the moral and diplomatic credibility of the U.S. and threatens global stability. If Washington is truly committed to a U.N. centered on peace, then it must reaffirm its commitment to international cooperation rather than coercion.

A Call to Action

The Islamic Economist urges all nations, especially those in the developing world, to resist efforts that erode the U.N.’s impartiality. The world cannot afford a United Nations that serves only the powerful while neglecting its broader mission to uphold peace and security for all. Leaders of the Global South, including those from the Muslim world, must push for genuine reform that preserves the U.N.’s role as a fair arbiter of international law and diplomacy.

The Trump administration’s attempt to remake the U.N. must be critically examined. If the organization is to continue as a force for global peace, its leadership must not capitulate to unilateral interests. The Islamic Economist stands firmly against any efforts to dilute multilateralism, urging all stakeholders to protect the fundamental principles of justice, equity, and peace that the U.N. was founded upon.

For decades, the US dollar has served as the bedrock of the global financial system, wielding an influence that extends far beyond trade and investment. However, recent geopolitical shifts, particularly within the BRICS economic bloc, have placed the future of dollar hegemony under intense scrutiny. With the return of Donald Trump to the global stage—bringing with him the same aggressive economic nationalism that marked his previous tenure—the debate over de-dollarization has reached a critical juncture.

Trump’s threats against BRICS nations, warning of 100% tariffs and the exclusion of member states from US markets if they pursue alternatives to the dollar, reveal the deep anxieties within Washington’s financial establishment. Yet, rather than deterring efforts to move beyond the dollar, his rhetoric is more likely to accelerate them.

The BRICS bloc—now expanded to include Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia—is actively exploring a multipolar financial system. China and Russia, in particular, have been at the forefront of efforts to reduce reliance on the US dollar. China has methodically built up alternative financial networks, encouraged trade in yuan, expanded its Belt and Road Initiative, and diversified its foreign reserves away from the dollar. Russia, facing a barrage of Western sanctions, has strengthened its financial ties with China and other BRICS partners, increasingly using local currencies for trade.

Islamic economies, too, must take note of these shifts. The Islamic world, rich in natural resources and home to key emerging markets, has long been subject to the vulnerabilities of a dollar-dominated system. Economic sanctions, inflationary policies driven by the Federal Reserve, and the arbitrary use of financial restrictions have all underscored the risks of overdependence on the dollar. The potential of a BRICS-led alternative presents an opportunity for Islamic nations to establish financial mechanisms that are more aligned with their economic realities and strategic interests.

Yet, the transition to a multipolar financial system is not without challenges. A new global currency or financial infrastructure requires deep coordination, trust, and a level of economic integration that remains complex. Nevertheless, the momentum is undeniable. Trump’s approach—marked by economic threats and trade wars—has only served to weaken trust in the stability of the US-led order. His heavy-handed use of tariffs and sanctions, even against allies such as Canada and Mexico, highlights the fragility of the existing system and reinforces the urgency of diversification.

For Islamic economies, the path forward should be clear. Engaging with alternative financial systems, strengthening trade relationships within BRICS, and exploring new currency arrangements will be critical in securing economic independence. The principles of Islamic finance—rooted in fairness, risk-sharing, and ethical investment—are well-suited to this emerging multipolar landscape. By reducing reliance on the dollar and fostering regional financial cooperation, the Islamic world can play a pivotal role in shaping a more balanced and equitable global economic order.

The decline of US dollar dominance is not an overnight phenomenon, nor is it inevitable. However, the reckless wielding of economic power by Washington, particularly under leaders like Trump, is fast-tracking a shift that may have otherwise taken decades. The question is not if de-dollarization will happen, but how quickly and effectively it will reshape the global financial system. For the Islamic world, the time to prepare for this transformation is now.

As the blessed month of Ramadan approaches, Muslims worldwide prepare to embrace this sacred period of fasting, spiritual reflection, and heightened devotion. Beyond its religious and spiritual essence, Ramadan also carries profound economic significance, influencing markets, businesses, charitable giving, and financial ethics in a unique and transformative way.

Consumer Spending and Economic Activity

Ramadan is a season of increased economic activity across various sectors, particularly in Muslim-majority countries. The food and beverage industry experiences a significant surge as families prepare elaborate iftar and suhoor meals. Retail businesses also witness a rise in sales, driven by purchases of new clothing, household goods, and gifts in preparation for Eid al-Fitr. The hospitality and tourism industries benefit from heightened demand for Ramadan-themed events, spiritual tourism, and hotel accommodations, particularly in Makkah and Madinah.

Additionally, digital commerce has become a key player in Ramadan’s economic landscape, with e-commerce platforms seeing record-breaking sales, especially in groceries, clothing, and Islamic literature. Financial institutions also introduce specialized Ramadan products, including halal investment opportunities and Islamic microfinance programs designed to support small businesses during the holy month.

The Role of Zakah and Sadaqah in Wealth Redistribution

One of the most defining economic aspects of Ramadan is the emphasis on charitable giving. The obligation of zakah (mandatory almsgiving) and the encouragement of sadaqah (voluntary charity) facilitate wealth redistribution, reducing socio-economic disparities and fostering social cohesion. Many Muslims choose Ramadan as the ideal time to fulfill their zakah obligations, benefiting the less privileged and supporting charitable institutions, orphanages, and humanitarian projects.

The economic impact of zakah is far-reaching, acting as a form of wealth circulation that benefits local economies. When directed towards productive initiatives such as small-scale businesses, education, and healthcare, zakah contributes to poverty alleviation and economic empowerment. This reinforces the principles of Islamic finance, which prioritizes socio-economic justice and sustainability.

Ethical Finance and Economic Discipline

Ramadan instills a strong sense of financial discipline. The practice of fasting cultivates self-restraint, encouraging individuals to rethink their consumption habits and embrace a more frugal lifestyle. This economic moderation counters the culture of excessive consumerism and promotes ethical spending in alignment with Islamic values.

Islamic financial institutions often use Ramadan as a period to reinforce principles of ethical finance, promoting investments that align with Shari’ah guidelines—free from interest (riba), excessive uncertainty (gharar), and unethical industries. Many financial firms introduce Ramadan-specific savings and investment plans, emphasizing the importance of financial prudence and long-term wealth management.

The Socio-Economic Impact on Labor and Productivity

The impact of Ramadan on labor markets varies across different industries and regions. While fasting may reduce working hours and productivity in some sectors, organizations adapt by implementing flexible work schedules to maintain efficiency. Many governments and corporations adjust official working hours to accommodate fasting employees, ensuring a balance between economic productivity and religious observance.

Interestingly, Ramadan also fosters workplace ethics, encouraging honesty, teamwork, and a heightened sense of corporate social responsibility. Employers often use this time to initiate employee welfare programs, demonstrating the values of compassion and social responsibility inherent in Islamic teachings.

Conclusion

Ramadan is not just a period of spiritual rejuvenation but also an economic catalyst that shapes markets, drives philanthropy, and reinforces ethical financial practices. From the bustling commercial activities leading up to Eid to the profound impact of zakah and sadaqah on wealth redistribution, the economic dimensions of Ramadan underscore the inseparable link between faith and finance. As we embrace this blessed month, let us not only reflect on its spiritual virtues but also on its potential to foster inclusive economic growth and social equity for all.