The philosophical-theoretical premise of globalization is ignorant of thevalues of justice, equity, and oneness of humanity, hence it leads to verticalintegration of humanity, systemic vacuum in global governance,drastic erosion in national policy autonomy, and accountability-freeempowerment of global capital. The Islamic worldview provides analternative paradigm for globalization and offers wide scope for refprmof contemporary globalization by re-exploring the interrelationshipbetween the concepts ‘Ummah’ and ‘one humanity.’ This suggests thatoperational re-orientation of Islamic economic institutions is greatlyneeded to protect the Ummah and humanity against the vulnerabilitiesof contemporary globalization
