When I posted Benedikt Koehler's video and article last year, I somehow managed to miss a summary of his book that had been published only a few week earlier. Koehler's conclusion is as follows:
"Indeed, Islamic societies today looking to invigorate economic dynamism do not need to prop on to their economies institutional templates from abroad: a complete set of policies regarding competition policy, consumer protection, and fair trading is contained in the economic reforms of Muhammad and his early successors. Arguably, the roots of Chicago economics lie in seventh century Medina."
Another article that argues the same point is by Guy Sorman, who concludes:
"Popular capitalism is the only way out of misery and chaos. Enlightened Arabs should proclaim it, not by imitating the West or importing Western values, but by rediscovering their own faith and history. Adam Smith is not needed in the Arab world. Muhammad's life is enough of a reliable model to rekindle economic growth and opportunities for the people."