Qutb leaves several factors out of the proposal. First, technology had long since outpaced the nations of Islam.
Economic growth depends on the development, and application of technology.
Muslim societies have not been anywhere near the same ballpark as the West, or the Soviet Union for that matter. Not all Muslim states are fortunate to have oil reserves, I realize that. Those countries without are extremely poor. Jordan is a good example. It wasn't the Muslim world that developed oil production, it was the West.