|
Home /
World Islamic Economic Forum Comes of Age in Islamabad
Influential business leaders across Muslim nations support formation of Islamic trade bloc, a young leaders network, and a business womens network
| From November 5th to 7th 2006, Islamabad, Pakistan became host to more than 300 of the most influential business executives and governmental personalities from Muslim countries for an event dubbed as the ‘Davos’ of the Muslim world (mirroring the Annual World Economic Forum held in Davos). |
|
The agenda--forge business collaboration and economic cooperation among Muslim nations and ‘unleash the economic potential of its emerging markets.’ Key action oriented outcomes were to support and promote a World Islamic Businesswomen Network, form a young entrepreneurship support network, and take steps towards the formation of an Islamic Free Trade Area (IFTA).
Usually such events lead to no significant impact and result in mere declarations after days of speeches by bureaucrats and political leaders. However, what made this event a promising effort was its problem solving format led by proven people of action---i.e, some of the most influential new generation of business leaders of the Muslim world.
These included entrepreneurs who are leading global and regional enterprises such as:
| • |
Mr. Farooq Kathwari, Chairman,
Ethan Allen Interiors, USA
|
| • |
Dr Naguib Sawiris,
Chairman & CEO,
ORASCOM Telecom, Egypt
|
• |
Mr. Safi Qureshey,
President and CEO, Sky line Ventures, USA
|
| • |
H.E. Mohamed Ali Alabbar, Chairman Emaar Group UAE
|
• |
Dr. Zeti Akhtar Aziz,
Governer, Bank Negara Malaysia
|
• |
Mr Saadeddine Rafic Hariri,
General Manager, Saudi Oger Ltd ,
Chairman, Oger Telecom
|
• |
Mr. Abdul Razak Daud, Chairman, Descon Pakistan
|
| • |
Sir Anwar Pervez, Chairman, President and CEO,
Best Way Group, United Kingdom
|
• |
Mr. Tanri Abeng,
Chairman, Telkom Indonesia
|
• |
Dato’ Dr Munir Majid, Chairman, Malaysia Airlines
|
• |
H.E. Sheikh Saleh Kamel, Chairman, Dallah Al Baraka Group
President, Islamic Chamber of Commerce & Industry
|
| • |
Mr. Arif Naqvi,
CEO,
Abraaj Capital Limited, UAE
|
• |
Mr. Salahuddin Kasem Khan,
Chairman, Aktel, Bangladesh
|
|
H.E. Mohamed Ali Alabbar, Chairman Emaar Group UAE. at the panel discussion on Public-
Private Partnership in Infrastructure Development
Mr. Farooq Kathwari, Chairman,
Ethan Allen Interiors, USA and Ms. Hina Rabbani Khar, Minister of State for Economic Affairs, Pakistan, at one of the sessions.
Dr Naguib Sawiris, Chairman & CEO,
ORASCOM Telecom, Egypt, on the panel 'Opportunities In Information, Telecommunications and Outsourcing.' Image Source: www.pakistan.gov.pk/ |
The Forum also benefited from the spirited leadership of the Malaysian Prime Minister, Seri Abdullah Ahmad Badawi who is also the current Chairman of the OIC (Organization of Islamic Conference). Other leaders included host country Prime Minister, H.E Shaukat Aziz, as well as, H.E. Bob Hawke, Former, Prime Minister of Australia, and H.E. Chandrika Bandaranaike Kumaratunga, Former President, Sri lanka. They all helped frame a vision of prosperity and interaction for Muslim countries who are also positive members of the global community. Some of the topics covered included promoting young entrepreneurs; promoting women business leadership; opportunities in IT, Telecom, Outsourcing, Infrastructure and Tourism; and the shifting global energy paradigm.
|
“ In the process of spiritual growth, we the muslim ummah often forget that engagement in business ventures is in actual fact an excellent means to practice our faith."
Tun Musa Hitam, Chairman, World Islamic Economic Forum Foundation and Former Deputy Prime Minister of Malaysia |
‘Private Sector the Primary Engine of Growth’
Tun Musa Hitam, Chairman, World Islamic Economic Forum Foundation and Former Deputy Prime Minister of Malaysia, in his introductory remarks said, “ In the process of spiritual growth, we the muslim ummah often forget that engagement in business ventures is in actual fact an excellent means to practice our faith. Business and trade
can be said to be one of the best means that countries can really be at peace with one another through the existence of intricate economic links that inevitably bind those societies together. Such is the enormous influence that economic cooperation and business partnerships wield.”
The Forum in its working sessions and outcomes recognized the strong role of economic prosperity to the overall strengthening of the Muslims worldwide by acknowledging that:
- sustainable economic cooperation and strong business partnerships enhance mutual respect and international understanding,
- economic development, sustainable growth and wealth creation promote prosperity, social justice and peace,
- the private sector is the primary engine of growth,
- the World Islamic Economic Forum (WIEF) can contribute to the dialogue for the Muslim economic renaissance
Key Outcomes
The forum acknowledged that pragmatic and action-oriented program with effective implementation mechanisms will be the only way to have sustainable impact. Some of the action-oriented key outcomes were:
• Promotion of a World Islamic Businesswomen Network (WIBN) programs, achievements and specifically its plan to establish a Training Centre for Women Entrepreneurs which will equip them with relevant business competencies and skills.
• Support the development of a WIEF Young Muslim Leaders Forum and its proposed initiatives and recommend that it collaborates with other similar existing bodies,
• Accelerate regional and sub-regional cooperation leading to the establishment of an Islamic Free Trade Area (IFTA).
• Propose OIC countries to create a conducive environment for business, investments and economic growth through regular dialogues, consultations and smart partnerships with the private sector,
• Propose OIC countries to provide efficient framework to facilitate the movement of entrepreneurs, capital and trade flows within and between OIC countries,
• Promote and intensify Islamic Banking, Finance and Insurance,
Vision & Direction - Key Comments
Tun Musa Hitam, Chairman, World Islamic Economic Forum Foundation and Former Deputy Prime Minister of Malaysia:
| |
“The rationale behind the World Islamic Economic Forum (WIEF) is very simple: Muslims are important constituents of the world today due to their sheer size and predisposition towards peace, justice and prosperity. As such, there is an urgent need to transform the Muslim world into a viable and competent domain that is able to live up to that very predisposition."
"Yet, in doing so, another logic comes into play. Namely that Muslims are part of the globalized world where every aspect of one’s life, be it political, economic or cultural, is invariably interconnected to each other. As the logic goes, any effort in trying to consolidate Muslim competency while completely ignoring the existence of the non-muslim world, is an exercise in futility. As such, we need to capitalize on this reality as well.”
|
Opening Keynote Address:“The Way Forward for Muslim Economic Renaissance”
H.E. Shaukat Aziz, Prime Minister of the Islamic Republic of Pakistan:
| |
“The Muslim world is rich in human capital as well as physical resources and has immense potential for growth, progress and prosperity. Counter-pointing the richness and diversity of our resource base is an economic performance which is not commensurate with our true potential. There is no doubt that some of the Muslim countries have made impressive progress."
"However, a vast majority of Muslims live in poverty and backwardness. Nearly 39% of the world's Muslim population lives below the poverty line. We make up 19% of the world's population but only 6% of its income. Our share in global trade is barely 7 -8%, while only 13% of our total trade is amongst ourselves. No Muslim nation is among the group of developed industrialized countries."
|
Special Keynote Address:“Enhancing Global Competitiveness And Trade Among Muslim Countries”
H.E. Dato’ Seri Abdullah Ahmad Badawi, Chairman of the OIC & Prime Minister of Malaysia:
| |
“Our shared mission is clear, which is to strengthen our economic cooperation in particular and enhance the well being of the Ummah in general. I do recognize the presence of non-muslims as well in this forum. We applaud their cooperative Spirit and welcome them as progressive human beings.
“I therefore see a very clear role for the World Islamic Economic Forum. First, it should assist Muslim countries to cooperate with each other in international economic and development issues. Second, it can assist Muslim countries become competitive players in the wider world of international trade and investment. Muslim countries should exploit to the fullest their dual capacities, first as Islamic economic entities that operate in the niche market of halal products and services and second as regular units of the international economic system that compete in the global market-place.”
“The WIEF can help to pool ideas, including forging partnerships, and it can function to spread the message. For OIC countries, however, whether it is in the context of cooperating with each other or whether it is in the context of doing business with the rest of the world, the keyword remains the same, and that is they must be competitive and efficient producers of goods and Services.”
|
Organizers
Hosted by the Government of Pakistan, the event was organised by the WIEF Foundation, and co-organised by ASLI in association with the Islamic Chamber of Commerce and Industry and the Islamic Centre for Development of Trade. The inaugural WIEF was held in Malaysia in October 2005 was attended by more than 600 participants. Next year, the Forum will return to Kuala Lumpur again. |
