Sat Sep 23 2017, 5:04:01 +03

World Islamic Economic Forum in Dubai called for unlocking opportunities

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(Dubai-AlummahWorld, Muharram 5, 1436, 29 Oct 2014) The 10th World Islamic Economic Forum, or WIEF, being held in Dubai has called for unlocking opportunities through cross-border partnerships.
The forum’s call for increased solidarity and cooperation among Islamic countries came at a time when the $2.4 trillion Islamic economy continues to play a critical role in today’s global business environment, Khaleej Times reported.


The opening session was graced by Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, several world leaders, high-ranking government officials and business sector leaders.
With the theme ‘Innovative partnerships for economic growth’, the forum is being co-organised by the WIEF Foundation and the Dubai Chamber of Commerce and Industry. The growth of the Islamic economy has the ability to unlock economic opportunities and improve socio-economic stability through cross border partnerships, it was observed during the opening ceremony of the forum.
As Islamic finance experts explored new opportunities for the world to leverage the potential for growth offered by Islamic finance, speakers stressed Dubai’s key initiatives, including a drive to transform the emirate into a global hub for sukuk, as key catalysts for the growth of sector.


Malaysia, Bangladesh and number of other countries participating in the WIEF with high level officials such as Mohd Najib Tun Abdul Razak, Prime Minister of Malaysia and Dr Ahmad Mohamed Ali, president of Islamic Development Bank. Dubai vision on Islamic economy touched another boost as a very high ranking delegation took part in the event.


Speaking during the opening session of the three-day forum, Mohammed Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Chairman of the Dubai Islamic Economy Development Centre, highlighted the role the Islamic banking sector.
“The world is facing many reasons for tense and regression in terms of development and this is happening in many of the Islamic countries. One of the reasons and purposes of Islamic banking is investment in land, the investment for the prosperity of nations and the happiness for human beings everywhere in the world,” he said.
Mohammad Najib Tun Abdul Razak, Prime Minister of Malaysia and patron of the WIEF Foundation, highlighted the importance of public and private sector partnerships to improve education across the world by noting that today, too few Muslims are able to read or write, too many Muslims are missing out on opportunities and too many Muslim nations are missing their greatest assets, their people.


Dr Ahmad Mohamed Ali, president of Islamic Development Bank, emphasized that our countries (Muslim countries) have a lot of resources that can enable us to achieve higher rates of growth, we need to improve the way we invest in human resources.
Tun Musa Hitam, chairman of the WIEF Foundation, which has organised the forum  in collaboration with the Dubai Chamber and Dubai Islamic Economy Development Centre, said: “We do hope that holding this year’s annual forum in Dubai symbolically indicates our best wishes and confidence in Dubai’s success.”
Islamic Economy, namely Islamic Finance and Halal sector gaining momentum not only in Islamic countries but also in non Islamic countries and financial sectors.