World Islamic Economic Forum Foundation

The inaugural World Islamic Economic Forum (WIEF) was a natural evolution from the OIC Business Forum. The Forum was concluded on 1-3rd October 2005 and was aimed at providing a platform for dialogue and exchange of cutting-edge ideas, and business networking between government and business leaders across the Muslim world and beyond. It also provides strategic networking opportunities between Europe, Asia, the Middle East, America, Australia and Africa to network with Muslim entrepreneurs and explore business opportunities in the Muslim world.

The inaugural Forum with the theme
“Forging New Alliances for Development and Progress” was held in Kuala Lumpur and attracted the participation of over 600 participants from more than 44 Muslim countries and non-Muslim countries. The Forum was attended by personalities such as the Prime Minister of Malaysia, Dato’ Seri Abdullah Ahmad Badawi, the former Prime Minister of Pakistan, Shaukat Aziz, the President of Maldives, Maumoon Abdul Gayoom, and the former Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad.

The inaugural Forum addressed various issues such as the rejuvenation of knowledge and human capital in the Muslim world, the strengthening of cooperation and the unleashing of the economic possibilities of emerging markets in the Muslim world. Equally important was the emphasis on collaboration with the European Union and the need to nurture the economic potential of Muslim women in the 21st century.

It was also during this inaugural Forum that two of WIEF’s initiatives namely the WIEF Businesswomen Network (WBN) and the WIEF Education Trust (WET) were established to tackle the issues confronting women and education in the Muslim world respectively.

Conference Topics:

	Rejuvenating Knowledge in the Islamic World: A Shared Vision
	Realizing Business and Economic Opportunities: Challenges and Prospects
	Special Ministerial Session - Islamic Free Trade Area, Opportunities and Challenges for Muslim Businessmen, Oil and Energy Security, and, Possible areas for collaboration between governments
	Key Ingredients to Economic Success
	Ummah Initiatives In a Globalized Economic Environment
	Optimizing Intellectual and Human Capital: Competing Successfully in the Global Knowledge Economy
	Public-Private Sector Synergy: Leveraging Science and ICT for Economic Development
	“Islamic Renaissance: Triumph Over the Odds, Synergy in Action, Progress for All”
	The Emerging Potential of Muslim Women in the 21st Century
	Strategic Partnership Against Poverty: Breaking its Vicious Cycle

DECLARATION OF

THE INAUGURAL WORLD ISLAMIC ECONOMIC FORUM

WHEREAS, the 1^st and 2^nd OIC Business Forums held in 2003 and 2004 have evolved into the Inaugural World Islamic Economic Forum held in Malaysia from 1^st to 3^rd October 2005.

WE, the delegates call upon entrepreneurs and businessmen and businesswomen of the OIC countries and Muslim communities in non-OIC countries to:

1. establish a private sector-sponsored World Islamic Economic Development Corporation to identify and promote investments and infrastructure development projects in OIC countries and Muslim communities worldwide with special emphasis on less developed countries and communities;
2. further strengthen networking with one another as well as to seek strategic alliances with non-Islamic businessmen to forge viable business partnerships. In this way, the Islamic business community can help promote dialogue and cooperation with non-Muslims worldwide;
3. establish a World Islamic Businesswomen Network, recognizing the vast potential of Islamic businesswomen so as to facilitate exchanges and information sharing in order to promote business and investment opportunities
4. establish a World Islamic Education Trust to be funded by Muslim entrepreneurs and philanthropists to promote scholarship and knowledge, giving special emphasis on science, information & communications technology and vocational training.

1. establish relevant task forces each led by a prominent Islamic business leader to develop specific practical implementation plans to report back to the International Advisory Panel (IAP) within a reasonable time frame.
2. set up a permanent secretariat for the Forum
3. encourage and complement all existing efforts being made for the economic benefits of the Muslim Ummah

1. create a conducive environment for business, investments and economic growth through regular dialogues and consultations with the private sector
2. substantially increase the resources committed to education and the development of human capital at every level including leadership development, capacity building in science, technology and vocational training
3. take all relevant measures to facilitate the easy movement of business people, investments and trade flows within and between the OIC countries
4. consider the establishment of an Islamic Free Trade Agreement (IFTA) through regional and sub-regional FTAs in a step by step, time bound process that would ultimately lead to an Islamic Common Market.

We commend the Islamic Development Bank (IDB) in setting up the Islamic Trade Finance Corporation (ITFC). We further call upon the Islamic Development Bank (IDB) to enhance its services in fund mobilization to promote further the economic and social development of Muslim communities

It is hereby also agreed that the Forum be held annually with the next Forum in Pakistan in November 2006 and thereafter in Malaysia on alternate years.

FINALLY, we call on the Forum’s Co-Chairmen to submit this Declaration to the Chairman of the 10th Summit of the Organization of Islamic Conference, the OIC Secretary General and to the Chairman of the Standing Committee for Economic and Commercial Cooperation (COMCEC) and other relevant OIC institutions.

Adopted on the 3rd October 2005 in Malaysia.