The World Islamic Economic Forum started off from a modest beginning as the OIC Business Forum which was held on 15th October 2003, in conjunction with the Tenth OIC Summit in Putrajaya, Malaysia. The inaugural OIC Business Forum sought to create a business 'face' of the OIC. The Forum also aims to realise the hopes of millions of Muslims in the OIC member States through economic cooperation and business partnerships. The Forum brought together government leaders, captains of industries, academic scholars, regional experts, professionals and corporate managers to discuss opportunities for business partnerships in the Muslim world.
The second OIC Business Forum was convened in Kuala Lumpur in 2004, a momentous event that brought about the birth of the World Islamic Economic Forum - which expanded to include Muslim communities all over the world and the need to engage the non-Muslim business community.