Kuala Lumpur, August 26, 2014: The World Islamic Economic Forum (WIEF) Foundation and Dubai Chamber of Commerce & Industry (Dubai Chamber) today unveiled details of the upcoming 10th WIEF which will be held in Dubai on October 28 to 30, 2014 at the Madinat Jumeirah Conference Centre. The annual forum will be hosted in Dubai for the first time following successes across the globe including Kuala Lumpur, Islamabad, Kuwait, Jakarta, Astana, Johor Bahru and London.
Themed ‘Innovative Partnerships for Economic Growth’, the Forum aims to forge greater collaboration between nations, bringing a new era of prosperity for the global economy. Innovative partnerships is an important dimension required to recognise and develop different models for economic growth, offering tremendous opportunities for players with varying expertise and resources to join forces to create joint ventures that are greater in value than the sum of their parts.
Recognised for its significant contributions to progress in the global Islamic economy over the last 10 years, the annual forum will highlight Dubai’s pursuit to play a key role in shaping the US$ 8 trillion Islamic economy, and introduce new features to celebrate Dubai as the land of creativity and city which embraces the culture of innovation. The new features include:
• Ideapad: Technology & Innovation Showcase – Platform for entrepreneurs and innovators to give a 15-minute pitch on stage to capture the attention, interest, and potentially, investment, of the forum’s international audience
• Business Exchange – Business match-making programme where selected companies give a three-minute pitch about their business, followed by a networking session with delegates
There will also be a specialised session on the second day of the Forum to inaugurate and drive the Halal bio-economy agenda focusing on food security, healthcare and well-being of the global Muslim community. ‘Mobilising Capital from Waqf, Pension Funds and Unit Trusts: Developing Best Practices’ is another thought-provoking panel discussion which will be introduced at the 10th WIEF.
These new features will complement the current programme which includes panel discussions, Masterclass sessions, networking events and the Marketplace of Creative Arts Festival (MOCAFest).
Key topics of the 10th WIEF include:
• Global Economic Outlook: Developing a Resilient Model for Developing Economies
• Global Financial Landscape
• Islamic Finance’s Pivotal Role in Enabling Trade & Streamlining the Halal Supply Chain
• Socialising Education and the Role of Universities
• Retaining Young Talents
• Sustainable Urban Planning – Creating Smart Infrastructure and Holistic Communities
• Rise of Women Entrepreneurs – Developing a Peer Network
The Honourable (Hon.) Tun Musa Hitam, Chairman of the WIEF Foundation said; “The Islamic economy is not insulated from happenings around the world and our focus, at the World Islamic Economic Forum Foundation, is bringing to the fore opportunities which will ensure continued progress for the economy and the people. Three ways we can achieve this are by exploring prospects in smaller, non-majority Muslim markets, leveraging the continued growth of Islamic finance and, represented in our theme for 10th WIEF, forging innovative partnerships for business success.”
“The upcoming 2015 Asean integration, as well as the increasing purchasing power of Muslim consumers, underscores the strong growth potential of the Islamic economy. Our priority for the 10th WIEF is bringing global leaders, businesses and all members of the community together to realise these opportunities for sustainable development worldwide. We all have a part to play,” he added.
His Excellency (H.E.) Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce & Industry said, “The Arab world offers one of the most comprehensive and attractive Islamic capital market systems in the world, and Dubai, already the region’s key business hub, is the gateway for businesses to unlock the potential of the Islamic economy across the Gulf and wider Middle East.”
“The close collaboration between the WIEF Foundation, Dubai Chamber of Commerce & Industry, and Dubai Capital of Islamic Economy in preparation for this forum is testament to the success formula of innovative partners for economic growth, and we are confident that more such partnerships will be forged when global leaders and businesses converge in Dubai for the 10th WIEF,” he added.
Highlighting that economic growth will provide an opportunity to help the less fortunate, Mr. Kunrat Wirasubrata, Director of Islamic Development Bank Group, Regional Officer for Southeast Asia said, “Governments, businesses and individuals are becoming increasingly cognisant that they can and should play a role in eradicating global social issues, such as poverty and famine. By re-introducing social instruments such as Waqf, the Islamic community is well-placed to lead the change in narrowing the gap between the rich and poor. We have seen increasing interest among wealthy families who seek to give back to the community through the use of Islamic Waqf.”
Waqf is a donation of asset to be used for the benefit of a community and can be used to build schools, hospitals or shelters. Waqf asset managers are not owners but trustees and must abide by all conditions set by the Waqf in the first instance. The practice of Waqf is not limited to Muslims, and non-Muslims can be both benefactors and beneficiaries of Waqf.
Discussions around economic and social matters continue to be key areas of focus at the annual Forum which is the largest international gathering of heads of government, economic experts and stakeholders to share experiences and knowledge about Islamic economy. The 10th WIEF which is expected to be attended by more than 2,500 participants from 140 countries, will offer a global platform to form innovative partnerships based on the seven pillars of the Dubai Capital of Islamic Economy initiative launched in 2013: Islamic finance, Halal food industry, Halal tourism, Islamic digital economy, Capital of Islamic art and design, Centre for Islamic economy standards and certification, and International centre for Islamic information and education.
The 10th WIEF continues to attract international partners and welcomes more organisations to be part of this prestigious, global Forum through various packages. Benefits include special access to key delegates, usage of Forum assets and resources, as well as numerous branding and communication opportunities.
The collaboration between the WIEF Foundation, Dubai Chamber of Commerce & Industry international partners of the 10th WIEF include Strategic Sponsors of the 10th WIEF include Maybank Islamic, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Platinum Sponsors; Iskandar Investment Berhad and AJ Pharma Holding, Gold Sponsor; UMLand, and Silver Sponsors; INCEIF, Securities Commission Malaysia, Citi and Attijari Al Islami. Other partners include Official Airline; Emirates, Official Hotel; Madinat Jumeirah Dubai and Global Knowledge Partner; PricewaterhouseCoopers (PwC).
In addition to the annual WIEF, the Foundation also organises and hosts roundtables, workshops, leadership programmes, business networking forums, internship and scholarship programmes and more such activities to educate, empower, exchange expertise and address economic challenges in a more personalised scale.
Appendix 1: Snapshot of some topics and speakers at the 10th WIEF
Topics Confirmed Speakers
GLOBAL ECONOMIC OUTLOOK: DEVELOPING A RESILIENT MODEL FOR DEVELOPING ECONOMIES • Ranjit Ajit Singh, Executive Chairman, Securities Commission Malaysia
• Roger Bootle, Managing Director, Capital Economics, UK
THE CEO PANEL:
MANAGING GLOBAL RISKS IN BUSINESS • Tan Sri Azman Mokhtar, Managing Director, Khazanah Nasional, Malaysia
ISLAMIC FINANCE’s PIVOTAL ROLE IN ENABLING TRADE: KEY CHALLENGES AND PROSPECTS • Toby O’Connor, Chief Executive Officer, The Islamic Bank of Asia
• Dr. Adnan Chilwan, Chief Executive Officer, Dubai Islamic Bank
• Tirad Mahmoud, Chief Executive Officer, Abu Dhabi Islamic Bank
• Samad Sirohey, CEO, Citi Islamic, UAE (moderator)
• Muzaffar Hisham, CEO, Maybank Islamic, Malaysia
SOCIALISING EDUCATION AND THE ROLE OF UNIVERSITIES • Dr. Mansoor Al Awar, Chancellor, Hamdan Bin Mohammed e-University (HBMeU)
• Tan Sri Wan Mohd Zahid Noordin, Chairman, WIEF Education Trust (moderator)
• Mr. Carlos Souza, Chief Executive Officer, Veduca, Brazil
• Ms. Bronwen McConkey, Chief Product Officer , African Management Initiative, Kenya
MOBILISING CAPITAL FROM WAQF, PENSION FUNDS AND UNIT TRUSTS: DEVELOPING BEST PRACTICES • Dr. Shamsiah Abdul Karim, Deputy Director Asset Development , MUIS, Singapore
• Datuk Shahril Ridza Ridzuan, CEO, KWSP, Malaysia
STREAMLINING THE HALAL SUPPLY CHAIN:
ENSURING INTEGRITY • Jumaatun Azmi, Founder and Managing Director, KasehDia, Malaysia (moderator)
• Tomás Guerrero Blanco, Researcher at ESADEgeo – Center for Global Economy and Geopolitics ESADE Business School, Spain
• Manwoo Han, Deputy Director, Korea Agro Fisheries Trade Corporation, South Korea
RISE OF WOMEN ENTREPRENEURS:
DEVELOPING A PEER NETWORK • Shireen Ann Zaharah Muhiudeen, Founder & Principal Fund Manager, Corston-Smith Asset Management, Malaysia
RETAINING YOUNG TALENTS – POLICY STRATEGIES AND INNOVATIVE MODELS • Asil Attar, CEO, Lead Associates, Dubai
• Magatte Wade, Founder and CEO, Tiossan, Senegal
• Kamarul Bahrin Haron, Editor, Astro Awani, Malaysia (moderator)
SUSTAINABLE URBAN PLANNING:
CREATING SMART INFRASTRUCTURES AND HOLISTIC COMMUNITIES • Rhamis Kent, Permaculture Expert, USA
• Rob Adams, Architect and Urban Designer, Director of City Design at the City of Melbourne, Australia
FUNDING PLATFORMS FOR SMEs • Aparajita Agrawal, Director, Sankalp Forum, India
• Asad A Ahmed, Managing Director, Alvarez & Marsal Middle East Limited
HOW CAN TECHNOLOGICAL INNOVATION TACKLE HUMANITARIAN CRISES? • Tan Sri Jemilah Mahmood, Director, World Humanitarian Summit
TACKLING WATER SCARCITY THROUGH CUTTING-EDGE TECHNOLOGIES • Michael W. Pritchard, Founder & Inventor, LIFESAVER systems Ltd
• Saran Kaba Jones, A Clean Water Advocate and Social Entrepreneur, Founder and Executive Director, FACE Africa
ZAKAT AND POVERTY ALLEVIATION – LESSONS LEARNED • Khalil Demir, Executive Director, Zakat Foundation of America, USA
• Iqbal Nasim, Chief Executive, National Zakat Foundation, UK
THE POTENTIAL OF HALAL VACCINES IN THE HEALTHCARE INDUSTRY • Prof. John Oxford, Professor of Virology, St. Bartholomew’s and the Royal London Hospital, Queen Mary’s School of Medicine and Dentistry, UK
Appendix 2: Statistics about the Islamic economy, banking and finance; by 10th WIEF Knowledge Partner:
PricewaterhouseCoopers [PwC]):
Global – Islamic finance is expected to register double-digit growth this year and cross the USD 2.7 trillion mark by 2017
Globally, Islamic finance has grown both in size and geographic coverage and the industry continues to enjoy the establishment of Islamic financial institutions in new jurisdictions. There has been product innovation across all Islamic finance asset classes as the industry diversifies beyond its traditional banking products and services. As a result, Islamic finance is expected to register double digit growth during 2014 and the industry is expected to cross the USD 2.7 trillion mark by 2017. Islamic banking continues to be the main driver for Islamic finance and is likely to account for more than 75% of global Islamic finance assets while sukuks currently account for nearly 15% of the market.
Middle East and Dubai – Over USD 16 billion of Sukuks are expected to be issued by 2014 and Dubai has already emerged as a centre for this asset class.
South East Asia and the Middle East remain centres of Islamic finance activity. The GCC accounts for approximately one third of global Islamic finance and assets have grown over 5 years at more than 20% CAGR. Realising the potential of Islamic finance, Dubai recently issued a decree to set up the Dubai Islamic Economy Development Centre as part of a wider plan to become a global hub for Islamic finance which, in the UAE, is expected to grow at a five year CAGR of 17% (2013 – 2018) from approximately USD 95 billion in 2013. Over USD 16 billion of Sukuks are expected to be issued by 2014 and Dubai has already emerged as a centre for this asset class.
Other markets – Asia and Africa are expected to drive the Islamic finance growth
Asia and Africa are expected to contribute significantly towards the growth in Islamic finance with approximately 95% of the global Muslim population located in those regions. Globally, institutions and governments are increasingly resorting to Islamic financing in order to meet their funding requirements. Governments of the United Kingdom, South Africa and Philippines are notable examples of countries announcing sovereign sukuk issues, led by the UK which announced its maiden sovereign sukuk issue at WIEF 9 in London last year and has already completed the issue earlier this year. As a result, development and implementation of laws and regulations for the issuance of sukuks has been introduced by a number of countries, including those in North Africa.
About the 10th WIEF:
Following the remarkable success of the 9th WIEF, the first to be held outside of the Muslim world; London, which attracted 18 Heads of State and Government, 46 Ministers, 7 Central Bank Governors and 2,700 delegates from 128 countries, the WIEF is celebrating its 10th year this year.
The 10th World Islamic Economic Forum (10th WIEF) will be convened this year in Dubai, United Arab Emirates, a cosmopolitan metropolis that has grown steadily to become a global city and a business and cultural hub of the Middle East and the Gulf region.
The 10th WIEF is a high level platform for leading global government leaders, captains of industries, academic scholars, regional experts, professionals, corporate managers, policy makers, innovators, business leaders and investors to network and discuss opportunities for business partnerships in the Muslim world. The Forum will address a myriad of current economic and business related issues with the objective of generating innovative and creative solutions to transform the global economy and promoting business collaborations.
Being hosted in Dubai for the first time, the 10th WIEF Forum will be held at Madinat Jumeirah Conference Centre Dubai on 28 – 30th October 2014 with an arching theme ‘Innovative Partnerships for Economic Growth’ that seeks to position Dubai as a leader of halal industries and raising economic landscape to new horizons. Dubai offers an excellent platform for the WIEF as one of the fastest growing cities in the world. It has emerged as a tourism, trade and logistics hub which has earned the reputation of being the ‘gateway between the east and the west’.
The Forum is expected to attract more than 2,500 participants from all around the world. It is in collaboration between the WIEF Foundation, Dubai Chamber of Commerce & Industry and Dubai Capital of Islamic Economy.
The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan and United Kingdom, and aims to bring together Muslim and non-Muslim communities through the common language of business.
For more information, please visit the 10th WIEF website www.10thwief.org or contact:
• Q Akashah akashah.q@ogilvy.com or +65 6213 7881 / 9825 1944
• Lina Rutchakneewan Liew lina@wief.org or +6019 779 9237
• Shabana Palpanaban shabana@wief.org or +6012 375 4957