WIEF Jakarta to Highlight Significance of Growing MSMEs Sector


May  25th

DUBAI: The “12th World Islamic Economic Forum” (WIEF), to be held in Jakarta, Indonesia, from August 2 to 4, 2016, will emphasise the relevance of the growing sector of the micro-small-and-medium enterprises (MSMEs) to the world economy.

During the Tuesday press conference in Dubai, graced by Malaysian Ambassador to the UAE, Dato Ahmad Anwar, the WIEF Foundation chairman Tun Dato Musan Bin Hitam said one of the reasons for the existence of this platform of corporate governance is for the progress of the small individuals in the world economy.

“We have to deal with the fundamental issue and that is dealing with the real poor. The MSMEs have long existed. They just want to fill their stomach. We have not looked at them for a long time. What can we do to help them,” he said.

The former Malaysian deputy prime minister (1981 to 1986) who has served in other various capacities for all Kuala Lumpur leadership explained to The Gulf Today, that WIFE, which has gained international acceptance even by other non-Islamic countries like the UK (9th forum host in 2013) and South Korea (13th forum host in 2017),

endeavours to apply halal business principles in accordance to corporate governance.

“When we say halal, it means processes and procedures which are not against laws and so corporate governance,” he said, citing that business corporations and other entities must avoid all forms of cheating.

At the press conference, also attended by WIEF director Datuk Syed Abu Bakar, Hitam also said: “Under current circumstances and in the past several years, there are pre-conceived ideas about Islam. We at WIEF are for constructive and positive (initiatives and endeavours) for international economic relations.”

Hitam expressed excitement over the growth of MSMEs, particularly in the Association of Southeast Asian Nations whose members, aside from Malaysia, are Indonesia, the Philippines, Brunei Darussalam, Thailand, Myanmar, Laos, VietNam, Cambodia and Singapore.

He said that another focus of the Jakarta summit is the development of the ‘Waqfs’, the Islamic non-government endowment or charitable funds, into financial schemes beneficial not only to the MSMEs but also to all the other “uma communities whose life and status must be upgraded.”

Other topics lined up for the gathering whose average attendance is at 2,500 per year are sukuk for infrastructure financing, integration of halal sectors and Islamic finance, expansion of the global halal food industry, and the development of global fashion industry.

The WIEF 2016 will be held at the Jakarta Convention Centre and from the Middle East and North Africa, confirmed guests are UAE Supreme Council Member and Ruler of Ras Al Khaimah His Highness Sheikh Saud Bin Saqr Al Qasimi and Islamic Development Bank president Ahmad Mohammed Ali Al Madani.

This article was published at The Gulf Today website on 25th May 2016.
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