1st - 3rd October, 2005

Kuala Lumpur, Malaysia

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 over 600 participants from more than 44 Muslim countries and non-Muslim countries.

The Forum was attended by such personalities 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.

Session Topics:

  • Opening Keynote Address – Leveraging Economic Potential of Muslims: The Way Forward
  • Rejuvenating Knowledge in the Islamic World: A Shared Vision
  • Realizing Business and Economic Opportunities: Challenges and Prospects
  • Special Presidential Address – Promoting Tourism for Development: The Maldives Experience
  • Special Luncheon Address – Malaysia’s Metamorphosis into an International Islamic Banking and Financial Hub
  • Fostering Social and Economic Development in the Islamic World: The Challenges Ahead
  • Key Ingredients to Economic Success
  • Arab –Asia-Africa Synergy: Opportunities for Enhanced Business and Economic Cooperation
  • Dialogue with the EU: Collaborating with the New Europe
  • Special Ministerial Session
  • Islamic Free Trade Area, Opportunities and Challenges for Muslim Businessmen
  • Oil and Energy Security
  • Possible areas for collaboration between governments
  • Special Address on Indonesia Economy
  • 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

Workshop on Business Opportunities and Smart Partnership in Key Sectors Topics:

  • Investment
  • Human Capital Development
  • Trade & SMEs
  • Islamic Banking and Finance
  • Tourism
  • Infrastructure Development & Construction
  • Tun Musa bin Hitam
    Former Deputy Prime Minister of Malaysia and Co-Chairman, World Islamic Economic Forum, Malaysia
  • Dato’ Seri Syed Hamid Albar
    Former Minister of Foreign Affairs, Malaysia
  • Mr. Allal Rachdi
    Director General, Islamic Centre for Development of Trade, Morocco
  • H.E. Shaukat Aziz
    Prime Minister of the Islamic Republic of Pakistan
  • HRH Raja Dr Nazrin Shah
    Crown Prince of the State of Perak, Malaysia
  • Dr. Farhan Ahmad Nizami
    Director, Oxford Centre for Islamic Studies, United Kingrom
  • Dr. Chandra Muzaffar
    President, International Movement for a Just World
  • H.E. Aqeel A Al-Jassem
    Secretary General, Islamic Chamber of Commerce and Industry
  • Mr. Salahuddin
    President, Bangladesh-Malaysia Chamber of Commerce & Industry
  • Mr. Majid Al Sayed Bader Al Refai
    Managing Director, CEO & Founder, Unicorn Investment Bank, Kingdom of Bahrain
  • Mr. M Macky Hashim
    President, SAARC Chamber of Commerce
  • Mr. Ian Buchanan
    Director, Southern Bank Malaysia, Malaysia
  • H.E. Maumoon Abdul Gayoom
    President of the Republic of Maldives
  • Tan Sri Dato’ Dr. Zeti Akhtar
    Governor, Central Bank of Malaysia
  • Dr. Ahmed Mohamed Ali
    President, Islamic Development Bank
  • Prof. Dr Atta-ur-Rahman
    Federal Minister/Chairman Higher Education Comission of Pakistan/Coordinator General of OIC’s Standing Committee on Scientific&Technological Cooperation (COMSTECH), Pakistan
  • Mr. Arjuna L Mahendran
    Chief Economist and Strategist, Asia Pacific, Credit Suisse First Boston, Singapore
  • Mr. Stephen B Young
    Global Executive Director, Caux Roundatble
  • H.E. Zainul Abidin Rasheed
    Minister of State, Ministry of Foreign Affairs, Singapore
  • Mr. Oumar Sylla
    Secretary General, Ministry of Economy and Finance, Senegal
  • Mr. Claude Juimo Monthe
    President , Chambre de Commerce, d’Industrie, des Mines et d’Artisanat due Cameroun & Vice President Islamic Chaber of Commerce and Industry, Cameroun
  • Mr. Ebrahim Patel
    President, Minara Chamber of Commerce&Industry, South Africa
  • H.E. Enver Surty
    Deputy Minister of Education, South Africa
  • Sir Iqbal Sacranie
    Secretary General, Muslim Council of Britain, United Kingdom
  • Mr. Cemalettin Damalaci
    Director General of European Union Affairs, Undersecretariat of the Prime Ministry for Foreign Trade, Turkey
  • Prof. S. B. Hassan
    President & Chief Editor, Investment & Marketing International, Pakistan
  • H.E. Dr. Sri Mulyani Indrawati
    Minister of State for National Development Planning & Chairperson of the Ntional Development Planning Agency (Bappenas), Indonesia
  • H.E. Dr. A. Moyeen Khan
    Minister of Science and IC Technology, Bangladesh
  • Dato’ Mohamed Iqbal
    Secretary General, ASEAN Business Forum
  • Mr. Saif Ahmad
    Founder & Chief Executive, Faith Regen UK, United Kingdom
  • Dr. Abbas Sadri
    Director of ISESCO Regional Office, Iran
  • Prof. Dr. Hj. Ismawi Hj. Zen
    Deputy Rector (Research and Innovation), International Islamic University, Malaysia
  • Mr. Mukesh Aghi
    Chief Executive Officer, Universitas 21 Global Pte Ltd, Singapore
  • Datuk Dr. Mohamed Arif Nun
    Chief Executive Officer, Multimedia Development Corporation Sdn Bhd,Malaysia
  • The Hon. Tun Dr. Mahatir Mohamad
    Former Prime Minister of Malaysia
  • H.E. Dr. Ma’asooma Saleh Al Mubark
    Minister of Planning & Minister of State of Administrative Development Affairs, Kuwait
  • H.H. Dr. Sheikha Hissah Saad Abdulah Sale Al-Sabah
    Vice Chairperson & Chairperson, Women Affairs Committee & Arab Businesswomen Council, Kuwait
  • Dato Dr. Noraesah Mohamed
    Chairman, Alcatel Network Systems (M) Sdn Bhd, Malaysia
  • Ms. Parvin Ali
    Founder Director, the FATIMA Women’s Network, United Kingdom
  • Ms. Rukhsana Jahagir
    Chairperson, Women Entrepreneurs Committee, Federation of Pakistan Chambers of Commerce&Industry, Pakistan
  • Mr. Kazi Mahbub – Al Matin
    Lead Economist – South East Asia, World Bank
  • Tan Sri Dato’ Hamad Kama Piah Che Othman
    President & Group Chief Executive, Permodalan Nasional Berhad, Malaysia
  • Dr. Richard Leete
    Resident Representative, UNDP Malaysia, Singapore & Brunei Darussalam
  • H.E. Assane Diagne
    Minister of Planning and Urban Development, Senegal
  • Dato’ Dr Michel Yeoh
    CEO, WIEF & Asian Strategy & Leadership Institute, Malaysia
  • Dato’ Seri Abdullah bin Hj Ahmad Badawi
    Prime Minister of Malaysia

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

Recognizing, the need for an action-oriented programme of practical solutions to be implemented within a reasonable time frame and the importance of the role of Governments in Economic Development and the supportive and proactive roles of the private sector as Partners in development;

Believing, that sustainable economic development and growth will promote prosperity of the Muslim Ummah and the upliftment of the poor and marginalized

Affirming, the value of promoting interaction, fostering partnerships and alliances among Muslim business community and between Muslims and non-Muslims;

Noting, that the World Islamic Economic Forum can foster networking and smart business partnership;

Appreciating, the support of the Host Government – Malaysia and the cooperation of Governments of participating countries; the presence of the several Heads of State and governments leaders, the President of the Islamic Development Bank and other institutions, and business leaders.

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

  • 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;
  • 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;
  • 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
  • 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.
  • Accordingly we agreed to
  • 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.
  • set up a permanent secretariat for the Forum
  • encourage and complement all existing efforts being made for the economic benefits of the Muslim Ummah
  • Recognizing the necessity of public-private partnering to realise these aspirations, we call upon the governments of the OIC Countries to:
  • create a conducive environment for business, investments and economic growth through regular dialogues and consultations with the private sector
  • 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
  • take all relevant measures to facilitate the easy movement of business people, investments and trade flows within and between the OIC countries
  • 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.