The World Islamic Economic Forum (WIEF) Foundation convened its 7th WIEF Roundtable under the Patronage of – His Royal Highness (HRH) Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Madinah Province in Medina on 17 April 2013. The event was jointly organised with the Madinah Institute of Leadership and Entrepreneurship (MILE), supported by Knowledge Economic City (KEC).
Since its launch in Bahrain in February 2011, the WIEF Foundation had organised similar Roundtables in Istanbul, Moscow, Johannesburg, Dhaka and London addressing key business and economic issues. It has received overwhelming response and support from government leaders, business communities, and media as it provides an important avenue to leverage on existing business and economic strengths. This time in Medina, the distinguished panellists discussed issues on growth harnessing economy through Public Private Partnership (PPP) and the role of ethical corporate governance in today’s competitive global economy.
In his Introductory Speech, Dr. Mohamed Moustafa Mahmoud, CEO of the Madinah Institute of Leadership & Entrepreneurship (MILE) said, “Business collaboration between Muslim countries needs to be strengthened. Besides improved trade relations, I believe policies such as Public Private Partnership (PPP) are also critical in capital expansion for infrastructural development. However, the greatest challenge in today’s economy is not implementing effective policies but maintaining harmony in objectives, ethical leadership strategies and corporate governance. Recent economic crisis was a testament to what unconstrained risk-taking behaviour along with regulatory failure can do”.
“Many countries have adopted the Public Private Partnership (PPP) approach and in the ASEAN region, Malaysia is one of them. We have used PPP in many infrastructure projects such as tolled roads, power plants, ports, airports and urban transportation and are now extending the use for social infrastructure projects in sectors such as health and education. In order to progress in an increasingly borderless world such strategic initiatives are imperative”, said Tun Musa Hitam, Chairman, WIEF Foundation & Former Deputy Prime Minister of Malaysia.
He also added, “There is tremendous opportunity for cross-border transactions among Muslim countries. I hope this Roundtable fosters existing and new business relationships, build collaboration and generate wealth for the benefit of all”.
The topics discussed during the Roundtable Sessions are:
Session 1: Promoting Growth Through Public Private Partnership (PPP): Global Lessons
Mr. Abraham Akkawi, Infrastructure and PPP Advisory Services Leader, Middle East and North Africa, Ernst & Young, United Arab Emirates
- E. Dr Waleed Hussain Abulfaraj, Vice President, King Abdullah City for Atomic and Renewable Energy, Saudi Arabia
- Ahmet T. Keşli, Founding Partner, Group Law Firm and Founding President, International PPP Platform, Turkey
- Mr Issam Khouy, IDB Infrastructure/PPP Department, Islamic Development Bank
Mr. Mansoor Ahmed, Director, Colliers International, United Arab Emirates
Ethics and Corporate Governance: The Moral Compass of Businesses
Mr. Ahmed Al Sheikh, Head of the Corporate Governance, Capital Market Authority, Saudi Arabia
- Tan Sri Zarinah Anwar, Visiting Fellow, Oxford Centre for Islamic Studies, United Kingdom and Former Chairman, Securities Commission of Malaysia
- Dr Walid A. Fitaihi, Founder, Chairman of the Board and Chief Executive Officer, International Medical Center, Jeddah, Saudi Arabia
The first Session, “Promoting growth through Public Private Partnership (PPP)” explored the innovative options in PPP projects’ arrangements and financing, the challenges of effective PPP, current strategies in countries adopting PPP and partnership strategies for successful implementation of PPP.
One of the panel speakers H.E. Dr Waleed Hussain Abulfaraj, Vice President, King Abdullah City for Atomic and Renewable Energy, Saudi Arabia explained, “PPP is a great alternative to privatization of government-owned corporation as it takes advantage of the strengths of both forms of business. Especially in infrastructure development where huge capital is needed such collaboration can harbour tremendous growth opportunities. PPPs provide a unique perspective on the collaborative and network aspects of public management and we should explore more on its cross-border potential”.
In the second Session “Ethics and Corporate Governance: The Moral Compass of Businesses”, Tan Sri
Zarinah Anwar, Visiting Fellow, Oxford Centre for Islamic Studies, United Kingdom and Former Chairman, Securities Commission of Malaysia commented, “Countries differ in their cultural and historical backgrounds and political conditions, so does corporate governance. To achieve favourable corporate governance outcomes, it has to be through public policy that is generated by the interaction of interest group preferences and political institutions”.
The Keynote and Panel Speakers in both sessions at the Roundtable discussed several other aspects surrounding their respective issues.
The networking partners of the Roundtable were: Arab Business Club, Chief Executive Officers Club, Young Arab Leaders, Multimedia University, World Congress of Muslim Philanthropists, MKH Consultancy and Dinar Standard.
About the World Islamic Economic Forum (WIEF) Foundation
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe.
True to its commitment to ‘Build Bridges Through Business’, the WIEF Foundation also formed the
WIEF Businesswomen Network (WBN), WIEF Young Leaders Network (WYN) and the WIEF Education Trust (WET) to focus on initiatives such as roundtable discussions, leadership programmes, business networking forums, and even creative arts festivals. For more information, visit www.wief.org or www.9thwief.org.
For more information, kindly contact:
World Islamic Economic Forum Foundation
Shabana Palpanaban (+6 012-3754957) or e-mail firstname.lastname@example.org
Maruf Md Shehab (+6 016-9783734) or e-mail email@example.com
Montasser Al-Rashidy (+966 2 669 0887) or e-mail firstname.lastname@example.org