7th World Islamic Economic Forum in Kazakhstan in 2011

Green bank proposed at WIEF

20 May 2010, 18:00 PM

Diplomatic Correspondent

Five specific proposals, including holding an economic summit for Muslim countries and curbing threat of climate change, were made at the two-day 6th World Islamic Economic Forum (WIEF) in Kuala Lumpur. Prime Minister Sheikh Hasina, who made a three-day official visit to Malaysia, attended the WIEF and urged the Muslim countries to share their resources, technologies and market opportunities to build synergies to have a multiplier effect on their efforts. She also proposed forming a taskforce to face the challenges of the global climate change. The first proposal involved holding an 'economic summit' to focus on practical ways in which the Muslim countries could enhance their own economic growth and development. "The summit will also explore how Islamic banking and finance can contribute to a more sustainable international financial system," said Tan Sri Ahmad Fuzi Abdul Razak, general secretary of the WIEF Foundation, at a media briefing at the conclusion of the forum yesterday. According to news reports available on the Internet, the WIEF decided that it would evaluate the second proposal on 'clean energy development bank' before its implementation. The threat of climate change to nations and the business opportunities in clean energy-related industries will be recognised and the WIEF will advance this important proposal. The third proposal, on the setting up of a 'social entrepreneurship foundation', would involve evaluating models of private sector-led social entrepreneurship, focusing on the special funding needs of small and medium enterprises and other enterprises throughout the Muslim countries. On the fourth proposal to set up creativity and innovation incubation centres, the WIEF would craft a pilot plan in collaboration with academic leaders and institutions. On 'youth corps' proposal, the forum would initiate a pilot test to develop practical plans to harness the vibrancy of the youths and prepare them for leadership role in future. The WIEF Foundation general secretary announced that all the five proposals would be implemented soon. Officials said this year's forum was held against the backdrop of a world emerging from a financial crisis. All investors and entrepreneurs met informally through the WIEF's 'Business Matchmaking Lounge' and five commercial agreements were signed. It was announced that the 7th WIEF will be hosted by Kazakhstan in 2011.