DUBAI – The 10th World Islamic Economic Forum (WIEF) opened in Dubai, the United Arab Emirates on Tuesday, gathering over 2,700 delegates from over 100 countries to explore “Innovative Partnerships for Economic Growth.’’
In his opening speech, the President of the Dubai Chamber of Commerce and Industry, Hamad Buamim, said the purpose of the Forum was to create growth opportunities not only in the Islamic world, but globally.
According to Essa Kazim, the Governor of the Dubai International Financial Centre, the economy of the Islamic world was poised to double in size within the next five years and to reach 4.3 trillion dollars.
Dr Zeti Aziz, the Governor of the Central Bank of Malaysia, said “as the Sukuk market becomes globally prosperous, it has the potential to close financing gaps in necessary infrastructure financing in Asia, the Middle East and Africa.
“The Middle East alone has a funding need worth two trillion dollars.
“Some 10 countries now use an estimated 95 billion dollars of Sukuk to fund their infrastructure, of which, 75 per cent are based in Malaysia,’’ Aziz stressed.
The WIEF started from a modest beginning as the Organisation of Islamic Conference Business Forum in 2003.
The first WIEF was held in Kuala Lumpur, Malaysia, in 2005.
Report says this year’s three-day event in Dubai with the theme: “Innovative Partnerships for Economic Growth,’’ is held against the backdrop of a weakened dollar and Euro in the aftermath of the global debt crisis.
It said that the discussion would include “the emergence of strong economies in Africa, Asia, and other continents.’’ (Xinhua/NAN)