The World Islamic Economic Forum – Kuala Lumpur

The World Islamic Economic Forum (WIEF), held between November 3-5, has evolved into possibly the most unique and successful festival of business, economics, music, arts, ideas and inspiration in the Muslim world. Having just completed its 11th year, the WIEF has grown to this year’s total of 4,113 participants from 102 countries, well above the 3,069 delegates from 98 countries projected initially.

“The WIEF is undoubtedly one of the finest showcases of the Ummah, an excellent platform for partnership, exchange and knowledge sharing on critical development issues. It is our duty to commend this outstanding achievement and provide support for further success“, said Dr Ahmed Mohamed Ali, President, Islamic Development Bank Group.

The issues discussed affect all of humanity — poverty, environmental crises, financial turbulence, and more. Advancing women is a top priority, especially in business. The youth have their own forum. Entrepreneurs present business ideas and seek funding. Artists share their mastery of music, calligraphy and design. Professors talk about Islamic management methods. This year, for the first time, small and medium sized companies were given pride of place.

Many women entrepreneurs had the opportunity to share their business experience now. One example is Farzana Rahman, a Briton of Pakistani origin and mother of three, was unable to find children’s toys in line with Islamic values in the UK. She decided to create her own dolls. Today, her Desi Doll Company produces “Aamina” and “Yusuf” dolls which impart fun and education about Islamic values in French, Turkish, Malay, English, and Arabic to Muslim children aged 3-6.

The business potential of the Islamic world is enormous. Straddling nearly all the world’s key sea-lanes, with considerable energy and financial resources, and a population base of millions of Generation X, Islamic countries are estimated to have financial assets of US$1.81 trillion in 2014, projected to rise to US$3.24 billion in 2020, according to a study by Thomson Reuters.

In content and creativity, the WIEF sets new standards for Islamic conferences. It sends a strong message to the Islamic political leadership that encouraging the latent energy and creativity within the Ummah is in their interests, as well as that of humanity at large. It also sends a powerful message to the mainstream media to avoid the trap of portraying Islam as a religion of violence and conflict.

Most of the 11 WIEFs have been held in home country Malaysia, but recent years it has convened in Astana, Kazakhstan (2011), London (2013) and Dubai (2014). Next stop: Jakarta, between May 20-22, 2016, alongside the annual meetings of the Islamic Development Bank.

At the World Islamic Economic Forum was also attended by Peter Galovic, owner and CEO of Arabco projects.

„Very comprehensive and high-quality content, because it organizes the 11th year in a row. Summit provides an insight into the economy of Southeast Asia, and it connects with the other countries where it is present Islamic economics. For my company it was a unique experience because I was the only Croatian representative. “, said Petar Galovic.

Authors: M.S and P.G.