ISLAMIC ECONOMIC FORUM SUMMIT

The sixth edition of the World Islamic Economic Forum (WIFE) drew to a close in the Malaysian capital with a resolve to explore with Muslim leaders a plan to hold an Economic Summit to develop practical ways in which Muslim countries can enhance their economic growth. The summit will also explore and develop the contributions that Islamic banking and finance can make to evolve a more sustainable international financial system, a communique issued at the end of the two-day forum said. Copies of the statement containing this proposal will be submitted to officials of the Organisation of the Islamic Conference, or OIC. Recognising the threat of climate change to all nations, as well as the business opportunities that clean energy-related industries present, the WIEF has decided to evaluate specific actions to be taken to constitute a Clean Energy Development Bank. The forum will strive to set up a private sector-led Social Entrepreneurship Foundation focusing on the special funding needs of small and medium enterprises, and other enterprises throughout Muslim countries.