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KUALA LUMPUR STATEMENT ON THE 11th WIEF

5 November 2015, Kuala Lumpur, Malaysia

The 11th World Islamic Economic Forum (WIEF) with the theme, “Building

Resilience for Equitable Growth” was held in Kuala Lumpur on 3-5 November

2015.

The Forum was held against a backdrop of continuing volatility and uncertainty in

the global economy, exacerbated by a rapid decline in oil and commodity prices,

the currency crises and increased geopolitical insecurity.

The Forum noted the underlying strengths of Islamic economics and the growing

opportunities provided with the realization of the ASEAN Economic Community

(AEC) and the growth potentials in Africa for the global business community.

The Forum commenced with a Welcoming Address by the Hon. Tun Musa Hitam,

Chairman of the WIEF Foundation followed by the Opening Keynote Address by

the Hon. Dato’ Sri Najib Tun Abdul Razak, Prime Minister of Malaysia and Patron

of the WIEF Foundation.

The Forum appreciated the presence and Special Addresses delivered by H.E.

Dragan Čović, Chairman of the Presidency, Bosnia and Herzegovina; His Royal

Highness Sultan Dr. Nazrin Muizzuddin Shah Ibni Almarhum Sultan Azlan

Muhibbuddin Shah Al-Maghfur-lah of the State of Perak Darul Ridzuan of

Malaysia; H.E. Yaqub Eyyubov, First Deputy Prime Minister of Azerbaijan; H.E.

Dr Ahmad Mohamed Ali, President, Islamic Development Bank; H.E. Sun

Chanthol, Special Envoy of Prime Minister Hun Sen, Senior Minister and Minister

of Commerce, Cambodia; H.E. François Kanimba, Special Representative of

President Paul Kagame and Minister of Trade & Industry, Rwanda; H.E. Ernesto

Max Elias Tonela, Special Representative of President Filipe Jacinto Nyusi and

Minister of Trade & Industry, Mozambique; H.E. Axel Jesson Denis Ayenoue,

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Special Representative and Adviser of President Ali Bongo Ondimba of Gabon

and H.E. Benjamin Clement Eghan, Special Representative of President John

Dramani Mahama of Ghana.

The 11th WIEF was attended by 9 Global Leaders, 13 Ministers and Government

Representatives, leading corporate figures, businesswomen and young

entrepreneurs, key decision makers, thought leaders, academia and

representatives of the business community, civil society and creative arts

industry, making up a total of 4,113 participants from 102 countries.

The Leaders provided useful and important guidance for the planning and

conduct of the Forum’s activities to sustain its continued relevance and impact for

the future.

Key messages by the Leaders included the need and importance of:

1. Utilizing impactful investments and promoting SMEs as the prime mover

for building resilience for equitable growth,

2. Adopting an innovative approach with new solutions for the development of

Muslim communities and to finance crisis management and humanitarian

programmes,

3. Undertaking a unified approach and partnership to further mainstream

Islamic finance into the global financial system and to improve resource

mobilization and financial inclusion,

4. Facing the challenges of globalization and emphasizing regional

integration and connectivity for cross border trade and investment,

technology transfer and human resource development.

The Forum saw expert discussions on building SME ecosystems and seven

clusters covering women and youth, halal, education, Islamic finance,

technology, sustainability and creative arts.

The parallel programmes of SME Business Pavilion, Panel Sessions,

Masterclasses, Business Exchange, Ideapad, Pitching Sessions, Special

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Complementary Programmes, Sponsors Programmes, Country Investment

Programmes, Marketplace of Creative Arts Festival and the Business Networking

Breakfast proved popular and generated dialogues on opportunities for business

and economic collaboration.

Among the notable recommendations at the Forum were the following:

i. Implementation of a comprehensive Global SME Business Match-Making

Network to address the barriers and sustainability challenges faced by the

SME community whilst supporting the growth of SMEs.

ii. Continued promotion of Sustainable, Responsible and Impactful (SRI)

Sukuk to fund development projects in order to reduce macroeconomic

vulnerability and promote financial inclusion, bringing both economic and

social benefits to society.

iii. Increased effort to harmonise and accelerate the process in the

development of a Halal Standard for business efficiency and consumer

confidence in advancing the growth of the halal industry worldwide.

iv. Establishment of an independent non-governmental WIEF International

Awqaf Development mechanism with appropriate Terms of Reference to

mobilise waqf resources for the benefit of the Ummah.

v. Reposition Islamic social finance including waqf, zakat and sadaqah, as a

force for global good.

vi. Launch of the WBN Alumni Network, the WBN Mentorship Programme, the

WYN Alumni Network and the WIEF Young Leaders University Network.

Five agreements relating to Islamic finance, halal industry, human capital

development and ICT amounting to US$350 million were exchanged during the

Forum.

The Forum recorded its appreciation to the Hon. Prime Minister and the

Government of Malaysia for hosting the 11th WIEF in Kuala Lumpur, Malaysia

and for the warm hospitality accorded to all participants.

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The Forum also acknowledged the contribution and support of Members of the

International Advisory Panel, Partners, Sponsors and Role Players.

The Forum agreed to hold the 12th WIEF on 20-22 May 2016 in Jakarta,

Indonesia.