Some light moments between (L. to R.) Sheikh Saud bin Saqr Al-Qasimi, Crown Prince of Ras Al Khaimah Emirate, UAE, Dato’ Ahmad Pardas Senin, Managing Director of UEM Group, and Tun Musa Hitam, Chairman of the WIEF.

Some years ago, a novel idea was mooted in the minds of a few individuals on the need to create a business platform for the steadily emerging business sectors of the Muslim world. The idea came with perfect timing. Firstly, despite recent increase in figures, intra-trade among OIC countries today remain negligible. Secondly, the resolution at the 10th OIC Summit, during which leaders of the Muslim world meet to discuss burning issues affecting the Muslim world, reflected a heavy emphasis on economic cooperation. Economic cooperation amongst member states was considered crucial for the pursuit of peace and prosperity in the Muslim world. All these point to one conclusion: the Muslim world needs a platform to gather their business sectors together.

This idea first came in the form of the OIC Business Forum that was convened in the morning of the 15th October 2003, a Forum that was strategically organised by the Asian Strategy and Leadership Institute (ASLI) in conjunction with the 10th session of the OIC Summit in Kuala Lumpur. The response from the leaders of OIC member countries was overwhelmingly positive and that led to the decision to make the Forum an annual affair.

In 2004, upon concluding the 2nd OIC Business Forum, also in Kuala Lumpur, it was decided that the name be changed to the World Islamic Economic Forum (WIEF). This is to reflect the inclusion of Muslim business communities in other parts of the world, and equally important, the participation of the non-Muslim business community interested to establish good business relationships with the Muslim world. This is our niche.