Dubai : The Islamic Development Bank (IDB) and the World Islamic Economic Forum (WIEF) have signed a memorandum of understanding (MoU) to foster and integrate Islamic economies.
The agreement relates to mutual cooperation including discussions on development issues aimed at better understanding of global economic challenges and promotion of strategic alliances and partnerships.
Both parties also agreed to promote economic growth through increased intra-trade and intra-investment as well as contribute towards the integration of Muslim economies among themselves and with the world.
The agreement also aims to promote social sectors like health and education and contribute to alleviation of poverty, the Jeddah-based IDB said in a news release.
WIEF chairman Musa Hitam and IDB President Dr. Ahmad Mohamed Ali signed the MoU on behalf of the respective institutions.
The WIEF, established in 2005, is a platform designed to become the preeminent World Forum on Muslim Leadership and Islamic Business and Trade.
It is organised by the World Islamic Economic Forum Foundation, in association with the Asian Strategy & Leadership Institute, the Islamic Chamber of Commerce & Industry, the Islamic Centre for Development of Trade and supported by the Jeddah-based IDB.
WIEF aims to create a better Muslim world through solid economic cooperation and business partnerships.