By NNN-KUNA,
London : The convening of the Fourth World Islamic Economic Forum (WIEF) in Kuwait next week is timely and will highlight the growing significance of the state as an important member of the Gulf Cooperation Council (GCC), according to a prominent expert in Islamic banking and finance here Friday.
In an exclusive interview with KUNA, Dr Hamayon Dar, a director of the Arab-British Chamber of Commerce said that Kuwait, which has wide experience in the economic and financial sector, will give impetus to this year’s forum. Dr Dar gave credit to Kuwait’s positive contribution in the field of investment and finance across the world and therefore he believes that the Gulf state’s points of view to be expressed during the forum “will be listened to with great care and admiration.
“The meeting, which will begin on April 29, will provide an excellent platform for the leaders of the Muslim world in the field of economy and finance to present their views alongside their Western counterparts, Dr Dar went on.
This year’s forum will attract greater participation from the non-Muslim business community as there have been a number of confirmations by many heads of state that they will take part in the deliberations, said Dr Dar, who is also a prominent consultant in Sharia (Islamic law) banking.
Turning to the role of the GCC countries in the world economy, he said that during this year’s WIEF they will prove that they will become “an engine for growth in the whole Muslim world.” This is due to the fact that the GCC states have recorded eight-ten percent growth in their economies this year as a result of the unprecedented hike in oil prices and the flow of capital from the GCC countries to other nations like Malaysia and Indonesia, the expert noted.
“This region can actually play an instrumental role in helping the development of other parts of the Muslim world, especially the emerging economies,” he said. Meanwhile, Dr Dar said that the forum will also provide a platform for the Western economic leaders to come on board to present their views on how to face the mounting challenges in the world economy.
He also recalled that this year the host country of the forum, Kuwait, “has invited the likes of former British Prime Minister Tony Blair, who is now greatly involved in the Middle East in his capacity as the Special Envoy for the International Quartet dealing with the Israeli-Palestinian dispute.” Dr Dar was optimistic that this year’s gathering will be able to deal with a number of issues, including the economic development of the Gulf and Middle East and how to overcome the current economic difficulties facing a large number of countries.
The forum will also give special emphasis to business and economic issues and how to promote further cooperation between the GCC states and the outside world, Dr Dar said. He was also confident that this year’s Forum will highlight the need to create young leadership in the Islamic world, particularly in the field of economy and finance.
In the meantime, Dr Dar said he was encouraged by the fact that this year’s agenda will reaffirm the determination of the Muslim and Arab countries to develop their economies and invite the outside world to be more engaged with them in a constructive way. This year’s forum will be under the auspices of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
The session, which will be concluded on May 1, will be attended by a host of presidents and prime ministers from Arab and foreign countries together with high-ranking officials and senior economists from both the Arab and Islamic world.