VIVAnews - The Fifth World Islamic Economic Forum (WIEF) ended on Tuesday, March 3. Indonesian Vice President Jusuf Kalla officially called off the meeting between entrepreneurs and governments of Muslim countries.
WIEF approved the Jakarta Declaration, which focuses on food and energy. In addition, Muslim countries agreed to participate in solving the global crisis.
"The unexpected economic crisis has affected every country [in the globe]," said Fifth WIEF Deputy Chairman Irman Gusman on Tuesday, March 3.
Therefore, joint global attempts through inter-governmental and private collaboration are required. The forum recommended that, among any others, the global financial crisis is handled by supporting the efforts of the Organization of the Islamic Conference (OIC).
The Islamic Development Bank must be encouraged to promote the sharia banking as an alternative of the conventional system. Governments and sharia banks are requested to expand the sharia-based micro credit.
The forum also supported the efforts to manage the global finance in order to mitigate risks and failures as well as holding up sharia training system which applies equal standards.
With regard to food sector, joint initiative promotion and cutting-edge technology implementation in agricultural industry are needed to boost food production.
In addition to energy sustainability, it is recommended that the energy sector improves research and development over non-carbon fuel and other sources of alternative energy as well as supporting energy conservation and carbon emission.
The WIEF also suggested that micro-, small- and medium-sized enterprises are developed to stimulate the economic growth in OIC countries.
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Translated by: Bonardo Maulana Wahono
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