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Malaysia and Dubai promote bi-lateral cooperation at WIEF 2014

Malaysia and Dubai promote bi-lateral cooperation at WIEF 2014

11 cross-border and cross-sector Memorandum of Understandings signed by companies

The Prime Minister of Malaysia and Patron of the World Islamic Economic Forum (WIEF), The Hon. Dato’ Sri Mohd Najib Tun Abdul Razak, and His Excellency Mohammed Al Gergawi, Minister of Cabinet Affairs in the Federal Government of the UAE, today reinforced the strong bond between Malaysia and the UAE during a press conference held at the 10th edition of WIEF, held in Dubai, UAE.

Under the auspices of the Chairman of WIEF, The Hon. Tun Musa Hitam, Prime Minister Najib and HE Al Gergawi agreed that both Malaysia and Dubai have the potential and responsibility to advance the Islamic economy, promoting the union between Muslim countries while also ensuring that these nations continue to engage with the wider world.

The discussion specifically focused on how Malaysia and the UAE can continue to promote an era of sustainable, inclusive prosperity through partnership. As confirmation of the international strength of WIEF and the sense of collaboration the organization engenders, 11 synergetic, cross-border and cross-sector Memorandum of Understandings were signed by a diverse range of companies to promote global commerce and development following the session by the Prime Minister Najib and HE Al Gergawi.

Commenting on the partnership between Malaysia and Dubai, as well as the role of WIEF, Prime Minister Najib said: “Dubai has the potential to be a hub of the Islamic economy and there are a number of exciting projects which are being planned between Malaysia and the UAE; the opportunity for cooperation is tremendous. With Islamic Finance growing more than 50% faster than that of conventional finance, there is a lot for us to share.
“WIEF has a basic objective of promoting the association between Muslim countries, and the Muslim world with the non-Muslim world. It is a globally significant organisation. Throughout its existence, WIEF has been devoid of politics, which has been the key to its success.”

Supporting Prime Minister Najib’s sentiments, HE Al Gergawi said: “Dubai is working very closely with Malaysia; it is a country we respect a great deal. The Islamic economy is not just for Muslims, but also for non-Muslims and today we [Dubai] can say that we have achieved very positive gains over the last year.

“Furthermore, there are a number of exciting initiatives we will launch in the next 12 months which will continue to enhance the Islamic economy. We are in the business of giving people hope. This is also the overall purpose of WIEF and why it has been so successful.”
Following the press conference, Prime Minister Najib received the Global Islamic Finance Leadership Award 2014 on behalf of Malaysia for the country’s contribution to the Islamic economy over the past 12 months.

The 10th WIEF is being held through October 30, 2014 under the theme ‘Innovative Partnerships for Economic Growth’. The forum, which is being hosted by Dubai for the first time, is expected to be attended by over 2,500 participants from 140 countries by the time it concludes.
With an aim to build on the strong fundamentals of Islamic values as the basis for sustainable economic development and enhance cooperation, WIEF seeks to encourage relations between the private sector and government, the individual and the community, as well as law and regulatory agencies.

For more information, visit the 10th WIEF website: www.10thwief.org