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FW: Jakata Conference Calls For Growth of Islamic Finance

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  • S A Hannan
    Editorial Jakata Conference Calls For Growth of Islamic Finance Islamic finance and banking must be developed as an alternative to the discredited Wall Street
    Message 1 of 2 , Mar 5, 2009

      Editorial

       

       

       

      Jakata Conference Calls For Growth of Islamic Finance

      Islamic finance and banking must be developed as an alternative to the discredited Wall Street model of doing business, the World Islamic Economic Forum resolved as it wrapped up Wednesday in Indonesia, international news agencies have reported.
         More than 1,550 delegates including prime ministers, presidents, princes and sheikhs from 38 countries issued a declaration calling on the Islamic Development Bank to take the lead in promoting Islamic finance.   They also called for ‘effective regulations’ in the conventional global financial industry to ‘mitigate risk and failure’ in the aftermath of the Wall Street collapse triggered by a credit crunch in the
      US housing sector.  The declaration expressed support for the IDB Task Force for Islamic Finance and Global Financial Stability to ‘promote Islamic finance and banking as a viable alternative to the conventional financial system.’ It also called on ‘governments and Islamic banks to expand sharia (Islamic) compliant micro-credits’ to small businesses in the developing world.  ‘The declaration has a host of policy recommendations that, if implemented widely, would enact real change within the Muslim and non-Muslim world,’ World Islamic Economic Forum Foundation chairman Tun Musa Hitam said.The fifth Islamic economic forum opened in Indonesia, the most populous Muslim country and the largest economy in Southeast Asia, on Monday. Other items on the agenda included the ‘global food crisis’ triggered by last year’s price spikes and falling production, alternative energy and the future of fossil fuels. The delegates included corporate leaders from 87 companies as well as governmental and non-governmental organizations.

       

      We agree with the recommendation of the forum. The latest financial crisis that has engulfed, more or less ,  the whole world has proved that old-style capitalism is not an ideal system. Apart from failure in regulations, it has in-built problems, riba-based operations are essentially faulty. Such operations do not produce responsibility and care, on the other hand its positivist  ( value-free ) stance makes it social – Darwinist in character and worshipper of  money and ties it with theoretical purity. It is time for the world to turn towards Islamic financial system , it should be seen not as a religious system by the West but as a financial alternative mode. At least Muslim word should accept it in full.

       

    • S A Hannan
      Dear members, Assalamu Alaikum.This is the Jakarta declaration which I have obtained with the help of one of my dearest student who is an Indonesian. Shah
      Message 2 of 2 , Mar 7, 2009

         

        Dear members,

         

        Assalamu Alaikum.This is the Jakarta declaration which I have obtained with the help of  one of my dearest student who is an Indonesian.

         

        Shah Abdul Hannan

        -----------------------------------------

        The source:

        http://www.wief.org.my/index.php?option=com_content&view=article&id=192&Itemid=181

          

        The Jakarta Declaration

        WE, the Delegates gathered together in Jakarta for the 5th World Islamic Economic Forum (WIEF) from 1st to 4th March 2009 with the theme

        “Food and Energy Security and Stemming the Tide of the Global Financial Crisis”,

         

        APPRECIATING the presence, invaluable support, and guidance of H.E Dr Susilo Bambang Yudhoyono, President of the Republic of Indonesia and H.E. Jusuf Kalla, Vice President of the Republic of Indonesia;

         

        RECORDING our appreciation to H.E. Dato’ Seri Abdullah Ahmad Badawi, Prime Minister of Malaysia and Patron of WIEF Foundation, as well as H.E. Abbas El Fassi, Prime Minister, Kingdom of Morocco, H.E. Abdullah Bin Hamad Al-Attiyah, Deputy Prime Minister, State of Qatar, H.E. Dr Rashad al Alimi, Deputy Prime Minister, Republic of Yemen, Right Honourable A. M. Kirunda Kivejinja, Third Deputy Prime Minister, Republic of Uganda, H.H. Shaik Saud bin Saqar Al Qasimi, Crown Prince and Deputy Ruler, Ras Al-Khaimah Emirate, United Arab Emirates, H.E. Prof. Dr. Ekmeleddin Ihsanoglu, Secretary-General of Organisation of Islamic Conference (OIC), H.E. Dr Ahmed Mohamed Ali, President, Islamic Development Bank and other gathered dignitaries for their invaluable contributions.

         

        ACKNOWLEDGING the dedication and full support of the Government of the Republic of Indonesia and the Indonesian National Organising Committee in generously hosting and ensuring the success of the 5th World Islamic Economic Forum;

         

        COMMENDING the proposal of H.E Dr Susilo Bambang Yudhoyono, President of the Republic of Indonesia, to establish an “Islamic World Expenditure Support Fund” for the benefit of least developed Muslim countries using the sizeable reserves of oil exporting Muslim countries.

         

        APPRECIATING the attendance and participation of all Forum Delegates;

         

        RECOGNISING that the recovery from the unprecedented current economic crisis, which has affected all nations, will require a concerted global effort through greater inter-governmental and public-private collaboration;

         

        HEREBY TAKE NOTE of the recommendations made during the Forum as follows:

        OVERCOMING GLOBAL FINANCIAL CRISIS:

        1.  

                                      1.            Support the efforts of the OIC to accelerate greater regional economic cooperation through the effective implementation of its 10 year Plan of Action.

                                      2.            Support the Islamic Development Bank (IDB) Task Force for Islamic Finance and Global Financial Stability to promote Islamic Finance and Banking as a viable alternative to the conventional financial system.

                                      3.            Call upon Governments and Islamic banks to expand Shariah compliant micro-credits.

                                      4.            Support the call for effective regulations in the global financial industry to mitigate risk and failure.

                                      5.            Support the establishment of Islamic Banking Training centres with harmonised standards.

         

        FOOD SECURITY:

        1.      Support greater public-private sector collaboration in increased agricultural productivity both within the OIC countries and the rest of the world.

        2.      Promote joint venture initiatives and the use of state of the art technology in the agro industry to increase efficient food production.

        3.      Call for the reduction of regulatory barriers, including food subsidies, hindering sustainable food production and trade.

        4.      Recommend a proper balance between food production for human consumption and energy usage.

         

        ENERGY SECURITY:

        1.      Reinforce efforts for research and development of non-carbon fuels and other alternative energy sources.

        2.      Support energy conservation and carbon emission reduction programmes.

         

        GLOBAL SME’s:

        1.      Promote the development of SME’s as the engine of growth in OIC countries through the programs of the Islamic Corporation for the Development of the Private Sector (ICD), Islamic Chamber of Commerce and Industry (ICCI) and specialised forums of the WIEF.

        2.      Support the Islamic Centre for the Development of Trade (ICDT) in its efforts to reduce barriers to intra-OIC trade.

        3.      Support liberalisation of Visa procedures to facilitate travel by businesspersons throughout the OIC countries.

         

        REAFFIRM our continued commitment to the success of the following WIEF Projects:

         

        WIEF Businesswomen Network (WBN):

        a. The ‘Training Program for Women Entrepreneurs’ under the WIEF-UiTM International Centre.

        b. The furtherance of the ongoing ‘Nurses Training Program’ and the introduction of “The Midwifery Training Program” which can serve as a platform for entrepreneurship development in rural areas.

        WIEF Young Leaders Network (WYN):

        Furthering the aims of the WYN by expanding the WYN Scholarship, Mentorship and Internship Programs to assist young leaders to grow into entrepreneurship positions.

         

        WIEF Education Trust (WET):

        The WIEF-UiTM International Centre and its training, educational and R&D programmes including the promotion of lifelong education initiatives for effective capacity building within OIC countries.

         

        CONGRATULATE the signatories to the four MOU’s worth more than USD 3 billion facilitated through the WIEF network.

         

        THANK the Indonesian Government for hosting the 5th WIEF in Jakarta and for the warm reception and hospitality accorded to our strategic partners, sponsors, corporate members, role players and all Delegates;

         

        ACCEPT the gracious invitation of Dato’ Seri Abdullah Ahmad Badawi, Prime Minister of Malaysia to host the 6th World Islamic Economic Forum on 18-20 May 2009 in Kuala Lumpur.

         

        FINALLY, in closing this, the 5th World Islamic Economic Forum, we call on the Chairman of the WIEF to submit this declaration to the Chairman and the Secretary General of the Organisation of Islamic Conference.

         

        ADOPTED by the Delegates in Jakarta, Republic of Indonesia on the 3rd March 2009.

         

         


        From: S A Hannan <sahannan@...>
        To: Maura Yasmin <java_culture@...>
        Sent:
        Saturday, March 7, 2009 1:25:30 AM
        Subject: FW: Jakata Conference Calls For Growth of Islamic Finance

        Is it Ok, Ammu ?.Please send a copy of Jakarta declaration, if you can collect.

         

        Your son

         

        Editorial

         

         

         

        Jakata Conference Calls For Growth of Islamic Finance

        Islamic finance and banking must be developed as an alternative to the discredited Wall Street model of doing business, the World Islamic Economic Forum resolved as it wrapped up Wednesday in Indonesia, international news agencies have reported.
           More than 1,550 delegates including prime ministers, presidents, princes and sheikhs from 38 countries issued a declaration calling on the Islamic Development Bank to take the lead in promoting Islamic finance.   They also called for ‘effective regulations’ in the conventional global financial industry to ‘mitigate risk and failure’ in the aftermath of the Wall Street collapse triggered by a credit crunch in the
        US housing sector.  The declaration expressed support for the IDB Task Force for Islamic Finance and Global Financial Stability to ‘promote Islamic finance and banking as a viable alternative to the conventional financial system..’ It also called on ‘governments and Islamic banks to expand sharia (Islamic) compliant micro-credits’ to small businesses in the developing world.  ‘The declaration has a host of policy recommendations that, if implemented widely, would enact real change within the Muslim and non-Muslim world,’ World Islamic Economic Forum Foundation chairman Tun Musa Hitam said.The fifth Islamic economic forum opened in Indonesia, the most populous Muslim country and the largest economy in Southeast Asia, on Monday. Other items on the agenda included the ‘global food crisis’ triggered by last year’s price spikes and falling production, alternative energy and the future of fossil fuels. The delegates included corporate leaders from 87 companies as well as governmental and non-governmental organizations.

         

        We agree with the recommendation of the forum. The latest financial crisis that has engulfed, more or less ,  the whole world has proved that old-style capitalism is not an ideal system. Apart from failure in regulations, it has in-built problems, riba-based operations are essentially faulty. Such operations do not produce responsibility and care, on the other hand its positivist  ( value-free ) stance makes it social – Darwinist in character and worshipper of  money and ties it with theoretical purity. It is time for the world to turn towards Islamic financial system , it should be seen not as a religious system by the West but as a financial alternative mode. At least Muslim word should accept it in full.

         

         

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