PRIME Minister Datuk Seri Najib Razak has proposed a new economic model for the Muslim world that will take into account the needs of the 57 Organisation of Islamic Conference (OIC) member countries.
The proposed model, underpinned by theoretical framework, should not only be inclusive and progressive, but also practical in terms of policy formulation and implementation, he said.
"In line with the concept - Gearing for Economic Resurgence - which is the theme of this World Islamic Economic Forum (WIEF), I propose that we plan as an entire ecosystem. We need to think anew and move beyond our conventional frameworks," he said in his keynote address when opening the 6th WIEF in Kuala Lumpur yesterday.
"This may require a new economic model for the region, if necessary, that is designed to meet the specific needs of the Muslim world," he added.
The prime minister, who is also a WIEF patron, also proposed for an OIC Economic Summit to be held in collaboration with the Islamic Summit Conference.
He said a dedicated, issue-oriented summit will breathe a new life and meaning into the OIC and overcome any cynicism towards it.
Najib also urged the private sector to take the initiative to mobilise capital through Islamic equities from regional and global sources to spur the development of emerging Muslim economies.
"And deploy the capital productively to ensure an appropriate return for investors," he said.
He said Muslim countries are well endowed with resources needed for economic growth and only adequate capital can exploit on these strengths to spur the growth of these economies.
Najib also offers to share Malaysia's experience and expertise to spur the development of Islamic finance on a worldwide basis.
He later moderated special addresses by head of governments. They include Brunei's Sultan Hassanal Bolkiah, Senegal President Abdoulaye Wade, Indonesia President Dr Susilo Bambang Yudhoyono, Kosovo President Dr Fatmir Sejdiu, Maldives President Mohamed Nasheed and Bangladesh President Sheikh Hassina. - By Hamisah Hamid
