JAKARTA, Indonesia, Aug. 4, 2016 /PRNewswire/ -- Prime Minister of Malaysia, Dato 'Sri Najib Tun Abdul Razak together with the Minister of Finance of the Republic of Indonesia, Sri Mulyani, WIEF Foundation Chairman Tun Musa Hitam and Minister of National Development Agency Bambang Brodjonegoro (2/8) witnessed the exchange 10 Memorandum of Understanding at the joint press statement of the World Islamic Economic Forum is being held from August 2 to 4 at the Jakarta Convention Center.
The ten (10) memoranda of understanding are:
Speaking at the joint press statement, Minister Mulyani said that there are four main objectives of WIEF: the first one is to achieve improvement in the economic welfare of society in the Muslim countries and countries with significant Muslim population through the creation of trade and investment opportunity. Second, to promote the image of Muslim world as caucus of profitable of trade and investment that will attract FDI and business partners from around the world. Third is strengthening the partnership network, and build strategic alliances, through the exchange of ideas information and knowledge. And the fourth objective is promote dialogue and foster cooperation among Muslim and non-Muslim businessmen and businesswomen since business partnership can serve as a mean of establishing peace and prosperity between the Muslim and the non-Muslim.
Mulyani further added that for Indonesia WIEF will serve the benefit for this country because we are the largest Muslim population and among the largest economy in the world. Indonesia is an ideal place for investment destination. Indonesia offers investment opportunity that will be provided both sharia based and common commercial base. Combined with the largest population in the world and the growing middle class, Indonesia has the potential as development hub for Islamic financial services as well as the product which is based on Islamic law.
At the same occasion, Indonesian Minister of National Development Planning Agency Bambang Brodjonegoro launched the Masterplan of Indonesia's Sharia Finance Architecture. The masterplan two main recommendations are; first, improvement and expansion of Indonesia's Sharia banking, capital market, non-banking financial services and social funds. The Masterplan consists action plan and intervention to these services covering important aspect such as capital adequacy, human resources development, governance, consumer protection socialization and financial safety net. Some tangible objectives of the masterplan are establishment Sharia investment bank and retakaful companies, placement of public budget in Sharia banking system, improvement of Sharia economic and financial education in tertiary education, and enlargement of sukuk issuance.
Second recommendation is the establishment of national committee on Sharia finance, a coordinating institution to ensure effective execution of the Masterplan's action plan by relevant stakeholders. The committee will be chaired by President of Republic of Indonesia and the Vice President as the vice chair. Meanwhile the committee will consist of Minister of Development Planning Agency (Bappenas), Minister of Finance, Coordinating Minister of Economic Affairs, Minister of Religious Affairs, Minister of State Enterprises, Minister of Cooperatives and SME, Chief Commissioner of Financial Service Authority, Governor of Bank of Indonesia, Chief Commissioner of Indonesia Deposit Insurance Cooperation and Head of Indonesian Counsel of Ulama.
Minister Brodjonegoro added that the committee is to synergize all financial development effort to be conducted by all stakeholders namely government regulators and sharia financial industry. "We are looking forward to work closely with national and international financial institutions, regulators, investors and universities in expanding our Sharia financial system."
About the World Islamic Economic Forum (WIEF)
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe.
The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait and
Pakistan, the United Kingdom and United Arab Emirates and aims to bring together Muslim and non-Muslim communities through the common language of business.
The 12th WIEF is being held at the Jakarta Convention Centre from August 2 - 4, 2016.
More information about WIEF: http://wief.org/
For media queries, kindly contact:
Wai Fai Lo waifai@wief.org or +6012 209 0068
Fannie Waldhani fannie.waldhani@edelman.com or +62 21 7215 9000
