6Th-Wief-Commemorati
Total Page:16
File Type:pdf, Size:1020Kb
ENSURING SUSTAINABILITY IN THE MUSLIM WORLD: EMPOWERING PEOPLE, LEVERAGING RESOURCES A World Islamic Economic Forum Special Commemorative Publication 2010 2 The 21st Century will be driven by openness, technology, connectivity, dialogue, and integration. It will be the age of possibility and opportunity. That is why the WIEF is relevant because it helps the Ummah adapt to that wondrous world. The Ummah can shape and have full ownership of the 21st Century. Susilo Bambang Yudhoyono President of Indonesia and Honorary Fellow of the WIEF Foundation PUBLISHED BY WIEF FOUNDATION World Islamic Economic Forum Foundation 2nd Floor, Kompleks Antarabangsa Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia T: +60 (3) 2145 5500 F: +60 (3) 2145 5504 E: [email protected] W: www.wief.org DESIGNED BY PRICEWATERHOUSECOOPERS Level 10, 1 Sentral Jalan Travers Kuala Lumpur Sentral 50706 Kuala Lumpur, Malaysia T: +60 (3) 2173 1188 F: +60 (3) 2173 1288 E: [email protected] W: www.pwc.com/my A World Islamic Economic Forum | Special Commemorative Publication 2010 3 Ensuring sustainability in the Muslim World: Empowering people, leveraging resources 4 06 SPECIAL MESSAGE Dato’ Sri Mohd Najib Bin Contents Tun Haji Abdul Razak Prime Minister Malaysia 08 CHAIRMAN’S FOREWORD Tun Musa Hitam Chairman WIEF Foundation 11 INTRODUCTION Saving today, living tomorrow Fazil Irwan Mohd Som Director Editorial and Business Development WIEF Foundation Post-crisis response: Setting a smarter course for growth Chin Kwai Fatt Managing Director PricewaterhouseCoopers Malaysia A World Islamic Economic Forum | Special Commemorative Publication 2010 5 23 41 65 CHAPTER ONE: CHAPTER TWO: CHAPTER THREE: Growing tomorrow’s leaders Banking on finance Resources today and tomorrow 24 42 66 The future of financial ethics The promise of biotechnology: Empowering future leaders: Investing in the future What makes Gen Y tick Humphrey Percy Chief Executive Officer Sheriffah Noor Khamseah Al-Idid Former Special Officer to the Gita Wirjawan Bank of London and the Middle East Science Advisor Chairman Dr Natalie Schoon Prime Minister’s Department, Malaysia Indonesia Investment Coordinating Board Head of Product Research and Innovation Advocate Bank of London and the Middle East 28 48 78 Womenomics: Businesswomen as Islamic finance post-crisis Calm before the storm: The prospect drivers of economic growth of alternative energy Noor Ashikin Ismail Olive Zaitun Kigongo Senior Analyst Syed Ashfaq Peeran President KFH Research Limited, a wholly-owned President Uganda National Chamber subsidiary of Kuwait Finance House, AIP Private Power Limited, India of Commerce & Industry Kuwait 84 34 54 A greener world: The business The innovation challenge: road to climate action Women and youth: Nurturing the Developing talent in Islamic finance spirit of entrepreneurship Dato’ Johan Raslan Dato’ Agil Natt Executive Chairman Evelyn Mungai President and Chief Executive Officer PricewaterhouseCoopers Malaysia Immediate Past President and Founder The International Centre for Education All Africa Businesswomen’s Association in Islamic Finance Executive Chairman 93 Speedway Investments Ltd and 60 ACKNOWLEDGEMENTS Glendale Properties Ltd The value of Islamic funding: Issues on morality 99 Datuk Mohammed ADVERTISEMENTS Azahari Kamil Chief Executive Officer Asian Finance Bank Berhad Ensuring sustainability in the Muslim World: Empowering people, leveraging resources 6 SPECIAL MESSAGE Greetings to all participants of the 6th WIEF. various industries of the Muslim World as well as to engage in useful dialogue with the relevant experts As Patron of the World Islamic Economic Forum present. I hope that you will also make full use of (WIEF) Foundation, I am pleased to welcome the networking platform available during the Forum you to Kuala Lumpur for the 6th WIEF. This to explore trade and investment opportunities that is the third time that the Forum is held in this exist within the Muslim World and beyond. capital city since its inception in 2005. I have been made to understand that the 6th WIEF I would like to commend the WIEF Foundation for is the largest thus far in terms of the presence coming up with this timely Special Commemorative of Heads of State and Government, business Publication for the 6th WIEF as a useful source leaders, industry experts and practitioners, of background information on the issues to be academics and the media. discussed at the Forum. With the theme “Gearing for Economic Finally, may I take this opportunity to wish the Resurgence”, the 6th WIEF is set to address Forum every success. various topical issues including education, Islamic finance and climate change which have been specially emphasised in this publication. These issues are particularly crucial as they relate to the sustainability of the Muslim World in the decades ahead. Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak I believe that the 6th WIEF would provide an Prime Minister excellent opportunity for participants to keep Malaysia abreast with current developments in the A World Islamic Economic Forum | Special Commemorative Publication 2010 7 I hope that you will also make full use of the networking platform available during the Forum to explore trade and investment opportunities that exist within the Muslim World and beyond. Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak Prime Minister of Malaysia Ensuring sustainability in the Muslim World: Empowering people, leveraging resources 8 Chairman’s Foreword It is a pleasure to be hosting the 6th to date. Kuwait represented the and we are expecting 2000 delegates World Islamic Economic Forum in first major inclusion of the Gulf to be present at the Forum in Kuala Kuala Lumpur this year. It took us countries into the WIEF fold, Lumpur. 6 years to be where we are today. joining the fray of the Southeast I remember those days when the Asian and South Asian business By now, the WIEF is known as a Forum used to be much smaller communities. Kuwait also had an credible platform not just for business with around 600 participants, and impressive line-up of world leaders networking across borders, but we literally had to go around asking attending the Forum: Presidents for a place to exchange ideas and other countries whether they were of Senegal, Afghanistan, Bosnia experiences on various issues close interested in hosting the World and Herzegovina; Prime Ministers to heart. With this 6th WIEF Special Islamic Economic Forum. The Prime of Kuwait, Bahrain, Malaysia, Cote Commemorative Publication, we hope Minister of Pakistan then, Shaukat D’Ivoire; King Abdullah II of Jordan to live by that reputation and set an Aziz, saw the opportunity and took and the Emir of Kuwait. agenda on one of the most pressing the first step to bring in the 2nd issues of the day – the sustainability of WIEF in Islamabad, Pakistan in 2006. Since then, we have recorded our shared world and its implication in During the 3rd WIEF in 2007, the major successes. The 5th WIEF in the decades ahead. Do enjoy the read Prime Minister of Kuwait came with a Jakarta brought together more than and a big day ahead at the 6th WIEF! huge delegation of businessmen and 1700 participants from both the government officials and explored government and business sectors. the opportunity to bring the Forum to Today at the 6th WIEF, we are Kuwait the year after. So there it was, pleased to announce the line-up of the 4th WIEF in Kuwait in 2008. the Sultan of Brunei; the Presidents The 4th Forum in Kuwait was of Senegal, Indonesia, Maldives, Tun Musa Hitam momentous in many ways. It was the Kosovo; and the Prime Ministers Chairman tipping point of our growing success of Malaysia, Pakistan, Bangladesh; WIEF Foundation A World Islamic Economic Forum | Special Commemorative Publication 2010 9 WIEF believes that through business collaboration between different peoples, partnerships can be moulded, wealth can be created, the poor can be empowered and millions of people have the chance of putting food on the table for their families. Tun Musa Hitam Chairman WIEF Foundation Ensuring sustainability in the Muslim World: Empowering people, leveraging resources 10 This isn’t just about driving growth. It’s about staying in business. Beth Comstock Senior Vice President and Chief Marketing Officer, GE A World Islamic Economic Forum | Special Commemorative Publication 2010 11 Introduction Saving today, living tomorrow Fazil Irwan Mohd Som Director Editorial and Business Development WIEF Foundation Post-crisis response: Setting a smarter course for growth Chin Kwai Fatt Managing Director PricewaterhouseCoopers Malaysia Ensuring sustainability in the Muslim World: Empowering people, leveraging resources 12 Often the idea of SAVING making sacrifices today, the act of TODAY, conserving and restraining - just simply saving the LIVING things we have today, to live a TOMORROW better tomorrow, is Fazil Irwan Mohd Som a rare commodity Director Editorial and Business Development in many societies WIEF Foundation across the globe. But that scarcity is enough to put our shared earth in serious jeopardy. In the relentless pursuit of short-term gains, we have severely depleted earth’s finite resources, ravaging the forests and destroying wildlife’s endangered habitats. It is therefore no surprise that the earth’s reaction to this, in the form of global climate change, is equally abrupt. We may think that the increasingly frequent occurrences of tsunamis and earthquakes are isolated incidents but they are actually violent manifestations of earth’s dire state. A World Islamic Economic Forum | Special Commemorative Publication 2010 13 It is therefore high time that we flawed pursuit of religious sanctity. Save Today, Live come to terms with the fact that But the underlying reason is simply the world is an interconnected the lack of emphasis given to Tomorrow - we are ecosystem. Every act committed education in many of these countries, on the planet will have its reflecting in the poor infrastructure in the business of repercussions far and wide, in and substandard quality of education, ensuring various forms and expressions.