BUSINESS BEYOND BORDERS: FORGING PARTNERSHIP WITH THE MUSLIM WORLD A World Islamic Economic Forum Special Commemorative Publication 2008 Published by WIEF Foundation “Khazanah ASLI” 1718 Jalan Ledang, Off Jalan Duta 50480 Kuala Lumpur, Malaysia T: 603 2093 5393 F: 603 2093 3078 W: www.wief.org.my Chairman: Tun Musa Hitam Chief Executive Officer: Dato’ Dr. Michael Yeoh Executive Director: Siti Mazwin Meor Ahmad Director of Media, Research & Communications: Fazil Irwan Mohd Som WIEF Special Commemorative Design Publication Team PricewaterhouseCoopers Chief Editor Level 10, 1 Sentral Fazil Irwan Mohd Som Jalan Travers Kuala Lumpur Sentral Sponsorship 50706 Kuala Lumpur, Malaysia Jean Wong - Chief Operating Officer, Asian Strategy and Leadership Institute (ASLI) T: 60 (3) 2173 1188 F: 60 (3) 2173 1288 Research W: www.pwc.com Gary Barnabo Content 09 Chairman’s Foreword Chairman of the WIEF Foundation Special Messages 11 Prime Minister of Malaysia 13 Prime Minister of the State of Kuwait 15 The King of the Hashemite Kingdom of Jordan 17 Deputy Prime Minister & Minister of State for Cabinet Affairs of Kuwait 19 Prime Minister Counsel and Deputy President of High Committee for 4th World Islamic Economic Forum 21 President of Kuwaiti Chamber of Commerce and Industry 4 Special Commemorative Publication 2008 Islamic Economic Forum A World 24 Introduction Fazil Irwan Mohd Som Director of Media, Research & Communications, WIEF Foundation 27 Chapter One PLAYERS OF GLOBAL DEVELOPMENT: RETHINKING STRATEGIES FOR THE NATION 28 Global CEO Survey: Compete & Collaborate PricewaterhouseCoopers 36 Bridging The Income Gap Between Nations By Unlocking The Potential Of The State Owned Sector Ian C Buchanan Senior Adviser, Booz Allen Hamilton 61 Chapter Two DIVERSE PERSPECTIVES: THINKING A FEW STEPS AHEAD 62 Islamic Finance Powering Its Way To Mainstream Finance Mohammad Faiz Azmi PricewaterhouseCoopers (PwC) Global Islamic Finance Leader and Partner, PwC Malaysia 68 Diversifying Energy Needs: Preparing For Conventional Energy Shortages Essa Abdulla Al Ghurair Chairman, Al Ghurair Foods 75 Mentoring The Next Generation Of Entrepreneurs Tengku Zafrul Tengku Abdul Aziz Chief Executive Officer, Tune Money Sdn Bhd 5 Special Commemorative Publication 2008 Islamic Economic Forum A World 79 Chapter Three NURTURING THE NEXT GENERATION: THOUGHTS AND PROPOSALS 80 Education and Training: Sorting Out Misconceptions Dr. Wan Mohamed Zahid Chairman of WIEF Education Trust Committee & Former Director General of Education Malaysia 85 Developing Young Leaders As Global Citizens - Introducing The Global Islamic Leadership Programme Jonathan Allen Deputy Registrar of the Oxford Centre for Islamic Studies 89 WIEF Declarations 90 Declaration of the Inaugural World Islamic Economic Forum 92 Declaration of the 2nd World Islamic Economic Forum 94 Declaration of the 3rd World Islamic Economic Forum 97 About Us 98 International Advisory Panel Members 99 WIEF Corporate Members 101 Acknowledgements 105 Business Profiles CHAIRMAN’S FOREWORD: Chairman of the WIEF Foundation SPECIAL MESSAGES: Prime Minister of Malaysia Prime Minister of the State of Kuwait The King of the Hashemite Kingdom of Jordan Deputy Prime Minister & Minister of State for Cabinet Affairs of Kuwait Prime Minister Counsel and Deputy President of High Committee for 4th World Islamic Economic Forum President of Kuwaiti Chamber of Commerce and Industry 9 Special Commemorative Publication 2008 Islamic Economic Forum A World Chairman of the WIEF Foundation It is with great pleasure that I am addressing the World Islamic Economic Forum for the fourth time here in Kuwait. I am duly proud that the Forum has reached the Middle East after three years hovering around Southern Asia. This means a lot, not only to the already successful World Islamic Economic Forum which has done a remarkable job to get business sectors of the Muslim world much closer together, but to global business relationships as a whole especially since we are about to witness the mobilisation of Middle East resources into promising projects elsewhere in the Muslim world. These are really momentous times in the history of globalisation. This publication is a perfect reflection of this prevailing mood, acknowledging, on the one hand, that it is high time for the world to recognise the Muslim world as true partners of global development and recognising the vast business and investment opportunities for the non-Muslim world on the other. Hence, “Business Beyond Borders: Forging Partnership with the Muslim World” is not merely a title, but a mission statement. A statement that the Muslim world has arrived and it is time that the world seriously engages it. I applaud once again the very hard work put up by all at the World Islamic Economic Forum Foundation, and the hospitality of the government of the State of Kuwait in making this 4th World Islamic Economic Form an astounding success. I look forward to seeing the Forum grow to its pinnacle in the near future. I am very confident. Yours sincerely Tun Musa Hitam Chairman WIEF Foundation 11 Special Commemorative Publication 2008 Islamic Economic Forum A World Prime Minister of Malaysia As Patron of the World Islamic Economic Foundation, it is most gratifying to witness, after a mere four years of operations, that the World Islamic Economic Forum has grown from strength to strength as a bastion of economic cooperation for Muslim countries in particular, and the world as a whole. It is also a great pleasure to acknowledge, for the first time in the history of the Muslim world, that a global entity is dedicating itself towards promoting economic development and cooperation in a particular region, this time being the Middle East. This book captures the thrust of the World Islamic Forum as a body dedicated to showcasing the Muslim world as a lucrative and burgeoning market which is worth investing in and good to do business with. It conveys the message, as well, that the Muslim world can be true partners for development. I believe this book encapsulates these positive vibes and that it will provide inspiration for new ideas and innovations to emerge from this Forum. This 4th World Islamic Economic Forum, which convenes in the Middle East for the first time, shall focus on developing greater collaboration between the Middle East and other parts of the Muslim world on one hand, and with the rest of the world on the other. I am very confident that the Middle East holds great potentials not only for people in the region but also for the rest of the world. I would like to commend the World Islamic Economic Forum Foundation for its perseverance and industry in making this a great success. I would also like to thank the Government of the State of Kuwait for agreeing to host this important event and for its generous hospitality and goodwill. Let us move together towards a better future. Abdullah Haji Ahmad Badawi Prime Minister Government of Malaysia Emir of Kuwait Crown Prince of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Sheikh Nawaf Al-Ahmad Al-Jaber Al-Ahmad Prime Minister, State of Kuwait Sheikh Nasser Mohammad Al-Ahmad Al-Sabah 13 Special Commemorative Publication 2008 Islamic Economic Forum A World Prime Minister of the State of Kuwait I have the Honor and the pleasure, on behalf of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. “May God Protect Him” The Emir of State of Kuwait, and on my behalf, and the people of State of Kuwait, to welcome you, Brothers, and Friends, in the occasion of the 4th World Islamic Economic Forum held in State of Kuwait from 29th of April to 1st of May 2008. Since we were together in Kuala Lumpur, during the 3rd WIEF event, we were looking ahead for this precious opportunity, to express our truthful feeling for you, our great concern for continuous communication, and opening new horizons for successful cooperation, which will lead “God Willing” with all prospects and interests, not only to our people and countries, but also to all the World. This World, whom we are dealing with, to profit the experience and to get in cooperation, to reach the highest tasks to spread justice, Peace and stability all around the world. Welcome our Dear Guests, we don’t have intention to say goodbye, but to meet again. Greetings of God... with gratitude and appreciation. Sheikh Nasser Mohammad Al-Ahmad Al-Sabah Prime Minister State of Kuwait 15 Special Commemorative Publication 2008 Islamic Economic Forum A World The King of the Hashemite Kingdom of Jordan On behalf of the Hashemite Kingdom of Jordan, I am honoured to extend my best wishes to the Fourth World Islamic Economic Forum. May I congratulate and commend the Forum’s distinguished participants, and the WIEF Foundation itself for organizing this important gathering. Today, Muslims across the world – whether from the Arab World, Asia, the Subcontinent, Europe, Africa, the Americas, or any other land – have a vital role to play in shaping the global economy. We can and must bring our expertise, our values, and our unity to the tasks ahead: strengthening our institutions of cooperation; advancing economic ties and trade among our countries; promoting moderation, co-existence and justice; empowering our youth and giving them the opportunities they need; and ensuring that the world’s Muslim community can achieve its rightful position in global economic achievement and prosperity. Islam guides all of us to benefit from and contribute to the achievements of the 21st century. For us, economic enterprise is not simply a means to a livelihood, but a path of service to humanity – building a world of opportunity, peace, and prosperity. At the Fourth World Islamic Economic Forum, top Muslim leaders from the private sector, civil society, academia, government, and other institutions, will come together to identify and analyse the path ahead, and help create practical, effective mechanisms to achieve our goals.