Islamic banking support for SMEs

12th World Islamic Economic Forum:

Jakarta will host the 12th World Islamic Economic Forum (WIEF) for the second time, following the successes of WIEF fora that have travelled the globe, including Kuala Lumpur, Islamabad, Kuwait, Astana, Johor Bahru, London and Dubai. The forum will be held at the Jakarta Convention Centre from August 2 to 4.

Chairman, World Islamic Economic Forum Foundation and former Deputy Prime Minister of Malaysia, Tun Musa Hitam personally presented an invitation to the forum, to Prime Minister Ranil Wickremesinghe last week.

Following his meeting with Prime Minister Wickremesinghe, Tun Musa told the media that 2,500 delegates and 60 role players from over 100 countries across the globe are expected to attend the 12th WIEF.

The WIEF aims to further explore the crucial role of micro, small and medium enterprises (MSMEs) in driving economic growth in economies around the world, in line with its theme of 'Decentralising Growth, Empowering Future Business'. Minister of Finance of Indonesia, Bambang Brodjonegoro said, "The idea of empowering future business that runs through the core of the 12th World Islamic Economic Forum is something that resonates strongly in Indonesia.

It is a mantra for growth which aligns directly with the Government's own commitment to developing a thriving modern economy, summarized in our Nawa Cita Nine Priority Agenda of President Joko Widodo."

Minister Brodjonegoro added that finance is only one aspect of the Islamic economy which is set to deliver huge rewards for those who embrace it. The emphasis of the 12th WIEF on Islamic Finance will fully unlock Indonesia's potential of becoming a global leader in the field in the coming years.

He believes the 'I Love Sharia Finance Program' will serve as a catalyst to expand Islamic finance's share of the national finance markets to 15 percent by 2023.

Brodjonegoro said creative industries, Islamic travel and Halal food markets are other areas that will benefit from the fast-growing Islamic economy which is not limited to the Muslim world, but can be better grasped in partnership with the wider international community.

Chairman, WIEF Foundation, Tun Musa Hitam said, "Our focus at the 12th WIEF, as in our previous fora, will continue to be on promoting business and economic collaboration as a fundamental doctrine to improve the economic well-being of the global community."

Decentralisation of growth empowers MSMEs by facilitating a larger participation in mainstream economy that ensures inclusive economic development, spurs innovation and improves efficiency, giving enterprises the competitive edge to navigate through the ever-evolving business landscape.