An Exclusive Interview with- Secretary General of WIEF Foundation
TAN SRI Ahmad Fuzi Bin Abdul Razak
ESTABLISHED in 2005, the World Islamic Economic Forum (WIEF) has emerged as the most influential gathering of Muslim leaders from around the world. The ISFIRE Analysis Team believes that the establishment of WIEF was the most important development in the Muslim world after the founding of the Organisation of Islamic Conference (now renamed as Organisation of Islamic Cooperation (OIC)) and Islamic Development Bank in the 1970s. Given the important role WIEF is playing in bolstering business relationships amongst the OIC countries and beyond, ISFIRE decided to talk to the man at the help of the WIEF Foundation, Secretary General Tan Sri Ahmad Fuzi Bin Abdul Razak.
Please tell us about the role of the WIEF Foundation in promoting relations amongst the member countries of the OIC.
The WIEF traces its roots back to 2003 with the formation of the OIC Business Forum, established to promote stronger economic cooperation amongst the OIC member countries. In 2004, the member countries agreed unanimously that business partnerships have a lot of potential in nurturing unity and prosperity amongst the global Muslim community, and more resources and commitment needed to be put in place to bolster member countries’ economic performance. In 2005, the first WIEF conference took place, and in 2006 the WIEF Foundation was set up to administer the WIEF. The establishment of the WIEF Foundation opened up the Forum to include Muslim communities beyond the OIC countries and other non-Muslim communities across the globe.
Since then, the WIEF has progressed into becoming a globally recognised Forum that helps build bridges through business between the Muslim and non-Muslim worlds. The Forum has now become an important platform for participants:
To discuss economic issues concerning the Muslim and non-Muslim world;
- To engage in networking and closing of business deals;
- To develop entrepreneurship amongst youth and women;
- To enhance capacity building for business development;
- To introduce new business and economic initiatives;
- To nurture leadership and talent in business.
Despite the WIEF’s short history, it has played a key role in fostering relationships amongst the OIC member countries, increasing their involvement in global trade and their share in the world economy.
How successful was the 9th World Islamic Economic Forum held in London last October? Are you planning to hold a follow-up event in London to keep the momentum going? Also share with us the progress of the 10th WIEF planned to be in Dubai later this year.
The 9th WIEF was a significant milestone for us as it was the first Forum held outside of the Muslim world. The event received full UK government support. The feedback received from our partners and more than 2,700 participating delegates was very positive. With 18 world leaders present at the Forum, our progress in building bridges was noteworthy.
The Forum demonstrated the potential of Islamic finance for both Muslim and non-Muslim countries. The UK’s announcement at the Forum that it would issue a sovereign sukuk and launch the first Islamic market index at the London Stock Exchange have indeed opened the eyes of other non-Muslim countries. The Republic of Korea, India, Spain, Japan and China are keen to explore the benefits that could be derived through the introduction of Islamic finance and the halal industry in their respective countries through close collaboration with the WIEF.
Prime Minister David Cameron and the Mayor of London, Boris Johnson, as well as the various British agencies that we work with, have been great in supporting the WIEF, and we look forward to undertaking more mutually beneficial programmes in the UK in the near future.
Our efforts at the Secretariat are now focused towards preparing for the 10th WIEF to be held in Dubai on 28 – 30 October, 2014, at Madinat Jumeirah. Our team is really excited as we are working closely with the Dubai Chamber of Commerce with the full support of the Government of Malaysia and Dubai. We hope to replicate the success achieved in London by introducing new elements and ideas to help maximise the impact of the Forum in the Middle East. You can log on to our website www.10thwief.org for additional details on the Forum which promises to be yet another WIEF not to be missed!
It is widely believed that Turkey is a rising star in the global Islamic finance services industry. What steps are the WIEF Foundation taking to connect Turkey with other stakeholder countries in Islamic banking and finance?
As you are aware Turkey is the world’s 17th largest economy with a population of approximately 76 million, the majority of whom are Muslims. It is indisputable that there is a lot of potential for the Islamic finance services industry to thrive in Turkey. Through our partner, MUSIAD, (Independent Industrialists and Businessmen’s Association), Turkey has been actively supporting the WIEF since 2011. We have successfully organised a roundtable that focused on “Business Opportunities in Kazakhstan” and “Empowering SMEs in Far Eastern Markets & Impact of Globalisation of SMEs” in Istanbul in 2011.
Another roundtable will be organised in Istanbul on 20th May to explore the challenges faced by Turkey in its pursuit to promote a more dynamic Islamic finance industry in the country. It will also address the key development areas for a more sustainable industry with prominent experts from the UK, Malaysia, Bahrain and the UAE participating.
Please tell us about your role as Secretary General of the WIEF Foundation.
I was honoured to be appointed by the Chairman, Tun Musa Hitam, as the Secretary-General of the then newly constituted WIFE Foundation in 2008 after serving with the Malaysian Government for more than 36 years including as Secretary General of the Ministry of Foreign Affairs.
I am personally a strong believer in the WIEF and what it is striving to achieve for the benefit of the global Muslim community. In fact, I have been closely associated with the Forum from its inception back in 2003, and am a member of the WIEF Board of Trustees and the WIEF International Advisory Panel.
My basic task as Secretary General is to play a supervisory role in organising the WIEF, providing input on the content and structure of the Forum and securing the support and participation of the government and corporate leaders to ensure its success. I see the WIEF as a useful “economic face” for the Muslim world and I believe that fostering strong business and economic linkages between the Muslim and non-Muslim world would go a long way towards promoting peace, prosperity and the economic well-being of the international community.
I have to admit that being so involved in the evolution of the WIEF over the last 9 years and seeing its gradual acceptance as a globally recognized Forum has indeed been a fulfilling journey. But the journey is not over, and we at the WIEF Foundation are dedicated to bringing the Forum to even greater heights in the years ahead.
It appears as if there is little connection between WIEF Foundation and other Islamic finance bodies like Islamic Financial Services Board (IFSB) and International Islamic Liquidity Management Corporation (IILMC), both based in Kuala Lumpur.
Is this an incidental exclusion or part of an overall policy to keep WIEF Foundation independent of Islamic finance-related endeavours undertaken by the government of Malaysia?
The WIEF Foundation is more than just an Islamic finance entity and in practice welcomes partnership and collaboration of any kind with like-minded institutions, governmental or otherwise, as well as with SMEs and large corporations both in Malaysia and abroad.
We recognise the special role played by the Malaysian government in developing the IFSB and IILMC in Kuala Lumpur into cutting-edge institutions dealing with Islamic finance. These institutions have received worldwide acclaim and we have, in fact, been successfully tapping into their resources and expertise in organising our own programmes. Policy-wise we are opened to fostering relationships with any local or foreign institutions or organisations that are supportive of our vision, mission and objectives.
The World Islamic Economic Forum has certainly emerged as the flagship event of the WIEF Foundation.
What other projects and initiatives are being undertaken by the Foundation?
You are absolutely right that our core function is to organise the annual Forum. This will remain as our flagship offering. We are fortunate, however, to be blessed with enough resources to enable us to undertake special programmes and activities in between the Forums under the ambit of the WIEF Businesswomen Network (WBN), the WIEF Young Leaders Network (WYN), the WIEF Education Trust (WET) and the WIEF Roundtables in Malaysia and other countries that are well received and appreciated by our sponsors and participants.
What initiatives are being taken by the WIEF Foundation to promote female leadership in the Muslim world?
The WIEF Businesswomen Network (WBN) is one of the most active arms of the Foundation. Yearly, we organise capacity-building workshops to empower women from all walks of life in business. Some of the ongoing programmes for women are the WIEF Online Marketing Workshop, AWESOME (Accelerating Women Entrepreneurs in Small Operations and Medium-sized Enterprises) and Women Entrepreneurial Retreat. Special sessions have always been dedicated to promoting women entrepreneurship and leadership in business at our annual Forum.
On a personal note, please share with our readership your own background and how did you end up with the WIEF Foundation as its Secretary-General.
As I mentioned above, I was appointed to the post of Secretary-General by Chairman Tun Musa Hitam. I have had the honour of his acquaintance since the days I was in government service in Malaysia whilst he was serving in the government and then Special Envoy at the United Nations.
I sincerely appreciate that my civil service background and experience in organising countless regional and international meetings and dealing with foreign governments have been duly recognized. These experiences have enabled me to effectively perform my responsibilities as Secretary General of the WIEF.
Where do you see yourself and the WIEF Foundation in the next five years?
As they say in life nothing is permanent and a time will certainly come when the baton will have to be handed over in the proper manner. Until then I see myself continuing my dedication to the cause of the WIEF, helping to reinvigorate the Foundation to ensure its continued importance, relevance and sustainability. What I would really love to see is the widening of the footprint of the WIEF Foundation in countries we have yet to cover including those in Latin America by “building bridges through business” and promoting the concept of shared prosperity.
We observe that the success of the WIEF has prompted the emergence of other business and economic forums in the Muslim world. This is as it should be and we don’t see them as being in competition with us, but rather as one global collaborative effort that complements each other for the benefit of the global Muslim community.
Any message you would like to give to our readership, particularly women in the Muslim world?
My immediate message is to encourage your esteemed readers to attend our next Forum in Dubai in October and to take advantage of the opportunities made available to all participants at the Forum.
With respect to women it has always been my strong belief that women should enjoy a special place and be empowered to play an appropriate role in the Muslim world. The right to education for women should be strictly honoured so as to enable them to enjoy respect, status and dignity in society. Many women are being denied even such basic rights. By providing equal opportunities and resources, women can definitely excel in attaining economic self-sufficiency and independence without sacrificing the values and traditions of the society they live in. This is what the WIEF Foundation believes in and this is what we are dedicated to pursue in a small way for the benefit of women in the Muslim world.
