The Conference on Investments in Islamic Countries, took place on Saturday May 21st, under the patronage of His Majesty King Abdullah II, who delegated His Excellency Dr. Mohammad Abu-Hammour, the Minister of Finance, to inaugurate the conference. The Conference was organized by the Jordanian Chamber of Commerce in cooperation with the Islamic Chamber of Commerce and Industry (ICCI). Following the inaugural speech by His Excellency the Minister, a number of industry leaders delivered their speeches. The speakers included Sheikh Saleh Kamel, the head of the ICCI, Mr. Rifaat Yasar Uglu, head of the Turkish Federation of Chambers of Commerce and Trade, as well as other global authorities in the field.
Dr. Khawla Al-Nobani was invited to deliver a paper on “Sukuk, Realities and Developmental Challenges” in the session addressing “Investment Funds, and Investments in Islamic Financial Markets, Islamic Sukuk, and Islamic Financing of Small and Medium-Sized Projects”. Dr. Al-Nobani added that Islamic Sukuk are also a perfect instrument to finance large projects, as they were used to finance $26 Billion in 160 issues during the first quarter of this year.
Dr. Al-Nobani indicated that Malaysia accounted for approximately half of the issues during the first quarter of this year, with 142 issues of varying structures worth $13 Billion. She stressed the vital role that Sukuk could play in the economic recovery through facilitating financing to Governments and companies to undertake projects that enable economic expansion with handsome returns on the investments.
The objective of the Conference was to open new avenues of economic cooperation, trade exchange and investments among Islamic countries. It also intended to facilitate a platform for trade exchange and institution building across the business community, Government, society, banks, and other financial institutions in the Islamic countries to foster an economic climate that supports sustainable growth. This is expected to facilitate discussions and dialogue on issues and challenges facing investments and investors in these countries. One of the goals of the conference was to facilitate face-to-face interactions between business people, project sponsors and potential investors, and create a platform for commercial activities with their peers in Islamic countries, so that the Islamic investments could be repatriated back to the Islamic countries rather than in the developed world, which carries immense benefits for the economies of these countries, in terms of higher GDP, and lower unemployment.
The Conference concluded with a set of recommendations to strengthen trade among Islamic countries, and to establish a development fund to support the Libyan refugees. The conference also stressed the importance of empowering women in business and investments, which will help reduce poverty levels in the Islamic countries.