2005 News Story

Third Islamic economic conference concludes in Makkah

The third Islamic economic conference, concluding its deliberations at Um Al-Qura University in Makkah, has called for the establishment of an Islamic capital market, to be formed by the central banks and Islamic financial institutions in Muslim countries. The three-day conference also stressed the need to enhance economic cooperation among the 57 member states of the Organization of the Islamic Conference (OIC); and urged Muslim governments to upgrade the departments of Islamic economics at their universities to deal with the requirements of the labor market.

The communiqué of the third Islamic economic conference also proposed the establishment of special units in Islamic insurance companies to ensure compliance with Shari’ah regulations; urged Islamic governments to set up independent bodies for efficient collection and distribution of Zakat; stressed the need to modernize endowment establishments; recommended tough measures to prevent money laundering; and called for greater efforts to promote privatization of state-owned corporations.