WORLD ISLAMIC ECONOMIC FORUM'S CAPITALIST SPONSORS

London, 25 Dhul Hijja 1434/29 October 2013 (MINA) – World Islamic Economic Forum (WIEF), now underway in London triggers controversy with the sponsor of the capitalist enterprise.

Forum which began on Tuesday to October 31, the forum is being sponsored by Coca-Cola. This has led many Muslims to lose their trust in the forum, in which the subject of halal food will be discussed, World Bulletin quoted by Mi’raj News Agency (MINA) as reporting.

As well as Coca-Cola, other capitalist organizations like Bloomberg and the HSBC bank are among the sponsors.

More than 2,600 Muslim leaders of business and politics are gathering in London for the ninth WIEF, the first to be held outside an Islamic country.

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The “changing world, new relationships” themed forum will be held at Excel exhibiton centre in London’s Docklands. Among those expected to attend the two-day forum are, British Prime Minister David Cameron, Prime Minister of Malaysia Dato Sri Mohd Najib Tun Abdul Razak, Afghan President Hamid Karzai, member of the Bosnia Herzegovina Tripartite Presidency Bakir Izetbegovic, Pakistani Prime Minister Nawaz Sharif and Tunisian Prime Minister Ali Laarayedh.

“It is a great honour that the World Islamic Economic Forum has chosen our great city as the venue for its first conference ever to be held outside a Muslim country,” the Mayor of London Boris Johnson welcomed the event at the press conference ahead the event told, The Voice of Russia reports.

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David Cameron is expected to announce plans for an Islamic index on the London Stock Exchange, as part of the government’s plans to establish the city as a world leader in Islamic finance.

On the opening day of the World Islamic Economic Forum, the premier is also to announce that Britain will become the first non-Muslim country to issue Islamic bonds, known as sukuk.

The index will identify companies compliant with Islamic sharia law, which forbids the charging of interest and involvement in businesses dealing in alcohol or gambling.

The online media Dawn report that three-day conference will specifically devote ‘invest programmes’ on Pakistan, Bosnia and Afghanistan.

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Islamic finance assets were estimated at $1.6 trillion as at end-2012 and a growth rate of 20.4 per cent year-on-year.

Between 2008 and 2012, Islamic finance assets have grown at a compounded annual growth rate (CAGR) of 19.5 per cent. Market consensus is that total Islamic financial assets will reach $6.5 trillion by 2020. (T/P09/E1).

Mi’raj News Agency (MINA).