Fifth World Islamic Economic Forum opens in Indonesia

Jakarta - Indonesian President Susilo Bambang Yudhoyono Monday called on Muslims and non-Muslims to join hands in overcoming the economic crisis by taking the right policy measures and showing unyielding determination.

"The crises will not go away by themselves. We must come to grips with them, overcome them and make sure their history is never more repeated," he said in his opening remarks at the fifth World Islamic Economic Forum (WIEF) in Jakarta.

"The only way to do that is for all of us in the human race - Muslims and non-Muslims - to work closely together as we have never done before."

Hundreds of business leaders from across the Muslim world as well as senior officials such as Ekmeleddin Ihsanoglu, secretary-general of the Organization of the Islamic Conference were attending he meeting, running under the theme of "Food and Energy Resilience, Stemming the Global Financial Economic Crisis."

Organizers say the two-day forum aspires to change the global perception of the Muslim world from a conflict zone to a lucrative economic region. It is also aimed at promoting trade and investment opportunities in the Muslim world.

"There is a possibility that things will get worse before they get better. The latest breaking news is that the contagion of this epidemic has stricken the real economy and now threatens the world with the collapse of manufacturing industries," Yudhoyono said.

Yudhoyono, the leader of the world's most populous Muslim nation, also called for the establishment of an "Islamic World Expenditure Support Fund," which is expected to help developing and emerging Islamic economies to achieve their development goals.

Discussions are set to focus on the global financial meltdown, the environment and the future of fossil fuels central to economics in the Middle East, food security and small business development.

Islamic financial institutions had not been hit as hard as their Western counterparts because they did not invest in toxic assets, Yudhoyono said, adding that many in the West were now ready to learn from them.

He said it was time for Islamic banks to do some missionary work in the West. (dpa)

General: