JEDDAH, 17 May 2006 — The Islamic Chamber of Commerce and Industry (ICCI) plans to launch a number of investment projects including an international bank (named Al-Emaar) with a capital of SR3.75 billion and a media company with a capital of SR375 million, its Chairman Saleh Kamil announced on Monday.
Speaking to leading businessmen at the Riyadh Chamber of Commerce and Industry, Kamil said there are 57 federations of chambers in the Islamic world with a total of 700 chambers and more than 30 million businessmen. But the trade exchange between Islamic countries does not exceed 13 percent. “If we exclude oil and gas from the trade exchange the percentage will come down further to two percent of the total trade,” Kamil said. Muslim businessmen and investors do not show any interest in the primary market including industry and agriculture and focus on the secondary market such as banks and bourse, he pointed out.
Kamil, who is also chairman of Dallah AlBaraka, said Muslim businessmen could play a major in changing the landscape of the Islamic world. “If 10 percent of these businessmen had come together on a sound footing they could change the economic and social face of the Islamic world,” he stated.
Kamil said the ICCI had worked out a plan to promote trade and investment exchange among the 57-member Organization of the Islamic Conference (OIC).
“This plan aims at increasing gross domestic product, establishing strong media organizations and research centers, improving academic curricula and train young men and women to take up different jobs.”
He urged Saudi businessmen to invest in Al-Emaar bank, adding that the new bank would look for new investment opportunities and finance them. “We will launch this bank in Kuwait by the end of this month,” he said. “We have already received investments worth SR1.5 billion including contributions from the Islamic Development Bank, The Saudi Investment Bank, Kuwaiti Real Estate Bank and a UAE investor.”
There is another plan to establish an investment company in order to explore investment opportunities in the Islamic world. The company would carry out feasibility studies and prepares projects to promote investment, trade and exchange of tourists and labor among the Islamic countries.
It has been agreed to establish a businessmen forum to bring together businessmen to cooperate and make investments in the Islamic world. The membership of the forum will be composed of three categories based on easy availability of visa to Islamic countries, priority in participation in investment projects, easy availability of consultations, feasibility studies of projects, statistical reports and research carried put by ICCI.
Kamil also spoke about a Makkah visa that will give access to businessmen to enter all OIC countries. It will be an open visa with a five-year validity. He hoped that all OIC countries would support the Makkah visa project. “There is also a plan to establish an International Zakat Committee to promote the spirit of Islamic solidarity among Muslims,” he said.
Since its formation in 1977, the ICCI has been working to promote trade and economic relations among the OIC countries. According to the latest available statistics from UNCTAD, global trade stands at around $15 trillion and the share of Islamic countries amounts to only $647 billion. Given the fact, that the OIC countries, which account for 25 percent of the world population and having 40 percent of the raw material, the share of Islamic trade is only 4.3 percent of the global trade.
