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PM to realize socio-economic potential of Islamic world

PM Nawaz News

Pakistan, Islamabad News : Prime Minister Mian Nawaz Sharif on Tuesday proposed a five-point strategy to realize the true socio-economic potential of the Islamic world that constitutes 23% of the world population.

The prime minister was addressing the World Islamic Economic Forum (WIFE) in London today (Tuesday).

Mian Nawaz Sharif said “apart from responsible exploitation of our physical resources‚ we also need to focus on human resource development and scientific advancement.”

He regretted that today only one percent of the scientific research articles are produced in the Muslim countries as against 90% published by Muslim scientists in Middle Ages.

The prime minister called for quick movement from mere consumption to increased production of economic goods and services.

“We must transform our natural resource and labour-based economy to private sector led and value- added economy,” he said. “There is need to adopt an inclusive and collaborative growth models for benefit of our people.”

He said Islamic system of finance may provide answer to multi-faceted problems of interest based financial system. He pointed out that assets of banks and financial institutions practicing Islamic finances have reached impressive figure of 1.3 trillion dollars.

Three hundred and seventy-five banks and financial institutions are practicing dedicated Islamic finance while 110 conventional banks and financial institutions offer Islamic finance windows.

He said problems and challenges of the Muslim world and the rest of the world offer scope for cooperation in sectors like energy‚ water‚ infrastructure‚ trade and investment.

The prime minister also referred to movement towards knowledge-based economy‚ revolution in information and communication‚ and unprecedented movement of goods and services and flow of capital in the past two decades. He said these developments have positive impact on the world as the global wealth has more than doubled since 2000 reaching to 241 trillion dollars but many economies have lagged behind and absolute number of poor in these countries has actually increased.

He said Islamic nations have much to offer to the world both in economic contribution as well as social and political philosophies.

“Muslim countries have combined GDP of 6.6 trillion dollars which is only eight percent of the world GDP. Our countries are spread over a land mass constituting one third of world and possess vast amount of natural resource. We connect East with the West yet our exports are only 14% of the global exports. Average GDP Per Capita Income in 57 Islamic countries is 4900 dollars which is less than half of the global average of 10400 dollars.”

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