Islamic Economic Monitor

Stress on Intra OIC Trade

Dr. Ali was speaking at the first conference of the International Islamic Forum for Development of Science, Technology and Human Resources (IIFTIHAR) on December 15. He said the import volume among the Muslim countries in the same year reached only 6.6 percent of the total import by OIC nations which were worth US $287.6 billion. He said nearly 40 percent of the development funds were being used for repayment of foreign debts. He said two-thirds of the total of IDB funds were being used by Islamic countries to finance trade conducted with advanced countries.
Dr. Ali revealed that only four Muslim countries were classified as rich and they belonged to the oil producing nations. Of the 40 Muslim countries 19 are classified as countries with medium and the rest 21 countries as low-income ones. The GNP growth rate of Muslim countries showed an average decline in the last decade and one-fourth of their population was still living below poverty line.

Dr. Ali quoting further statistics said 200 million people of Muslim countries did not receive proper medical care while 300-400 million people had no access to clean potable water. Dr. Ali said the Muslim world could overcome problems through cooperation and planning.

The IDB has invited nominations in the area of Islamic economics, to encourage creative efforts of outstanding merit in this field, for its 1417th (1997) award IDB has established one prize to be awarded on annual basis alternating between Islamic economics and Islamic banking. Individuals, universities, academics, financial and Islamic institutions throughout the world, have been asked to nominate whoever they deem eligible for the award in the field of Islamic economics.(Islamic Development Bank, P.O.Box-5925, Jeddah-21432, K.S.A)