The 9th World Islamic Economic Forum bearing the theme “Changing World, New Relationships” opened at ExCel London on October 29. This is the Forum's first annual event in Europe following successes in Malaysia, Kazakhstan, Indonesia, Kuwait and Pakistan.

Delegations from more than 115 countries are reportedly attending the Forum that will last till October 31.

At the 9th WIEF, sessions are adapted to increase delegates' participation as they explore business and investment opportunities, as well as engage in discourse on topical issues and how best to address them.

Key areas of focus at the 9th WIFE forum London includes Islamic banking and finance, technology, infrastructure development, health, exports, education and youth.

According to press release issued by British Embassy in Dushanbe, Baroness Warsi notes that WIEF London encapsulates the emergence of new economic ties between nations, religions and cultures.

“Some want investments that are managed in accordance with their faith. Others are, in the wake of the financial crisis, drawn by principles of balance, shared risk, fairness and transparency. While others still are attracted by the sheer potential of an industry worth around $1.85 trillion globally with growth rates of up to 15% per year.  Whatever the draw, the buzz around Islamic and ethical finance continues to grow louder and stronger.

“The UK, already home to the world’s financial and legal capital, is an increasingly important global player in Islamic Finance and its status, reach and competitive market makes the service it is able to offer truly unique.

“Our expertise in Islamic Finance, where we have a growing number of banks, law firms and other service providers with a wealth of experience, is highly developed, and supported by an internationally renowned legal system and regulatory framework; a time-zone that is advantageous to doing businesses in the East and in the West; and thriving and cutting edge sectors as diverse as healthcare, education and smart cities.

“As delegates will see this week, the UK is open for business and has the experience, the skills, the innovation, and the connections to overcome the challenges of the global, 24 hour market and make the most of every economic opportunity. It’s why we are rightly seen as a partner of choice and why this week’s WIEF will cement Britain’s position as the leading Western country for Islamic finance.”

Sayeeda Hussain Warsi, Baroness Warsi PC is a British solicitor and politician of Pakistani origin who was created a life peer in 2007.  From May 2010 to September 2012 she was the Co-Chairman, along with Lord Feldman, of the Conservative Party, and a Minister without Portfolio in David Cameron's Cabinet.  She was the third Muslim minister and the first female Muslim to serve as a minister in the United Kingdom.  On September 4, 2012, she was appointed Senior Minister of State for Foreign and Commonwealth Affairs in the Foreign and Commonwealth Office and Minister for Faith and Communities.

Formally established on March 6, 2006, the World Islamic Economic Forum started off from a modest beginning as the OIC Business Forum, which was held on 15 October 2003, in conjunction with the tenth OIC Summit in Malaysia.  The inaugural OIC Business Forum sought to create a business ‘face’ of the OIC.  The Forum brought together government leaders, captains of industries, academic scholars, regional experts, professionals and corporate managers to discuss opportunities for business partnerships in the Muslim world.

The second OIC Business Forum was convened in Kuala Lumpur in 2004, a momentous event that brought about the birth of the World Islamic Economic Forum and the subsequent convening of the 1st WIEF in Kuala Lumpur in 2005.  This was an important shift that opened up the Forum to include Muslim communities beyond OIC countries and other non-Muslim communities across the globe.

The objective of the WIEF is to facilitate business amongst the Muslim World, promoting and encouraging profits that would eventually flow down to the much neglected peoples