World Islamic Economic Forum (WIEF) is an annual event that hosts roundtable discussions on the present state and future of the Islamic world and its economies. It is organized by the World Islamic Economic Forum Foundation, whose board of trustees is supported by an international advisory panel as well as a permanent secretariat in Kuala Lumpur, Malaysia.

In 2017, the WIEF through its Education Trust held a conference on World Economic Forum (WEC) founder Klaus Schwab’s “Fourth Industrial Revolution” theory. According to one expert who presented, China and India were attracting the most artificial intelligence-based capital outside of the United States and represent the economies of the future.

World Islamic Economic Forum (WIEF) Foundation

The World Islamic Economic Forum is organized by the World Islamic Economic Forum Foundation, whose board of trustees is supported by an international advisory panel as well as a permanent secretariat in Kuala Lumpur. The foundation is also in charge of carrying out WIEF initiatives such as the Businesswomen Network, Young Leaders Network, Education Trust, POWERTALK, and the Roundtable Series. ¹

In 2017, the WIEF through its Education Trust held a conference on World Economic Forum (WEC) founder Klaus Schwab’s “Fourth Industrial Revolution” theory, discussing the disruptive effects of artificial intelligence. The conference featured speakers from NGOs and universities, and according to one expert present on the stage, China and India were attracting the most AI-based capital outside of the United States and represent the economies of the future. ²

On its website the WIEF Foundation lists several of its supporters and donors including the Organizations of the Islamic Conference (OIC), the Islamic Development Bank (IsDB), the Islamic Educational, Scientific and Cultural Organization (ISESCO), the Islamic Chamber of Commerce and Industry (ICCI), the Islamic Centre for Development of Trade (ICDT), and the Mustakil Sanayici ve isadamlari Dernegi (or the Independent Industrialists and Businessmen Association) (MUSIAD). ³ Past supporters of the WIEF Foundation listed include the Albukhary International University in Malaysia, the Malaysia-based Federal Land Development Authority (FELDA), and the government of Brunei located in Southeast Asia. ⁴

Environmental, Social and Governance (ESG)

The World Islamic Economic Forum promotes the concept and principles of Environmental, Social and Governance (ESG) activism, which aims to advocate for ESG criteria as part of evaluating business operations. ⁵ One WIEF article described ESG as a balance between “looking back to what was and looking forward to can could be [sic].” It claimed that humans “are facing imminent problems with natural as well as socioeconomic and geopolitical wellbeing” and that businesses are therefore “obliged to contribute in any efforts to solve problems of the ecosystem.” The article further advocated for companies to undertake a “holistic transformation internally and externally.” Finally, the article suggested that ESG activists should seek to harness the power of big data, analytics, as well as augmented reality, virtual reality, robotics, drones, and 3D printing to enhance corporate smart factories and services. ⁶

Roundtables

In 2022, WIEF held its 17th roundtable in Penang, Malaysia called “Economic Rebound: Transforming the Future.” It held discussions on five topics: “Economic Revitalization: Mapping a Sustainable Recovery,” “Net Zero Transition: Growing Urgency,” “Digital Transformation Revolution: Embracing Technology,” “Muslim-Friendly Tourism and Hospitality: Capturing Opportunities,” and “Revitalizing Waqf: Role of Islamic Finance.” The panel discussions covered topics such as the global recovery after the COVID-19 pandemic and how Islamic economic and financial power could be used to support the global economic recovery. ⁷

1. Home. World Economic Forum Foundation. Accessed July 25, 2023. https://wief.org/.
2. “Are we ready to face the fourth industrial revolution – Artificial Intelligence?” wife. May 15, 2017. Accessed July 25, 2023. https://wief.org/press-release/ready-face-fourth-industrial-revolution-artificial-intelligence/.
3. “SUPPORTERS & DONORS.” World Islamic Economic Forum, Accessed February 16, 2024. https://wief.org/supporters-donors/
4. “SUPPORTERS & DONORS.” World Islamic Economic Forum, Accessed February 16, 2024. https://wief.org/supporters-donors/
5. “In Focus.” WIEF. Accessed July 25, 2023. https://infocus.wief.org/.
6. Wisnoentoro, Rizky. “How to Adopt ESG Principles.” WIEF. Accessed July 25, 2023. https://infocus.wief.org/how-to-shift-to-and-adopt-esg-principles/.
7. “17th World Economic Forum (WIEF) Roundtable.” ISDB. October 12, 2022. Accessed July 25, 2023. https://www.isdb.org/coekl/news/17th-world-islamic-economic-forum-wief-roundtable.