PM proposes Muslim VC fund

Prime Minister Datuk Seri Abdullah Ahmad Badawi has proposed the setting up of a Muslim venture capital fund at the level of the World Islamic Economic Forum (WIEF) to jump start enterpreneurship and innovation within the Muslim world.

"Some thought can be given to the possibility of setting up a Muslim venture capital fund at the level of the WIEF, leveraging on the networks among members of this forum," he said in his opening address at the Third WIEF here yesterday.

WIEF is a platform dedicated to the exchange of ideas, business collaboration and economic cooperation to strengthen business and trade relationship among Muslim nations as well as between Muslims and non-Muslims.

Abdullah said there was a need to create a business environment that provided resources for innovation.

"One of the pillars of modern enterprise is the existence of a thriving venture capital industry, which provides much-needed funds for aspiring entreprenuers.

"When easy access to capital is allied with ingenuity and innovation, enterprise blooms like flowers in springtime," he said.

Abdullah also said there were a number of Muslim countries which enjoyed large revenues from oil production and many Muslims around the world had the capacity to invest in innovation.

"The wealth is there for us to invest," he added.

There was already a good track record of international collaboration within the Muslim ummah, Abdullah said.

He cited examples of the Islamic Development Bank and the Islamic Financial Services Board, which serve to develop global standards for the emerging Islamic financial services industry.

"An international zakat organisation is also in the works, designed to leverage on the concept of zakat to go beyond borders to help uplift the standard of life for Muslims around the globe," he said.

With this context in mind, he believed that the WIEF would continue to play its role as an important platform for the promotion of innovation within the Muslim ummah.