By Abdulaziz Al-Mejren
KUWAIT, Oct 25 (KUNA) -- The Economic Council for Muslim Countries (ECMC) is planning to establish an Islamic stock market providing financial services according to the Islamic Shariaa (law), but compatible with modern systems.
ECMC General Secretary Ali Darwish, in an interview with Kuwait News Agency (KUNA), indicated that the council, in the foreseeable future, would examine several major projects, namely setting up the Islamic bourse. He also hinted that the council would lure the largest number possible of companies in Kuwait and other member states to be involved in the planned bourse.
Strategically, the ECMC seeks to establish an economic bloc to defend rights of the member countries at international quarters, aiding them tackle various economic problems namely those emerging due to drastic fall of oil prices.
Al-Shimali talked about diverse ideas such as launching joint enterprises, boosting inter-Islamic trade, offering transportation and custom facilities as well as encouraging investment of funds in Islamic rather than foreign countries.
Moreover, it envisages upgrading economic regulations and boosting expertise exchange among the Muslim nations.
Such ideas will be on the discussion table at the ECMC first conference, due in January.
The internationally-accredited ECMC was established last May, with headquarters based in Switzerland, as well as a branch in the State of Kuwait.
Islamic nations possess 74 percent of the global oil reserves. Inter-trade among Muslim nations amounted to USD 3.9 trillion in 2013, some 10.3 percent of global trade. (end) aam.rk