GOLD DINARS AS TRADING CURRENCY AMONG RESOLUTIONS PASSED

KUALA LUMPUR, Jan 16 (Bernama) -- Initiatives to expedite the use of gold dinars
as an alternative main trading currency is among 29 resolutions adopted at the
Third Islamic Economic Congress that ended Thursday.

The four-day congress attended by some 1,000 participants and observers also
want the move to integrate Islamic finance system among Islamic nations at
regional and global levels be speeded up.

It was also suggested Malaysia take the lead in the Economic Chapter of the
57-member of the Organisation of the Islamic Conference (OIC) in paving the way
for restriction-free investment and trade inflow to Islamic countries.

Earlier, the Regent of northern state of Perak, Raja Dr Nazrin Shah, in his
closing address asked the congress committee to present the resolutions passed
as an "information paper" to the Conference of Rulers.

To pursue economic system growth, syariah-based business and
entrepreneurship, the congress proposed to the government to set up Islamic
Economic Research Institute Malaysia to conduct macro and micro studies.

The congress also passed a resolution to pursue the "business holy war" for
Muslim traders to strengthen their socio-economic status by promoting
entrepreneurial skills.

It also urged the government to set an economic attainment target including
for equity and asset ownership by Muslims in the country.

The government was also urged to fix new Key Performance Indicators for
government agencies and government-linked companies (GLCs) to empower small-and
medium-scale industries run by Muslim entrepreneurs.

To support the effort, the congress suggested the establishment of an
Islamic SMI Consultative Council to provide the participative avenue for
representatives from all sectors.

A corporate endowment body by government trust bodies and GLCs must be
initiated in line with the corporate social responsibility, it said

In tandem with plans to set up entrepreneur-friendly financial institutions,
the congress suggested the formation of Bank Pembangunan Islam Malaysia
(Malaysian Islamic Development Bank), Bank Al Qardhul Hassan, Bank Permodalan
(funds bank) and Pelaburan Wakaf Antarabangsa (international "wakaf"
investments).

It also proposed the formation of a Islamic Religious Affairs Coordination
Ministry to smoothen coordination and administration of the nation's economic
issues and Malaysian Muslims economic activities.
-- BERNAMA