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Islamic Voice Logo
MONTHLY    *    Vol 11-01 No:121    *  JANUARY 1997/ RAMADAN 1417H
email: editor@islamicvoice.com

Islamic Economy Monitor







Erbakan Urges Common Trading Currency for Muslim Nations

By A Staff Writer
ISTANBUL
:     The fourth Annual industrial trade fair MUSIAD held here between November 19 and 24 drew 500 companies from 32 countries. The fair designed to enhance trade and commerce between Islamic countries put on display a large range of goods manufactured in the Islamic world.

Inaugurating the MUSIAD, Turkish Prime Minister Necmetting Erabakan urged the Muslim nations to set up their own trading currency. He said the inter-Islamic nation trade through US dollars lent hefty commissions to Uncle Sam who thrived on unearned income. Dr. Erbakan who leads the Islamist Refah Party Government in Turkey, said only 8 percent of the total trade by Muslim countries was between themselves. He urged the Islamic nations to enhance exchange of goods between themselves. The Singapore Commerce Minister called for Islamic integrity and character among the businessman.

MUSIAD (Mustakil Sanayiei Ve Isa Damlari Dernegi) was set up by a group of Muslim businessmen committed to social and economic development in the country by promoting quality production and honesty and fair trade. Erol Yarar is the Musiad President currently. The companies which set up stalls were manufacturing textiles, computers, chemicals, carpets, printing machinery, automobiles, engineering goods, cars, leather goods, cosmetics, beverages, confectionery, packaging machines, motorbikes, porcelain, foods etc. (The report is based on interview held with Mr. Showkath Ali Khan, a Bangalore based businessman who participated in the fair.)



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IDB, WAMY to Finance
New Islamic Varsity in India

RIYADH: Benevolent institutions in Saudi Arabia have expressed willingness to partly finance the proposed construction of an Islamic University in Noida, New Delhi.

The Jeddah-based Islamic Development Bank (IDB), the World Assembly of Muslim Youth (WAMY) and Dr. Abdullah Omar Naseef, the vice-president of the Shoura Council, voiced support for the project which is estimated to cost over SR.136 million.

This was disclosed at a press conference in Riyadh by Syed Hamid, the visiting former vice-chancellor of Aligarh Muslim University and chairman of the All India Education Movement (AIEM) and an IDB representative in India.

They said they were called upon by the Saudi Officials to discuss the details of the project. The IDB has so far disbursed around SR14 million as scholarships to Indian Muslim Students, Khan said. "IDB presently sponsors scholarship programmes for deserving medical and engineering students or related disciplines from as many as 50 countries, including India," he added. The IDB has allocated another $30 million which it releases in phases to the Muslim organisations for the building of education institutions in India, Khan added.

The University will provide educational assistance in disciplines such as the sciences, technology and management. In sciences, the emphasis is on the applied aspects and high-technology areas. As planned, the university will be in operation by July 1998. "The University, is to be constructed over an area of 100 acres annually over the next 10 years," the visiting official said. Hamid said another 100 schools and 200 industrial training institutes and polytechnic colleges will be opened by different Muslim organisations in the country. (Saudi Gazette)

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