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JAKARTA: Indonesia has proposed the formation of an Islamic global fund to help the least developed Muslim countries weather the global financial crisis.
The idea was mooted by Indonesian President Susilo Bambang Yudhoyono at the opening of the World Islamic Economic Forum in Jakarta.
He said the fund could come from the sizeable reserves of the oil-exporting Muslim countries.
It is one of the worst financial crisis in history. For the Muslim government and business leaders at the Fifth World Islamic Economic Forum in Jakarta, it is also a storm which has spared no one.
But even then, it is critical that rich Muslim countries rally together to help their less-fortunate members, said the Indonesian president.
Dr Yudhoyono said: "I believe it is worth considering whether an Islamic World Expenditure Support Fund can also be established so that the least developed Muslim countries could directly benefit from the availability of sizeable reserves in the hands of oil-exporting Muslim countries."
The Islamic World Expenditure Support Fund is fashioned on the Global Expenditure Fund, which was first proposed during the G-20 summit in the US last year.
The Islamic fund, however, is meant to help the least developed Muslim countries that are facing severe financing constraints.
The global Islamic banking and finance system - now estimated at US$1 trillion - is expected to receive a boost at the forum.
Besides discussing the current financial turmoil, delegates from over 50 countries will also exchange ideas on how to tackle other global economic concerns, such as the food and energy crisis.
- CNA/ir
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