At the 12th World Islamic Economic Forum

In the Name of God, the Most Merciful, the Compassionate

Your Excellency, President Joko Widodo,
Your Excellency, Prime Minister Dato’ Sri Najib Tun Abdul Razak,
Your Excellency, Chairman of the World Islamic Economic Forum Foundation,
Excellencies,
Ladies and Gentlemen,

Peace, God’s mercy and blessings be upon you.

Let me begin by conveying to you all the greetings and warm wishes of His Majesty King Abdullah II ibn Al Hussein. His Majesty is keenly interested in the topics on the agenda of this distinguished August gathering, and wishes this Forum great success. I am honoured to deliver, on behalf of His Majesty, the speech to the Twelfth World Islamic Economic Forum, but first, I would like to thank the people and government of Indonesia for their warm hospitality. It is a pleasure to be here today.

Excellencies,
Ladies and Gentlemen,

As we meet in the impressive city of Jakarta, the capital of the most populated Muslim country, we are grateful to the Prime Minister of Malaysia as Patron of the World Islamic Economic Forum Foundation and the Government of Indonesia for hosting the Twelfth World Islamic Economic Forum. The theme “Decentralising Growth, Empowering Future Business” is important and urgent as we grapple with our economic woes and challenges.

With decentralisation of growth seeking to empower MSMEs by facilitating a larger participation in the mainstream economy, targeting in particular young entrepreneurs, it not only ensures inclusive economic development and innovation and improves efficiency, but it steers youth away from destructive radicalisation towards productive and creative lives. As we empower youth with the tools for innovation, and release their energies in producing better futures, we protect them against ideologies of hate.

Radicalisation may thrive on poverty and alienation, but this is not exclusive to remote, underdeveloped areas. People in overcrowded urban centres, especially megacities, are also at risk of being exposed to extremist ideologies. Therefore, our war on extremism and terrorism must be bolstered by the empowerment of the marginalised, the poor, the unemployed, across our societies and, most importantly, by the empowerment of our young majority.

Excellencies,
Ladies and Gentlemen,

Muslim economies must capitalise on the ingenuity and energy of our young populations through turning creative ideas into successful businesses. It is especially important that micro enterprises mature into medium and large enterprises, to generate employment opportunities and growth.

A successful realisation of this cycle turns the demographic challenge of our young majority into a unique growth opportunity. It is dependent on our ability to provide for our MSMEs’ financial needs. This remains one of the most binding constraints they face. And while the Islamic financial ecosystem has flourished over the past years, many Islamic financial institutions remain flush with liquidity that can be utilised to fulfil these needs. It is important to ensure that our Islamic financial intermediaries are able to nurture their economies with productive liquidity to unleash development, including access to Shariah compliant products that especially target entrepreneurs and MSMEs.

We should efficiently utilise our assets, human and financial, to focus development and wealth formation more towards the wellbeing of our broader societies.

And as we celebrate our successful young entrepreneurs as role models in our communities, we must equally acknowledge the courage of those who try and fail and encourage their persistence towards success.

Excellencies,
Ladies and Gentlemen,

Central governments alone cannot withstand the challenges of growing populations. The private sector and civil society institutions are called upon to join the efforts as full-fledged partners, to invoke both equitable and sustainable growth that encompasses all people in all regions. Providing for the development and empowerment of local communities in the periphery, as well as heavily populated urban centres can be strengthened by adequate structures of decentralisation that promote community growth and support local businesses and entrepreneurship.

This is why Jordan has embarked on an ambitious decentralisation process that will give citizens a larger role in building their future. This will lead to greater efficiency in managing local budgets and setting developmental priorities. It allows communities to become owners of their development and their success.

There is much that we can learn from each other, and I hope that a network can be created to foster such cooperation for the benefit of our countries and communities.

Excellencies,
Ladies and Gentlemen,

Finally, one cannot overstate the importance of protecting our youth from the scourge of those that commit murder in the name of God and Islam. The savagery and terror committed by the outlaws of Islam or the khawarej of our time in Syria, Iraq, Libya, Africa, Asia, Europe and America, and across the globe, goes beyond the economic conditions facing citizens, and it goes beyond the challenges of poverty or unemployment. This is also an ideological war within Islam and it requires us to protect the true values of our religion: Values of peace and moderation; values of love and respect for humanity, against the evil that seeks to destroy them. This is a war we have to fight together as Muslims and one we have to fight together with the rest of the world.

In closing, I would like to again thank the governments of Malaysia and Indonesia, and everyone involved in convening this meeting and providing the platform for this valuable exchange of thoughts.

Peace, God’s mercy and blessings be upon you.