OICnetworks launches portal at Islamic meet in Sharjah

The Malaysian IT firm, OICnetworks, has launched its Web-based trading platform to facilitate trade between the 57 members of the Organisation of Islamic Conference (OIC).

The launch was done by Abdullah bin Rashid Al Kharji, acting president of Islamic Chamber of Commerce and Industry, at the ninth Islamic Trade Fair 2002 (ITF 2002) in Sharjah. "The need for a technology-driven model is imperative to compete globally for a greater share. OIC member nations can benefit if they are relevant with the international trading systems adopted by the world," said Dr. Ishkandar Bahrain, president and chief executive of OICnetworks.

According to a 2001 World Bank report, current trade levels among OIC member countries in 2000 was $813 billion.

OICnetworks aims to strengthen OIC trade volumes by $8 billion by 2005 through the use of its ICT infrastructure - OICtrade.

The company was incorporated in Kuala Lumpur through a joint venture between the Islamic Development Bank of Jeddah and MIMOS Berhad a Malaysian government-owned ICT company.
Meanwhile, Dubai Islamic Bank attracted great interest at the Sharjah fair.

"The Islamic Trade Fair is one of the most prestigious fairs in the Islamic banking sector," said Butti Khalfan bin Darwish, general manager of DIB.

"It provides an ideal platform for us to showcase our Islamic products and services and I am happy to see a great number of corporate and individual clients visiting our stand."

DIB is showcasing its Islamic, commercial, individual and real estate services. More than 30,000 trade visitors from both OIC and non-OIC states are attending the trade fair which runs until December 26. "Sharjah has given a lot of importance to investments and is working hard to develop the environment to fulfill the hopes of local investors and also to attract foreign investment," said Sheikh Tariq bin Faisal Al Qasimi, chairman of Sharjah Economic Development Department.