World union for Islamic firms

DOHA - Eyeing support for Islamic economies, a group of Muslim scholars are planning a union for Islamic companies to help boost transactions and help the poor in the Muslim world.

"We want a strong Islamic alliance capable of competing with foreign goods," prominent scholar Wagdi Ghoneim told IslamOnline.

"It aims to provide support for sales of member companies against foreign products."

Ghoneim said the planned union will market products of its members.

"It will also give these companies the chance to enhance the quality of their products by benefiting from the researches conducted at the union's research center."

Headquartered in Belgium, the union is expected to be announced soon.

"It will be announced in the coming months," Ghoneim said.

Members will have to pay 2 percent of their monthly sales or profits to the union.

"In return, the members will enjoy several privileges," he said.

"Members will gain the union's badge to guarantee them protection against competition of foreign products."

Member companies will also have access to the union's research center.

"Each firm will also have a special page on the union's website," said Ghoneim.

Muslim unity

Ghoneim said the union aims to unite the Muslim world and solve problems facing Muslims worldwide.

"It is meant to improve the living conditions of poor brackets in the Muslim world," he told IOL.

He said the union would plan setting up businesses to fund small-scale projects for poor families.

"It will also provide for orphans in the Palestinian territories as well as offer grants for poor Muslim students to study at top-notch world universities."

The prominent scholar said that the union would also provide funds for scientific researches in the Muslim world.

It will also seek to provide protection to Islamic sanctities, especially Al-Aqsa Mosque, Islam's third holiest shrine.

"The union would also dedicate part of its members' profits to support victims of Israeli aggression the occupied lands.

"We will also offer part of the profits to help Islamic countries harmed by conflicts such as Iraq, Sudan, Somalia and Pakistan."

Islam | Business | | islamonline.com