Building upon its successful event last year in Islamabad , The WIEF hosted its 3rd Forum in Kuala Lumpur 27-29th of May 2007 aimed at boosting cooperation among business professionals engaged in Muslim world economies. The Forum provided a mix of inspirational and practical advise to business leaders for lifting their capabilities and making a positive impact to the socia-economic state of Muslims globally.
Setting the inspirational tone for the Forum were Indonesian President Susilo Bambang Yudhoyono, Kuwaiti Prime Minister Sheikh Nasser Al-Mohamad Al-Ahmad Al-Sabah, Malaysian Prime Minister Dato Seri Abdullah Ahmad Badawi of Malaysia, and Mr. Musa Hitam, Chairman of the World Islamic Economic Forum Foundation.
Prime Minister Badawai asked Muslims to take ownership of their destinies by focussing on eduation and innovation and engaging with the global community. "We must break the shackles of rigidity and dogma that currently envelopes Islam and the Muslims. We must go beyond rituals and ceremonies in Islam. As Muslims, we believe that God looks after us, that we can be the best of people. But we must earn the right to be best. We must re-discover our ability and passion for knowledge and innovation. The Muslim faith has a rich tradition of innovation and enterprise and we must reclaim that legacy," he said.
Most working sessions involved practical steps on Leadership Strategies, Innovation, and Industry Opportunities (telecom, energy & water, infrastructure, travel & toursim, retail & consumer, Islamic finance) by a panel of experts.
A delegate brief prepared by PricewaterhouseCoopers(PwC) presented detailed analysis on each of these topics. On the topic of "Building tomorrow's innovative company", the Brief highlights with some examples how innovation extends beyond Product innovation only and includes looking into Process innovation as well as Business Model innovation. It also references a PwC Innovation Survey which points out that, "Top innovators generate over 75% of revenue from products not in existince five years earlier," 
The Brief also looked at the current state of competitiveness in Muslim majority countries referencing the World Economic Forum's Global Competitiveness Index 2006, in which only Indonesia, Malaysia, Turkey and UAE had above average scores on innovation. However, it also points to recent regional/ global success stories from the DS100 - Top 100 Companies of the Muslim World list.
The Forum had over 900 participants from 65 plus countries providing ample networking oportunities. The official outcome of the Forum was catured in its declaration which included endorsing a program to make affordable computers available to disadvantaged Muslims, to establish scholarships and internships for Muslim youth, and to support leadership training programs and collaborative university research. The event also hosted a Young Leaders and Businesswomen Forum.
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