Statements at the Meeting with Economists Participating in the Islamic Development Bank Conference

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

I welcome the esteemed guests of the Islamic Republic and congratulate them on the occasion of the birth of the Prophet of Islam (peace be upon him).

What pleases one at first glance is that this successful example of cooperation among Islamic countries has, thanks be to God, passed three decades and in this collective Islamic cooperative movement, it reflects a successful model of collaboration among Islamic countries; this is undoubtedly one of the things that is pleasing to Islam and indeed a definitive command of Islam, as the Quran states: "Cooperate in righteousness and piety." Today, Islamic countries need cooperation in all areas more than ever, including in economic matters and aiding the growth and development of the Islamic world.

Although Islam was a spiritual and moral movement and the ultimate goal of Islam is to build a complete human being in accordance with Islamic standards, undoubtedly, the advancement of science and economic progress is among the Islamic objectives; thus, you observe that in Islamic civilization, Islam emerged in one of the poorest and most backward regions of the world; yet, less than fifty years after its inception, more than fifty percent of the civilized world of that day was under the banner of Islam, and it was not long before the great Islamic world of that time became the pinnacle of human civilization in terms of science, various knowledge, and civil and economic advancements; this was only due to the blessings of Islamic teachings. Islam does not tell us to consider spirituality while remaining oblivious to the realities of human society. We must employ all necessary measures for the independence of the Islamic Ummah and for its dignity, one of the most important of which is the issue of the economy. Therefore, striving for the growth, development, and elevation of the economic aspect of the Islamic world is undoubtedly among the Islamic objectives.

The foundation of this Islamic Development Bank is based on the principles of Sharia and Islamic rulings; that is, you have sought to present a new model to the world; this is a good endeavor that has been undertaken. If you succeed in this endeavor, it will be a success of the Islamic model. When you can advance a significant project based on the Islamic financial model, which has such a vast scope, this itself is a form of promoting Islam and honoring it; therefore, we support the advancement of this financial center and the Islamic International Fund, considering it beneficial for the Islamic world and for Islam. What is important is that if the Islamic world, with its abundant capacities, does not organize its economy, it will undoubtedly become prey to others in this global economic movement.

The Islamic world is vast and possesses numerous resources and capacities: we are more than one billion in population; nearly half of the world's oil reserves belong to the Islamic world; about twenty-five percent of the world's gas reserves belong to the Islamic world; there is a plentiful and capable human resource in the Islamic world; the rich underground resources—aside from energy resources—are diverse and abundant in the Islamic world, and the ratio of some of them to the total resources of the world is significant and high; a large part of the essential and decisive waterways of the Earth also belongs to the Islamic world; the market of the Islamic world is one of the largest markets in the world; all of these are our capacities. The Islamic world has the potential to play a role in industry, agriculture, knowledge production, and in the general growth and development of the world.

If the Islamic world, which possesses greatness and resources, does not think about coordinating its resources and does not utilize these capacities as a cohesive unit, it will become prey to the powers that are currently competing for the division of global benefits. We do not want to be the share and prey of this power or that power; we want to utilize our own capacities and talents, which requires determination, resolve, and the mobilization and utilization of scientific and technological advancements; and we can accomplish these tasks.

Today, the share of the Islamic world in total global trade is very minimal; less than ten percent. Unfortunately, the share of trade among Islamic countries with one another is also low; that is, instead of Islamic countries exchanging their resources and utilizing each other's capacities, helping one another for the growth of trade and economic development and investment, they are increasingly turning towards non-Islamic countries and towards the West; this is our weakness.

We must place greater importance on economic mobilization within the Islamic world, and this important financial center, of which you are a member, can play very good roles in this regard. The barriers to trade among Islamic countries must be removed; this is a decision that governments must make. The idea of a common Islamic market is a completely practical idea; this idea has been proposed for years. Of course, establishing a common market among Islamic countries has prerequisites; it is difficult, but possible; we can prepare the groundwork for it over the course of several years. It is appropriate for the board of directors of this organization to be tasked with seeking the prerequisites for achieving this goal and to specify the actions that must be taken by the governments and Islamic countries, and the member governments of this organization should gradually prepare the groundwork. These are significant tasks; great tasks can be accomplished with high aspirations.

The economic movement of the Islamic world and the Islamic Ummah must be based on the fundamental justification that if in this conflicting world, where powers are in conflict over the control of the world, the Islamic Ummah is not powerful, it will undoubtedly fall into crisis and will be used as prey; this is the most important goal and justification for cooperation among Islamic countries.

It is very appropriate that in the main elements of the development model—which, according to this organization, considers increasing per capita income, enhancing education, and improving health—justice, which is the spirit of all these, is also taken into account, and the programs, actions, and projects we undertake in Islamic countries should focus on establishing social justice; this is one of the great teachings of Islam, which we must pay attention to in every economic movement.

One of the good things to think about is creating suitable conditions for concentrating banking activities in Islamic countries; that is, member countries should be able to concentrate their banking activities; because today, there is a prevailing insecurity in the world, and you see that the unrestrained power of great powers creates a sense of insecurity for all countries regarding their monetary reserves and assets. Islamic countries, with the slightest pretext, are threatened that their assets and wealth will be blocked. To create a sense of security in the Islamic world, it would be very beneficial for banking activities to be concentrated within the Islamic countries themselves; this, of course, has prerequisites and conditions; the conditions for work must be provided; planning can be done for this.

The issue of a common market is very important. Today, you see that powerful economic blocs are working and benefiting in various corners of the world. The Islamic world can also create a powerful economic bloc through cooperation.

We hope that the Almighty God grants all Islamic governments the success to address this issue with complete attention and care, recognizing it as an important task, and that they will continue this successful model, God willing.

Peace be upon you and God's mercy and blessings.