A declaration issued at the end of a three-day meeting listed the initiatives and urged the 57 governments of the Organization of the Islamic Conference (OIC) to facilitate trade and business environments.

Delegates called for governments to "consider the establishment of an Islamic Free Trade Agreement through regional and sub-regional FTAs in a step-by-step, time-bound process that would ultimately lead to an Islamic Common Market," said the declaration.

Co-chairman of the forum, Musa Hitam, said a free trade accord signed by OIC member countries would be a "realistic" step towards achieving an Islamic common market, a long-held vision of the OIC.

"That resolution reflects a recognition on the part of the business community of the difficulties, the patience, the care that needs to be paid attention to before we can realise this idea of free trade within the OIC community," he told reporters.

The forum, which had debated poverty alleviation in Muslim countries, called for a private-sector sponsored World Islamic Economic Development Corporation to promote investment and infrastructure projects in OIC countries.

It also floated plans for a global Islamic businesswomen's network and an education trust to be funded by Muslim entrepreneurs emphasising science and information technology arenas.

The forum pledged to "establish relevant task forces each led by a prominent Islamic business leader to develop specific practical implementation plans" for the initiatives.