The Seventh Islamic Conference of Foreign Ministers held in May 1976 in Istanbul, Turkey put forward the idea to establish the Islamic Chamber of Commerce and Industry. The idea was approved by the First Conference of the Chambers of Commerce and Industry held in October 1977 in Istanbul , after which its Constitution was adopted by the Second Conference of Chambers of Commerce and Industry held in December 1978 in Karachi, Pakistan.
The Islamic Chamber is an affiliated organ of the Organization of Islamic Conference (OIC) and represents the private sector of 57 member countries. It aims at strengthening closer collaboration in the field of trade, commerce, information technology, insurance/reinsurance, shipping, banking, promotion of investment opportunities and joint ventures in the member countries. Its membership is comprised of the National Chambers/Unions/Federations of Chambers of Commerce and Industry of the member countries.
1) Ethical objectives:
- To revive ethical value in trade transactions.
- To disseminate awareness of Islamic economics.
- To deepen solidarity and fraternity.
- To disseminate Arabic language.
2) Practical objectives:
- Development of labor exchange volumes.
- Development of volume of tourism.
- Augmentation of investments volume.
- Increase of trade exchange volume.
- Increasing national production.
- Developing educational curriculum according to market needs and development requirements.
- To give due attention to media industry jointly between Muslim and non-Muslim.
- To give due attention to studies, research and to encourage innovations and inventions.
- To embrace aspirations of the Ummah youth and open business opportunities for them.
3) General objectives:
- To coordinate and cooperate with the Organization of Islamic Conference and its related Institutions to accomplish the Islamic solidarity to face the threats against Islamic nation.
- To encourage cooperation for settlement of mutual agreements among economic organizations and associations of the Islamic countries.
- Fostering relations with international organizations.
- Encouraging cooperation in Islamic banking business and facilitate capital mobility.
- Settlement of industrial and trade disputes through arbitration.
- To organize conferences, lectures and forums that would serve member countries and enhance coordination among them.
- To strengthen the connections with the international organizations such as the UN and its specialized Institutions and international trade organizations with the objective of strengthening the role of the private sector in the socio-economic development process.
- To create business oriented resources, including establishment of Private Waqf Fund “endowment”, and trade financing portfolios with the objective of enhancing the Intra-Islamic trade. And to organize trade fairs and exhibitions for promoting goods and services, in order to maintain a stable and constant source of income to the ICCI and to benefit from the revenues of the proposed Waqf for supporting projects aimed at developing the Muslim communities and minorities and to serve the objectives of the Islamic Chamber.
- To establish forums of the Muslim Businessmen in the Islamic countries and in the Muslim communities and minorities worldwide with definition for its duties and privileges