ISLAMABAD, Nov. 4 (Xinhua) -- A 3-day World Islamic Economic Forum (WIEF) will start here Sunday to explore market potentials of the Muslim world.

Over 300 delegates from 57 countries will discuss economic reforms in the Islamic countries with the industrialized world and try to make joint efforts to unleash the potential emerging markets and business beyond borders as the theme of the forum says.

Hosted by the Pakistani government, the current session of WIFE is being organized by the WIEF Foundation and co-organized by Asian Strategy and Leadership Institute in association with the Islamic Chamber of Commerce and Industry and the Islamic Center for Development of Trade.

The main objective of the WIEF forum is to provide a platform for the positive and healthy interaction between government leaders, civil society and business players for the benefit of the Muslim community throughout the world.

The forum, geared to be the "Davos" of the Muslim world, will provide an opportunity to identify and promote business and investment opportunities, engage in dialogue and exchange of ideas with Muslim and non-Muslim entrepreneurs.

It will provide an opportunity to update the knowledge and understanding of each country's priorities and plans for economic development and strengthen the Muslim brotherhood while promoting viable joint ventures and smart partnerships.

The WIEF was previously known as the Organization of Islamic Conference (OIC) Business Forum which had its first meeting in Oct.2003 on the sidelines of the 10th OIC summit in Putrajya, Malaysia.

At the second OIC business forum, held in Kula Lumpur in 2004, it was decided to rename it as the World Islamic Economic Forum (WIEF).

In today's energy-dominant economic order, it is important to ensure that revenues from the vast oil and gas reserves found in Islamic countries are channeled into assisting sustainable economic development of other Muslim countries.

The conference in Islamabad is expected to provide both Muslims and non-Muslims with an excellent platform to identify new trade and investment opportunities in their respective countries that will help to improve the understanding of Islam.

The first World Islamic Economic Forum was held in Malaysia last year.