"The bank should be able to lead initiatives in bringing down trade restrictions and expanding the trade volume from its current mere 12 percent so that the Muslim countries may complement each other's economies through utilisation of their enormous resources," he told a meeting pertaining to reforming the IDB here on Tuesday.
The president recommended that the IDB should be able to finance various projects that may help the Muslim world in stemming poverty, step up human resource development, achieve scientific and technological advancement and encourage investment among the members of the OIC.
He said the common challenges being faced by the Muslim countries need collective efforts to make up for the lost time and provide an enabling environment for progress and well being of the younger generation.
An 11-member commission has been formed under the chairmanship of former Malaysian prime minister Dr Mahathir Mohammad to introduce far-reaching reforms in the Islamic financial institution.
The initiatives for IDB reforms are part of the Muslim countries' efforts to make the OIC and IDB vibrant bodies. President Musharraf had highlighted the importance of reforms in the IDB at the OIC Summit in Putrajaya in 2003.
State Bank of Pakistan Governor Dr Ishrat Husain, who represents Pakistan on the commission, briefed the president about the task ahead and sought his guidance.
Minister of State for Finance Omar Ayub Khan, Adviser to the Prime Minister on Finance Dr Salman Shah, Finance Secretary Naveed Ahsan and senior officials attended the meeting.