"We reject unequivocally all terrorism because at the heart of all religions is a belief in the sanctity of the lives of the innocent,” Dr Muhammad Tahir-ul-Qadri, founder of Islamic organization Minhaj-ul-Quran International (MQI), said.
"The indiscriminate nature of terrorism, which has in recent years killed far more civilians and other non-combatants than it has combatants."
The peace declaration would be announced during the ‘Peace for Humanity Conference 2011’ to be attended by more than 12,000 Muslims.
It will call for an end to terrorism and for the protection of human rights in new Arab regimes.
It is expected to be signed by major religious and political leaders, including David Cameron and the Archbishop of Canterbury.
The Mayor of London Boris Johnson has also supported the conference. Ban Ki-moon has also sent a message of support.
The event aims to launch a drive to secure one million signatures in support of the declaration, as well as host a full day of speeches, entertainment, and multi-faith sessions.
A collective multi-faith prayer will be said at the event.
The call for the conference was first announced by prominent Britain-based Muslim scholar Tahir-ul-Qadri.
The influential Pakistani scholar, who lives in Canada, has issued a fatwa last May condemning suicide bombings as a brazen violation of peaceful Islamic tenets.
Known for his unequivocal condemnation of terrorism, Sheikh Qadri has issued several fatwas against suicide bombings and violence against innocent people.
He is famous for his emphasis on promoting integration and interfaith dialogue to tackle Islamophobia in the West.
Support messages from Deputy Prime Minister Nick Clegg and Labour leader Ed Miliband will be shown during the conference supporting values of tolerance and understanding in the British society.
Miliband said in his video message that the "values of tolerance, understanding and of bringing people together" demonstrated by the conference was "exactly what our society needs".
"A month or so ago we saw the terrible riots that affected some of our major cities but what we also saw was the vast majority of people, right across this country, coming out, cleaning up and saying 'no' to the violence that we saw on our streets,” he said.
"It's exactly that message of peace, harmony and working together that I know your conference is designed to promote. And indeed the way you come at the issues that you'll be talking about today, your faith, is such an important part of British life."
The British deputy Prime Minister said that the conference will offer a great opportunity for uniting the British people by enhancing values of tolerance, peace and human rights.
"Your conference today is even more important than usual - coming together to talk openly and candidly about the issues that can divide people but crucially the values that unite us too, tolerance, human rights, peace, and belief in opportunity for all a faith in young people and their potential to learn from our mistakes, from the mistakes of the past, to help tackle discrimination and prejudice, building communities that are strong, where we take on our problems together,” Clegg said in his message to the conference.
Muslims in Europe and America have been suffering from bigotry and Islamophobia over the past decade.
For example, British Muslims, estimated at nearly two million, have been in the eye of storm since the 7/7 attacks.
A Financial Times opinion poll showed that Britain is the most suspicious nation about Muslims.
A poll of the Evening Standard found that a sizable section of London residents harbor negative opinions about Muslims.
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