The world's largest Islamic coalition will demand an unconditional cease-fire in the Middle East and urge the U.N. to deploy peacekeepers to Lebanon and the Palestinian territories, Malaysia's foreign ministry said.

At least 17 of the Organization of Islamic Conference's 56 members will attend a meeting Thursday on the outskirts of Kuala Lumpur, the ministry said in a statement late Tuesday. Included will be representatives from Saudi Arabia, Egypt, Iran, Turkey, Qatar, Jordan, Syria, Lebanon and the Palestinian Authority, among others.

CountryWatch: Israel | Lebanon | Malaysia

"The meeting is to discuss the current situation and development in Lebanon and Palestine for determining action to be taken by the OIC countries," the statement said.

The summit will call for "an unconditional cease-fire," and demand that a "U.N. peacekeeping force, which is to be deployed to Lebanon and Palestine, should be properly coordinated," it said.

At least 532 Lebanese have been killed in fighting that began three weeks ago after two Israeli soldiers were captured by Hezbollah. Fifty-four Israelis have died.

The Association of Southeast Asian Nations Muslim Youth Secretariat has called for a global boycott of Israeli-made goods.

Visit FOXNews.com's Mideast Center for more in-depth coverage.

"The world's 1 billion Muslims have purchasing power that could force Israel to stop its attacks," the group's President Mahfuz Omar said.

Former Malaysian leader Mahathir Mohamad, who remains widely influential throughout the Muslim world, asked oil producers Wednesday to stop all commercial transactions based on the U.S. dollar and pound sterling to pressure Washington and London to end Israel's attack.

"This is a price we must be prepared to pay," Mahathir said in a statement. "I do not believe in futile condemnations because they would simply ignore the condemnations."

Malaysia is currently chair of the world's largest Muslim grouping.

Complete coverage of the Mideast Meltdown is available in FOXNews.com's Mideast Center.