IDB`s President highlights Islamic financing

London, March 27, SPA -- President of Jeddah-based Islamic
Development Bank (IDB) Dr Ahmad Mohammed Ali has highlighted the
important role which can be played by the Islamic financing as
regards realizing stability in the international markets.
The Islamic banking system is capable of positively contributing to
forming the new financial system, said Dr Ahmad Mohammed Ali while
addressing a press conference here last night.
He noted that the current financial crisis started through trading in
debts which is prohibited in the Islamic banking system, and added
'the Islamic financial institutions stood aloof from the financial
crisis'.
Dr Ali pointed out that despite the fact that the assets of the IDB
were not affected by the financial crisis, yet the IDB has taken
certain measures to help its member states which were affected by the
economic crisis.
Dr Ali said the Islamic banking sector was not affected by the global
financial crisis, 'but we are worried about the repercussions of the
financial crisis and its impact on this sector'.
He noted that cooperation with the financial institutions in the
United Kingdom and the international institutions will continue for
the long term and will not be confined to the current financial
crisis.
The Islamic banking system is not confined to the Muslims but it is
open for all , he said.
--SPA