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Islamic finance as an alternative


Finance and Islamic banking should be developed as an alternative to the financial model of Wall Street, discredited by the global crisis, declared the participants of the World Islamic Economic Forum (WIEF) which ended Wednesday in Jakarta.

  •     In a statement, the Forum called for "the promotion of Islamic finance as a viable alternative to conventional financial system."

        It called "the governments and Islamic banks to develop micro-credit in accordance with sharia, Islamic law, to make benefit the companies of developing countries.

        "The statement contains a series of proposals which, if widely applied, will result in significant changes for the Muslim world and also for non-Muslim," said the president of the WIFE Foundation, Tun Musa Hitam.

        The 5th edition of the Forum, gathered since Monday some 1,500 representatives from 38 countries, businessmen and investors. Many have questioned the current financial system, symbolically presented as the "Wall Street" in the global crisis. Against "unbridled greed" of the market, according to Malaysian Prime Minister Abdullah Ahmad Badawi, they praised the principles of Islamic finance transactions, which prohibit the use of interest and speculation.

        The Islamic Development Bank (IDB) has been known to play a leading role for its promotion while stocks of Islamic finance are estimated at between 700 million and a billion dollars.

        The Forum also called in his statement to maintain the momentum for open markets face the temptation of protectionism. "Everyone would lose in a trade war," warned Indonesian President Susilo Bambang Yudhoyono.

        The 6th WIEF runs from 18 to 20 May 2010 in Kuala Lumpur.

    Ennaharonline/ M. O.

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