Secretary General of the Muslim World League (MWL) Dr Abdullah Bin Abdul-mohsin Al-Turki has called on Islamic Banking leaders to comply with the general framework of Islamic financial transactions and principles. In a statement at an international symposium on "Rationalization of the March of the Islamic Banks," now in progress in Dubai, Dr Al-Turki, who is also the President of the symposium and Chairman of the League of the Islamic Universities, stressed the need of genuine investment by moving cash money to finance projects and marketing commodities in compliance with Islamic noble principles in these activities. Dr Al-Turki warned against challenges that hamper the achievement of the set targets, such as legal challenges, saying that many of trade, banking and companies laws are still valid in non-Islamic modes and emphasized the need to find reference frameworks to supervise Islamic Banks in accordance with the nature of Islamic financial ways. Addressing the concluding eight session of the symposium on Sunday evening, Dr Al-Turki expressed hope that the participants of the symposium would adopt recommendations that could meet the needs of the Islamic banks and their programs in the current era of globalization.
