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.
