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Global peace impossible without fair deal for the poor, says IDB President

Courtesy of Premium Times

“The world certainly cannot be at peace with itself when about one-third of us are poor,” says the president  of Islamic Development Bank.

President Islamic Development Bank IDB-Ahmad Ali

The President, Islamic Development Bank, IDB, Ahmad Ali, said on Wednesday that the world can ill-afford peace in the face of grinding poverty for a third of the world’s population.

Mr. Ali, who was speaking in London at the World Islamic Economic Forum, WIEF, called for the reform of the global economy in order to rescue the world from the current and future economic turmoil, particular its negative impact on developing countries.

“The world certainly cannot be at peace with itself when about one-third of us are poor, without proper food and shelter, with high unemployment, particularly among youth and women, or at war,” the IDB President told delegates at the conference, including Kings, Heads of States and Prime Ministers.

A statement from the banks  said Ali called for the reform of global economy in order to rescue the world from the current and future economic turmoil.

For the world to make progress economically, Mr. Ali listed three key factors that must be considered, namely, closing the widening economic gap; building trust, and promoting the role of the private sector for development.

In this regard he suggested that as a framework for reforming the global financial system, ensuring stability, Islamic finance can serve as an alternative to the existing model.

According to Dr Ali, for the world to make progress economically, three key factors must be considered, namely, reducing economic gap, building trust, and promoting the role of the private sector for development. The President suggested that as a framework for reforming the global financial system, ensuring stability, he offers Islamic finance as an alternative.

“There is still more room for improvement in the model,” the IDB Group Chairman said, adding that under the principles of Islamic finance, the real-economy must not be delinked from the financial economy.”

“We need to systematically introduce socially responsible financing and investment packages. In our view, it is not about financial economy, but human economy that matters, in the long run,” he noted.

He stated that the Islamic Development Bank is ready to offer its services for the development of the Islamic financial industry.

The IDB, he stated, was ready to offer its services for the development of the Islamic financial industry, expressing gratitude to the British Prime Minister, David Cameron, for the effort he made in bringing the conference to London, which is one of the leading commercial centres in the world.

Present at the opening ceremony were the Prime Ministers of Malaysia, Pakistan and Morocco as well as the Sultan of Brunei, the King of Jordan, the President of Bangladesh, Kosovo and Afghanistan, and other key representatives from IDB member countries.

About Waleed Ahmed