Thursday, October 31, 2013
London, United Kingdom - The President of the Islamic Development Bank (IDB), Dr. Ahmad Mohamed Ali has said the world cannot be at peace when a third of its population is poor. He was speaking at the opening ceremony of the World Islamic Economic Forum in London, the first to be held outside a Muslim majority country.
“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 the youth and women, or at war”, Dr. Ali told the delegates at the conference taking place from 29-31 October 2013. He called for the reform of the global economy in order to rescue the world from the current and future economic turmoil.
According to Dr. Ali, for the world to make progress economically, three key factors must be considered, namely, reducing the economic gap, building trust, and promoting the role of the private sector for development. The IDB President suggested that, as a framework for reforming the global financial system and ensuring stability, Islamic finance would be an alternative.