US studying features of Islamic banking - Md. Rasooldin | Arab News

Hanan Kantakji

من:    Hanan Kantakji []
تاريخ الإرسال:    09 تشرين الثاني, 2008 01:20 ص
إلى:    Kantakjigroup group
الموضوع:    US studying features of Islamic banking - Md. Rasooldin | Arab

Sunday 26 October 2008 (27 Shawwal 1429)
US studying features of
Islamic banking
Md. Rasooldeen | Arab News

RIYADH: The US government is currently studying the salient features of
Islamic banking to ascertain how far it could be useful in fighting the ongoing
world economic crisis, Robert M. Kimmitt, US deputy secretary of the
Treasury, said at a press conference held at the US Embassy here yesterday.
Kimmitt, who is on an official visit to the Kingdom, also held discussions with
Finance Minister Ibrahim Al-Assaf. Today, he is scheduled to meet Saudi
Arabian Monetary Agency (SAMA) Gov. Hamad Al-Sayari, Saudi Arabian
General Investment Authority (SAGIA) Gov. Amr Al-Dabbagh, Prince
Alwaleed bin Talal, chairman of the Kingdom Holding Company, and Saudi
investors and bankers. He said that the agenda for the G-20 summit to be held
in Washington on Nov. 15, has to be carefully prepared since important topics
are to be discussed in just one day. "I am not sure that Islamic banking will
also be itemized in the agenda, but it is a subject that is often dwelt in the
public and private sectors," he noted. He said that experts in the US Treasury
Department are currently learning the important features of Islamic banking.
However, he added that his country is focusing on activities of various
governments and central banks in tackling the economic issues. He pointed
out that the member countries in the G-20 also includes Islamic countries such
as Indonesia and Turkey, besides the Kingdom which has been a member for
the past 10 years. Representatives from these countries could present their
experiences of Islamic banking in the light of the prevailing situation.
He hoped the G-20 summit will provide an effective platform for the member
countries to exchange their views on the current economic problem and lay
out a plan for the countries to draw out their respective national plans to ease
the situation.
Commenting on his meeting with Al-Assaf, Kimmitt said the items that could
be included in the agenda were also discussed. "The geographical
representation from member countries would provide a broader view of the
crisis and would also benefit the non-member countries through their
experiments," he added.
The G-20 summit, said Kimmitt, was proposed by Europeans which was
readily accepted by President George W. Bush, who is seeking a common
response to the global crisis.
Spelling out the purpose of his visit to Saudi Arabia, Kimmitt said that he has
been associating with the Kingdom for more than two decades, but this is a
significant visit since he was coming to the Kingdom at a time when there is a
threat to the global financial market. "It's an opportunity for me to present
the US perspective ... and hear from the Saudi leadership on the current
situation in the Kingdom and in the region," he said, adding that even at a
time of crisis, US wants to stress its commitment to tell the countries in the
region of the US open investment policies.
Pointing out that a good number of American investors are coming to the
Kingdom, Kimmitt said the US government expects reciprocation in the same
manner. The deputy secretary is slated to visit the United Arab Emirates,
Qatar, Kuwait and Iraq where he would meet the leadership and investors on
similar lines.
Best regards
H. Kantakji
Sworn Translator
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