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Article: Islamic banks unscathed by global crisis: Al-Aboodi.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- December 22, 2008
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Byline: Khalil Hanware
JEDDAH: Islamic banks are the least affected by the current global financial crisis triggered by subprime tsunami in the United States, the CEO & general manager of Islamic Corporation for the Development of the Private Sector (ICD) said.
In an exclusive interview with Arab News, Khaled Al-Aboodi said, "Islamic banks are Shariah-compliant and Shariah does not allow them to invest in subprime products as compared to conventional banks."
Al-Aboodi, who began his career with the Saudi Ministry of Economy and Finance in 1982, became ICD chief in 2007. Talking about the recent banking crisis, he said you must have seen that ...