Expert for financial market revamp
Manama, November 18, 2008
There are opportunities for systemic change in the midst of the current global economic crisis, said a financial expert.
'It will be the dawn of a new and better structure for the global financial markets if we all come together against a common enemy - a decaying old system that has become increasingly impractical in these current times,' investment guru Toby Birch said.
Birch will be the keynote speaker at the 15th annual World Islamic Banking Conference to be held in Bahrain.
Drawing from historical experiences, said Birch, will be a good place to start if the global financial system is to regain its feet, drawing on best practices from the several models.
'We need an economic model that re-emphasises the positive elements of capitalism and a banking system that is symbiotic and not self-seeking.
'Fairness, balance and altruism in finance may sound Utopian or old-fashioned but we are in desperate need of some ancient acumen.
'The current global financial landscape needs not just an overhaul of the mechanisms but a thorough rethinking and a fundamental new generation remedy.'
On the issue of Islamic finance as an alternative, Birch said that Islamic mortgage holders pay rent rather than interest and banks match loans with deposits, charging fees rather than interest margin to pay for their services.-TradeArabia News Service