IDB President: IDB Now Safe from Financial Crisis

Washington, October 15, SPA -- The President of the Islamic
Development Bank (IDB) on Tuesday said that his banking institution
is not affected by the financial crisis that is devastating many of
the major world banks.

Speaking at a press event in Washington, DC, IDB President Dr. Ahmad
Mohamed Ali said that amidst the global financial market crisis, the
IDB is fairly safe. But, in an effort to properly prepare for the
financial crisis, Dr. Ali said the IDB is inviting all the major
Islamic banks to their headquarters in Jeddah, Saudi Arabia, for a
meeting on October 25, 2008.

"Because the IDB functions in compliance with Islamic Shariah law,
they do not work with debts, and has avoided the credit crisis, " he
said.

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