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. --MORE
