Shibeili, a professor of comparative Islamic jurisprudence at the higher judicial institute, said the Kingdom will not be affected much by the crisis. He lauded the wise measures undertaken by the officials to contain the impact of the crisis. On the other hand, Mohammed al-Shimeimari, a financial analyst and member of the national union for American securities, said the conservative policy of the Saudi Arabian Monetary Agency has yielded positive results. He noted that this policy was further enhanced by the statements of the concerned officials about the financial situation. Al-Shimeimari attributed the financial crisis to several elements including the philosophy adopted by Alan Greenspan, the former Chairman of U.S. Federal Reserve. That philosophy was based on the liberation of the markets from the systems that block their expansion and dealings in a manner that led the investment companies to extend loans which were more than 30 times of their capital. Recently Greenspan confessed before the Congress that his philosophy has played a major role in this crisis. Al-Shimeimari pointed out that the current crisis will take some time for resolution as the case of the international financial crisis which occurred in 1967.
