Capitalism is nearing its end and the system must change, Iranian President Mahmoud Ahmadinejad said at a meeting of the Organization of Islamic Conference's Standing Committee for Economic and Commercial Cooperation in Istanbul today.

"The world is on the eve of great changes and current political, economic and cultural forces will not be permanent for known reasons," he said. "The Islamic economic theory should be applied to the global economy."

According to the president, the Islamic economic theory is the only way out of the problem.