The Iranian minister of economic affairs and finance said the Islamic economic system is a paradigm to base international business on and offered solutions to the global crisis by restructuring the financial order.
ILNA news agency quoted Shamseddin Hosseini, who attended the fifth gathering of the executive board of the Islamic Development Bank in Baku, as saying that the global economic crisis is not over and IDB should take this into consideration.
The Iranian official pointed out that although the crisis started in the finance sector it spread out to other sectors and led to the bankruptcy of companies and an increase in unemployment and social disobedience, not only in one country, but also in other regions, because countries are dependent on one another in many fields.
Hosseini offered the following propositions to IDB in order to reduce the impact of the global economic crisis:
1- Promoting Islamic financial and economic models which refrain from practicing usury to cover a greater share of the global financial market.
2- Strengthening IDB resources. IDB must be able to support and offer facilities to crisis-stricken members.
3- Uniting members' stock exchanges. Islamic countries' bourses must cooperate in all senses with one another.
4- Supporting each other. Islamic countries and IDB must support each other in the wide spread use of Islamic financial facilities. Iran has successfully issued $24 billion worth of bonds in twenty years and last year it published 0.5 billion euros of bonds. IDB could do the same.
5- Removing trade obstacles and decreasing trade tariffs between member states.
6- Doing research on creating joint venture funds and trading with national currencies.
7- Establishing an "Islamic Monetary Fund" to replace incompetent international organizations like the International Monetary Fund to resolve global financial issues.