Western countries more keen to follow the Islamic financial system: Expert says

The expert in the Islamic financial issues Hacen Ahmed Hassan has declared that the Algerian authorities’ move to allow some banks to operate according to the Islamic law well before the issue of a law to regulate their activities stems from their understanding of the population’s interest for these institutions.

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• He also added that the Algerian authorities’ decision has enabled them to garner money which has been dedicated to finance the different developing programs.
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• Talking during a forum untitled “Islamic finance and Future Prospects” hosted by Essalam Algeria Bank last week, the doctor Hamed Hassan has declared that the Islamic banks do not follow the model which relies on fixing rates and profits, adding that the Islamic banks have succeeded to flourish all over the world with some 500 institutions mostly based in Europe , America and Asia.
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• Several experts and managers in the banking sector took part to the forum including the Chairman of the Banks and Financial Institutions’ Abderrehman Ben Khalfa and the Director General of Mortgage Refunding Company Belkacem Beltass.
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• Hacen Hassen has indicated that most of the financial experts led by outstanding figures in the biggest Western universities and heads of state have agreed that the Islamic financial system was the solution for the all the world’s economic crisis.