US studying features of Islamic banking Md. Rasooldeen | Arab News
INTEREST: Robert M. Kimmitt, US deputy secretary of the Treasury, right,
and US Ambassador Ford M. Fraker at the press conference held at the US Embassy
in Riyadh on Saturday. (AN photo by Mohammed Rasooldeen)
RIYADH: The US government is currently studying the salient features of Islamic
banking to ascertain how far it could be useful in fighting the ongoing world
economic crisis, Robert M. Kimmitt, US deputy secretary of the Treasury, said
at a press conference held at the US Embassy here yesterday.
Kimmitt, who is on an official visit to the Kingdom, also held discussions with
Finance Minister Ibrahim Al-Assaf. Today, he is scheduled to meet Saudi Arabian
Monetary Agency (SAMA) Gov. Hamad Al-Sayari, Saudi Arabian General Investment
Authority (SAGIA) Gov. Amr Al-Dabbagh, Prince Alwaleed bin Talal, chairman of
the Kingdom Holding Company, and Saudi investors and bankers. He said that the
agenda for the G-20 summit to be held in Washington on Nov. 15, has to be
carefully prepared since important topics are to be discussed in just one day.
"I am not sure that Islamic banking will also be itemized in the agenda, but it
is a subject that is often dwelt in the public and private sectors," he noted.
He said that experts in the US Treasury Department are currently learning the
important features of Islamic banking.
However, he added that his country is focusing on activities of various
governments and central banks in tackling the economic issues. He pointed out
that the member countries in the G-20 also includes Islamic countries such as
Indonesia and Turkey, besides the Kingdom which has been a member for the past
10 years. Representatives from these countries could present their experiences
of Islamic banking in the light of the prevailing situation.
He hoped the G-20 summit will provide an effective platform for the member
countries to exchange their views on the current economic problem and lay out a
plan for the countries to draw out their respective national plans to ease the
situation.
Commenting on his meeting with Al-Assaf, Kimmitt said the items that could be
included in the agenda were also discussed. "The geographical representation
from member countries would provide a broader view of the crisis and would also
benefit the non-member countries through their experiments," he added.
The G-20 summit, said Kimmitt, was proposed by Europeans which was readily
accepted by President George W. Bush, who is seeking a common response to the
global crisis.
Spelling out the purpose of his visit to Saudi Arabia, Kimmitt said that he has
been associating with the Kingdom for more than two decades, but this is a
significant visit since he was coming to the Kingdom at a time when there is a
threat to the global financial market. "It's an opportunity for me to present
the US perspective ... and hear from the Saudi leadership on the current
situation in the Kingdom and in the region," he said, adding that even at a
time of crisis, US wants to stress its commitment to tell the countries in the
region of the US open investment policies.
Pointing out that a good number of American investors are coming to the
Kingdom, Kimmitt said the US government expects reciprocation in the same
manner. The deputy secretary is slated to visit the United Arab Emirates,
Qatar, Kuwait and Iraq where he would meet the leadership and investors on
similar lines.
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