Yg Bhg Tun Dr Mahathir Mohamad was invited to give a keynote address to the delegates coming from every corner of the globe with the presence of President of the IDB and YAB Kedah Menteri Besar.
Summary of what Tun Dr M said while comparing conventional and Islamic banks in light of the global financial crisis:-
1) Bank lend money that they dont have.
2) Bank should therefore be able to create money.
3) Bank assume majority of its customers who deposited their money will not immediately use the money--possibly only 10% would have immediate usage of their savings and 90% will keep therefore banks are able to lend money with the deposits that they took from the customers.
~ Please refer Dr's blog for more update news..
Waiting patiently on the summary & details regarding the conference. There's a lot of speaker which give great input on the event. Dr' please update us..