REPUBLIKA.CO.ID, JAKARTA – The US and Europe draw attention from all around the world due to the crisis that hit the so-called powerful countries. Some steps and anticipation to avert the crisis are not enough to stop the economic downgrade. Now we need an alternative system that could tackle the root problems in economy Islamic economic system emerges in the middle of global economic crisis. 

The ongoing crisis in US and European only proved that capitalist system was not the right formulas. Therefore, there is no need to adopt the system, the former governor of Bank Indonesia, Burhanuddin Abdullah, said.

“IMF and World Bank recipes are not effective anymore. Disappointment peaked on the latest years,” Abdullah said.

West economic crisis brought several questions on economic system, Abdullah said on his oration in Universitas Islam Assyafiiyah Jakarta. The instability of global economy was not a new phenomenon and financial institute, such as International Monetary Fund (IMF) and World Bank, appeared as a policy to anticipate the crisis, he added.

The new anticipation step is global forum, attended by not only ministers of economy, but also state leaders, which is increasing due to economic crisis. The rapid globalization and economic integration only made the domino effect. While the development of Islamic financial institutes, such as bank, insurance and Islamic capital market, has brought stun yet hope. 

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