Unbridled greed' to blame for economic woes

Malaysian Prime Minister Abdullah Ahmad Badawi blamed "unbridled greed" Monday for the global financial meltdown as business people from across the Islamic world gathered to discuss the crisis.

Badawi called for a new financial system to replace the Wall Street model as he spoke at the opening of the World Islamic Economic Forum (WIEF) in Jakarta alongside Indonesian President Susilo Bambang Yudhoyono.

"We have inherited a system where people can trade what they do not own and the resulting inflationary pressure in the global market has caused immense damage to the economic well-being of the world's poor," he said in a speech.

"Such is the impact of unbridled greed in the financial system where there is no accountability on money lending.

The world is beginning to appreciate the need for alternative financial arrangements."

AFP