Global switch to Islamic finance needed: Ahmadinejad

The global economic order needs radical change, Iranian President Mahmoud Ahmadinejad said on Monday, calling for the adoption of Islamic principles instead of capitalist values. The present economic crisis is due to the capitalist system. The world needs radical change, Ahmadinejad told a one-day economic summit of the Organisation of the Islamic Conference (OIC). Describing interest rates as the biggest and most fundamental problem of the capitalist system, Ahmadinejad called said economic programmes based on Islamic principles offered the way out. The world is looking for fairer values that we cannot find in the capitalist system. The world system based on usury has collapsed, proving its failure, he said in comments translated into Turkish.