Prince Charles urges world's economies to unite in face of financial risks

Prince Charles of Wales called on economies of the world Tuesday to unite in the face of financial risks and challenges, which became more intensive since the end of 2008. Prince Charles, heir to the British throne, addressing the 9th World Islamic Economic Forum (WIEF), said the Islamic financial system was capable of minimizing banking risks, which widened gap between rich and poor. The international financial systems should cooperate with each other to preserve natural resources and encourage clear energy, said Prince Charles who emphasized that protecting earth was a collective responsibility. He commended the British Prime Minister David Cameron's announcement that his government was ready to issue 200 million pounds in Islamic bonds, or sukuks, as well as approving the Islamic financial markets index in London stock exchange. Prince Charles said Britain was the first non-Islamic countries offering these alternate financial services. He said he admired the foundations of the Islamic financial system that were derived from teaching of the Holy Quran, which stipulated sharing of losses and profits, and away from irresponsible risks. Prince Charles hoped the forum would have "historic" results that would improve relations and cooperation with Islamic countries