Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2012/11/27/business/12372209&sec=business
Published: November 27, 2012
Warm welcome:
Organising chairman Shirazdeen Adam Shah (left) welcoming Dr Mahathir
to the conference. Conference chairman Prof Ahamed Kameel Mydin Meera is
next to Dr Mahathir.
“I recommend gold as a kind of reserve or saving, better than money, as it is more likely to appreciate.
“I do not know what's the issue with this Genneva company, but I think it should be investigated to find out what did it do wrong.
“On the other hand, people (the investors) also deserve fair treatment because if you totally stop the transactions, their money will get stuck,” he told reporters after delivering a keynote address at the 3rd World Riba Conference.
Last month, Genneva Malaysia Sdn Bhd, a gold trading company, alongside a few other companies of similar business nature were raided by Bank Negara, the police, Domestic Trade, Cooperatives and Consumerism Ministry and the Companies Commission of Malaysia.
Assets and accounts were seized and frozen to facilitate investigations into suspected offences, including illegal deposit-taking and money laundering.
It was reported that a total of 142.7kg in gold and monies (in bank accounts and cash) amounting to RM101.9mil were seized from Genneva Malaysia, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd.
On the issue of riba or interest and its link to continued global recession, hyperinflation as well as social unrest, Dr Mahathir said riba was dangerous as there was no fixed return and the bank itself had to participate in the business.
“The (Islamic) banks know it must be in the business that gave the return where it wouldn't just lend money just because for the sake of increasing its assets. They must ensure that the survival and the profitability of the business,” he said.
Conference chairman Prof Dr Ahamed Kameel Mydin Meera said it was more important now than before to discuss the issue of riba amid signals of another financial crisis brewing.
He said despite constant reports on the economic recovery, many economists believed that the world was up for another crisis as unemployment rates remained a prickly issue in most developed countries.
“The discourse on riba is even more pertinent in addressing entrenched financial practices and their damaging effects on day-to-day issues such as the rising cost of living and home affordability.
“It is because of riba or interest that our future generation will be enslaved by debts,” he said.
Ahamed is also head of department of finance, faculty of economics and management sciences at the International Islamic University Malaysia.
The two-day conference starting yesterday was organised by Thinkers Trend Resources with the theme “The Multifaceted Global Crisis on Riba: Resilience, Response and Reform.”
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