'I will not back down from the struggle to change the interest-based economic system; I will not only object, but I will also strive to produce and disseminate alternatives,' Erdogan says at 2nd Global Islamic Economy Forum
President Recep Tayyip Erdogan said on Friday that the distorted global system exacerbates inequalities and enslaves people to capitalism, emphasizing that "I have repeatedly stated that we cannot legitimize interest or the interest-based economic system in any form."
"Just as we objected to the idea that 'the world is bigger than five,' I will not back down from the struggle to change the interest-based economic system; I will not only object, but I will also strive to produce and disseminate alternatives," Erdogan said in the Second Global Islamic Economy Forum, organized by Albaraka Bank, in Istanbul.
The global system forces humanity into interest is a commendable and dignified stance, he said, adding: "I will continue to advocate for an interest-free economy with a strong voice."
The need for alternative paradigms in all areas is becoming more apparent, including a human-centered, fair, compassionate, and responsible paradigm in the economy, particularly in the financial sector, Erdogan said.He noted that the current global economic system, with its problematic structure that prioritizes consumption and profit maximization, pushes human values to the background, exacerbates inequalities, and promotes unproductive growth.He pointed out that while Muslims account for 25% of the world's population, Islamic finance is worth approximately $2.5 trillion.
The Organization of Islamic Countries (OIC), the second largest organization after the UN, with 57 member countries, accounts for around 11% of world trade, he said, noting that 25% of the population accounts for 9% of the global economy.
"As the Islamic world, we need to maximize the opportunities for finance, trade, and cooperation among us," he underlined.
Islamic economic principles stand out by focusing on justice, risk sharing, and social solidarity, he said.
He said the world is going through a difficult time, with escalating trade wars and heightened geopolitical crises, as well as issues such as high global debt, an aging population, and climate change putting pressure on global economic growth.
- Türkiye acts with responsibility
He said Türkiye acts with responsibility because it is located in a geography that has historically served as a bridge between cultures and people.
He emphasized that the steps taken by the country to make Istanbul a global center provide opportunities not only for Turkish citizens but also for the entire Islamic finance market.
Erdogan pointed out that the EU, Türkiye's largest export market, has only grown by an average of 0.8% in the last two years.
Türkiye is working to remove the traces of the earthquake disaster, which cost approximately $105 billion in economic terms, he said, adding that the country has spent nearly $75 billion on this effort.
He said: "We are fighting a fierce battle on many fronts. We are attempting to safely navigate the turbulent waters of trade wars and bring the 86 million-strong Turkish (people) ship into port. Despite the difficulties, we're doing well."
Regarding Syria, which is gradually stabilizing, Erdogan said the country's contacts and cooperation with other countries in the region are expanding.He said: "We are preparing to host talks in Istanbul to end the Russia-Ukraine war. We are working in Palestine to put an end to the barbarism that offends our conscience. We are taking concrete steps toward our goal of eliminating terrorism within our borders."We are very close to eradicating a scourge that has cost our country $2 trillion. I am confident that with sincere and prudent process management, we will achieve our goal."
