“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,” said President Recep Tayyip Erdogan of Turkey.
THE PRESIDENT OF TURKEY, Recep Tayyip Erdogan, lashed out at the “interest-based economic system” that he claimed worsens inequalities and enslaves people to capitalism globally.
“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 his speech at the Second Global Islamic Economy Forum, organized by Albaraka Bank, in Istanbul over the weekend.
“I have repeatedly stated that we cannot legitimize interest or the interest-based economic system in any form,” he added.
Erdogan added that there is a need for a shift, particularly in the financial sector, to adopt a human-centered, fair, compassionate, and responsible paradigm in the economy.
Also, the current global economic system prioritizes consumption and profit maximization, resulting in human values pushed to the background, the exacerbation of inequalities, and promotion of unproductive growth.
Erdogan emphasized that the world is currently experiencing escalating trade wars and heightened geopolitical crises, which is worsened by high global debt, an aging population, and climate change. All of those factors put pressure on global economic growth.
He pointed out the while Muslims account for 25 percent of the global population, Islamic finance has been valued at about $2.5 trillion.
“As the Islamic world, we need to maximize the opportunities for finance, trade, and cooperation among us,” he added, emphasizing that Islamic economic principles stand out for their focus on justice, risk sharing, and social solidarity.
The Organization of Islamic Countries (OIC), the second largest organization after the United Nations, has 57 member-countries including Turkey, accounting for around 11 percent of global trade.
