Erdoğan: We aim to make İstanbul the center of Islamic finance and economics

* Photo: Presidency / Twitter

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President and ruling Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan spoke at the 12th International Conference on Islamic Economics and Finance (ICIEF) via videoconference yesterday (June 14).

Indicating that as a result of the novel coronavirus (COVID-19) pandemic, the world has entered a new era when drastic changes will take place, President Erdoğan has argued that "Turkey is one of the leading countries that have overcome the pandemic process with the least damage."

"Turkey's success in dealing with the pandemic has further increased the interest in our country," President Erdoğan has said and added, "May the God permit, we will plan to come out of the crisis stronger by turning this interest into an opportunity in the period ahead."

'We don't consider predictions of rating agencies'

Referring to Turkey's healthcare infrastructure as well as the economic and social support packages unveiled by the government, Erdoğan has noted that "as opposed to borrowing from international organizations, Turkey has mobilized its own resources."

He has also touched upon the predictions of credit rating agencies which expect the economy of Turkey to shrink amid pandemic:

"We do not take into consideration the predictions of credit rating agencies that have lost their objectivity and credibility. As we have repeatedly done, we will once again frustrate doomsayers.

"As a matter of fact, the production, trade and tourism have revived since we implemented the normalization plan."

Islamic economics and finance as an alternative

Also touching upon what he has called "the current global economic architecture", Erdoğan has said, "Over-financing has created a bloated economic model in which social and humanitarian costs are ignored."

"An Islamic economics and finance model which focuses on people is the alternative to the current crooked order," he has argued.

Pointing to the companies founded for the improvement of the interest-free system in Turkey, President Erdoğan has said, "We aim to make İstanbul, located at the intersection of continents and cultures, the center of Islamic finance and economics as well." (HA/SD)

* Source: Official website of the Presidency