President Erdoğan: "We will not back down from the struggle to change the interest-based economic order"

Erdoğan said, "As Tayyip Erdoğan, I will continue to voice my longing for an interest-free economy with a loud voice. Just like our objection that 'The world is bigger than 5', we will not back down from the struggle to change the interest-based economic order. Despite all our incentives, we frankly do not find it sufficient that participation banking in our country remains at 8.1 percent."

President Recep Tayyip Erdoğan attended the '2nd Istanbul World Islamic Economy Summit' organized by the AlBaraka Islamic Economy Forum at the Istanbul Financial Center, hosted by Halkbank.

"I will continue to voice my longing for an interest-free economy loudly from now on"

Making a statement at the summit, President Erdoğan said, "I am honored to host you in Istanbul, at the crossroads of three continents, on the occasion of the 2nd Istanbul World Islamic Economy Summit. I especially hope that our guests who come to our city from abroad will experience this ancient city in all its aspects. I kindly request you to convey my greetings to your brothers in your country.

As Muslims, we constitute 25 percent of the world population. However, the size of the Islamic finance sector is around 2.5 trillion dollars. The share of the 57 member countries of the Organization of Islamic Cooperation in world trade is around 11 percent. As the Islamic world, we must maximize the opportunities for trade, investment, finance and cooperation among ourselves. I believe that the discussions held at our summit organized under the theme of strategies for the Islamic economy will be very useful. During the 3-day summit, distinguished names will have the opportunity to evaluate many important issues.

The steps we have taken to make Istanbul a global center offer new opportunities not only to our country but also to the Islamic finance community. The collaborations we have initiated under the roof of the Istanbul Finance Center are the most concrete symbol of our efforts to build a model that protects our Islamic values ​​as well as integration into the global economy. We attach great importance to the development of Katılım Finans centered in Istanbul. Its experience and potential provide a very serious advantage to Istanbul.

The need for alternative paradigms in every field is becoming increasingly evident. The demand for a human-centered, just, compassionate, responsible paradigm is increasing. The current global economic system, with its problematic structure that prioritizes only consumption and profit maximization, keeps human values ​​in the background, feeds inequalities, and encourages unproductive growth. Instead of finding solutions that will support economic development, the current system covers up the real problems. It is stated by many experts and thinkers that the current system cannot continue in its current form.

I am a brother of yours who has struggled with the interest-based economic system in all the positions he has been appointed to by the nation throughout his political life approaching half a century. I have always objected to the crooked system that disrupts income justice and makes billions of people slaves of a handful of capitalists, and I still object. I have frequently stated that we cannot see interest and an economic system based on interest as legitimate in any way. In addition, I have drawn attention to the problems that interest causes in the economy, production, trade and social life. The opposition, which is the voice of the rentier, has always stood against us in this regard. Even in the right policies, they have not been able to display a local and national stance that will benefit this country. However, objecting to the global system that obliges and condemns humanity to interest is not to be criticized, but a dignified attitude that should be appreciated. As Tayyip Erdoğan, I will continue to voice my longing for an interest-free economy with a loud voice. Just like our objection that 'The world is bigger than 5', we will not refrain from fighting for the change of the interest-based economic order. "We will make efforts to spread alternative solutions in society," he said.

"We frankly do not find it sufficient that participation banking in our country remains at 8.1 percent"

Erdoğan said, "The increasing inequalities in the world, the crisis of confidence caused by financial crises and serious economic risks encourage others to develop new models along with us. The principles of Islamic economy stand out with their unique structure that focuses on risk sharing, justice and social solidarity. Despite all our incentives, we frankly do not find it sufficient that participation banking in our country remains at 8.1 percent. Although the $1 billion sukuk issuance carried out by the Turkey Wealth Fund is valuable, we have a long way to go. I welcome the fact that Halkbank will provide services in the participation finance sector and congratulate them for this strategic decision they have taken. It is important to remember that the Islamic economy includes dimensions, principles, principles and regulations that go beyond the interest-free economy. We see that the Al Baraka summits hosted in Istanbul as well as London play an important role in this regard. Platforms such as the Al Baraka summit bring together organizations operating in different geographies of the Islamic world and enable the shaping of common strategies. The strategies that will emerge at the end of the summit will be strong and will meet not only the needs of today but also the needs of tomorrow. I believe that it will be instrumental in laying the foundation. I would like to thank the Al Baraka Forum, the Presidential Investment Office, the Turkey Wealth Forum, the Istanbul Finance Center, Halkbank, the Islamic Cooperation Youth Forum and Ibn Haldun University for their efforts in organizing the summit," he said.

"We are going through a difficult period in the global economy where trade wars are flaring up and geopolitical risks are high," said Erdoğan, adding, "Structural problems such as high global debt, aging population, and climate change are putting pressure on global growth. Serious difficulties have begun to emerge, especially in some sectors, due to increasing uncertainties. Our largest export market, the European Union, has grown by an average of 0.8 percent in the last 2 years. As Turkey, we are trying to erase the traces of the earthquake disaster, the economic cost of which has reached 105 billion dollars. The amount of resources we have used for this purpose in the last 2 years has reached 75 billion dollars. We have delivered the keys to 201 thousand houses. We plan to deliver the keys to 252 thousand houses to our earthquake victims by the end of the year. Despite all the difficulties, thank God, we are doing well. The wounds in the earthquake region are healing rapidly. Our neighbor Syria is gradually regaining stability with the December 8 revolution after 13.5 years of internal conflict. We are preparing to host the talks to end the Russia-Ukraine war in Istanbul again. "We are working to end the oppression and establish a ceasefire in Gaza, where blood-curdling barbarities are taking place. We are advancing with firm steps towards our goal of a terror-free Turkey. Except for the happy minority that opposes everything, the political establishment and the overwhelming majority of society support the process of a terror-free Turkey. We are very close to getting rid of a scourge that has cost our country 2 trillion dollars, excluding our losses, each of which has been a part of our lives for 40 years. God willing, I believe that we will reach our destination this time with a sensible and sincere process management," he said.

"We are a government that has achieved the lowest inflation and interest rates in the history of the Republic"

Erdoğan said, "We have started to see the positive results of our macroeconomic stability and reform program that we have been implementing with determination for two years. We have recorded visible improvements in inflation, which is our main priority. Annual inflation has been falling uninterruptedly for 11 months. In April, we regressed to the lowest level in the last 40 months. Our goal is clear; we will permanently reduce inflation to single-digit levels. The decline in oil prices is pulling down both inflation and the external deficit. Our Central Bank's gross reserves exceeded 153 billion dollars. The unemployment rate fell to 7.9 percent in March. We saw the lowest level since 2005. We started to provide 2,500 TL KOSGEB support per employee per month in the textile, ready-to-wear, leather and furniture sectors. We are taking effective steps in the fight against the informal economy. We are meticulously managing the process, especially without neglecting our real sector, the apple of our eye. We are strengthening our support for our SMEs. Last week, we announced a new support package of 30 billion TL for the investment and operating expenses of manufacturing SMEs. In the past 2 years, we have made significant We are determined to implement our economic program, which we have made progress towards. The Turkish economy has proven its strength once again by growing continuously for 19 quarters. We are a government that has achieved the lowest inflation and interest rates in the history of the Republic. If the Gezi incidents, which were started under the pretext of moving 3-5 trees, had not been the case, our country would be in a very different position right now. The chain of attacks against our country, which started with the Gezi uprising and intensified with the July 15 betrayal, continued until recently. The street terror and boycott calls that followed the corruption and bribery investigation centered in Istanbul were also a continuation of these attacks. The irresponsible attitude of the main opposition party leader, who targets national brands and is not content with this, and complains about Türkiye abroad, is enough to show what kind of mentality we are faced with. There is an old mentality in our country that has pinned all its hopes on Türkiye's economic stumble. The actors of this mentality use every opportunity they get to throw stones at Türkiye and stab our nation in the back. They make themselves look ridiculous by thinking that they are doing politics through gossip. Even their own voters believe that these people can solve the problems. He doesn't believe it. I want to remind this to those whose ambitions have taken their minds captive: You won't get anywhere if you act with the mindset that "Let Tayyip Erdoğan lose so that Türkiye can go bankrupt if necessary."

Those ambitious people who put their own interests before the interests of the nation have not been successful so far. We will continue on our path without deviating from our ideal of serving our country, our nation and all humanity. I would like to share with you the good news that we will start paying the 4 thousand TL Eid al-Adha bonuses of our retirees as of tomorrow. We will pay a total of 57.4 billion TL in bonuses to approximately 16 million retirees, respectively, from May 31 to June 4, including Bağkur, the retirement fund and SSK," he said.

UAV

Editor: News Center