Turkish President Recep Tayyip Erdogan said, “The global system with all its elements must be reshaped according to today’s realities… and we must join hands to create a more balanced, just, and comprehensive global system.” This came during his speech at the “Al Baraka” Islamic Finance Summit, which was held today, Friday, in Istanbul.
The Turkish President stressed the need to raise the participatory financing system to the status it deserves, and that his government aims to raise the share of participatory financing in banking assets to 15% in the short term.
He pointed out that Turkey has assumed the task of the commercial and human bridge between the East and the West throughout history, and has begun to play the same role among the financial markets.
He stressed the need to reshape the global system with all its elements in accordance with today’s realities, indicating that there is currently no institutional mechanism in the world that can protect the oppressed, stop the oppressors, and curb injustice.
He stressed the need to join hands in order to create a more balanced, just and comprehensive global system.
Erdogan explained that wealth disparity has reached its highest levels currently, noting that the richest group, which constitutes 1% of the Earth’s population, owns about half of the world’s wealth.
He added: “We must acknowledge that the capitalist system that makes the weak weaker and the poor poorer and strengthens the oppressors will not be a cure for our problems.”
