BEIRUT, LEBANON (8:30 P.M.) – Turkish President Recep Tayyip Erdogan called for the implementation of the “Islamic economic system”, which rejects the “profit and interest” system, pointing out how the Islamic banks that survived the recent economic crisis due to the coronavirus pandemic.
“We call for the application of the Islamic economic system that rejects the interest system,” Erdogan said in a speech during the International Conference on Islamic Economy and Finance, adding, “We call for partnership so that it is the only system of the economy.”
He stressed that “Islamic banks that rely on profit and loss for all their clients, and for years, during the current crisis managed to survive, and drew the world’s attention to it.”
He continued, “The size of the capital in the banks that adopt the partnership system is approximately 320 billion Turkish liras, including an agricultural and stop banker, in addition to increasing the institutions operating in this sector.”
He added, “We hope that Istanbul will be the economic capital of the world.”