Latest news with #GlobalIslamicEconomySummit
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Islamic economy originated in Madinah, says Abdullah Saleh Kamel at Istanbul summit attended by Erdoğan
Saudi Gazette report ISTANBUL — The second Global Islamic Economy Summit kicked off in Istanbul on Friday in the presence of Turkish President Recep Tayyip Erdoğan. Organized by the Al Baraka Forum for Islamic Economy, the summit runs until Sunday and gathers a distinguished group of policymakers, economists, and thought leaders from around the world. During the opening session, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum, emphasized that the foundations of the modern Islamic economy were laid in Madinah, and that Saudi Arabia played a key role early on in institutionalizing this values-driven model based on Islamic principles and social noted that the first sessions of the Al Baraka Forum were held in Madinah over 50 years ago, marking the beginning of an integrated Islamic economic called for Saudi Arabia to further its strategic leadership in this space amid the accelerating shifts in the global economic also highlighted the importance of investing in Islamic finance tools such as zakat, waqf, sukuk, and qard hasan (benevolent loans), which he said now represent realistic solutions for addressing development crises and promoting social and financial Al Baraka Forum for Islamic Economy is an independent, non-profit intellectual platform aimed at developing an economic model based on Islamic holds annual international gatherings that bring together economic and intellectual leaders to enrich Islamic economic research and knowledge frameworks.
Reuters
3 days ago
- Business
- Reuters
Turkey's Erdogan repeats opposition to interest rates, but says economic plan to continue
ANKARA, May 30 (Reuters) - Turkish President Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic programme until all of its goals are achieved. Turkey had launched the programme to reverse the effects of Erdogan's unorthodox views that interest rates cause inflation. Under the programme, the central bank had tightened its policy to contain rampant inflation and a currency crisis caused by the president's perceived influence over monetary policy. Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan, a self-proclaimed "enemy" of interest rates, said work must be done to change and find alternatives to what he called an interest rates-based economic system, and added such a system cannot be viewed as legitimate. "I have always opposed the distorted system that deepens inequalities, disrupts income justice, and turns billions of people into the slaves of a handful of capitalists. I oppose it again. I have often said that, no matter what, we cannot view as legitimate interest rates and an economic system based on interest rates," Erdogan said. "I will continue to voice my longing for an interest rate-free economy from now on too. We will not turn back from our battle for the economic order based on interest rates to change," he added. However, the president also vowed to continue implementing the economic agenda drafted by his finance minister, Mehmet Simsek, in order to chart a path of disinflation after consumer prices in Turkey soared. "We are determined to implement our economic programme, with which we have made noteworthy progress over the past two years, until it reaches its goals," he said, and added that the end goal was to achieve single-digit inflation.
Indian Express
3 days ago
- Business
- Indian Express
Turkey's Erdogan repeats opposition to interest rates, but says economic programme to continue
Turkish President Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic programme until all of its goals are achieved. Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan said work must be done to change and find alternatives to the interest rates-based economic system, adding that such a system cannot be viewed as legitimate. Turkey had launched the programme to reverse the effects of Erdogan's unorthodox views that interest rates cause inflation. Erdogan, a self-proclaimed 'enemy' of interest rates, said that the programme was yielding positive results and that its end-goal was single-digit inflation.
