President of Turkey Promotes Islamic Megabank Concept at Developing-8 Conference

Whilst addressing the virtual gathering at the 10th assembly of the Developing-8 (D-8) summit, Turkish President, Recep Tayyip Erdoğan, pushed the concept of the foundation of an Islamic megabank that could meet the liquidity requirements of varied Islamic financial institutions and infrastructure projects.

Why it Matters?

Erdoğan emphasised the need for world cooperation particularly in view of COVID-19 and also stressed on the need for the increased use of local currencies when engaging in trade transactions between D-8 member countries. Furthermore, Secretary-General of D-8, Datu Ku Jaffar, had stated at a different occasion in March 2021 that the D-8 intends to embark on a project that includes an Islamic development bank with the aim of reinvigo...