Turkish President Praises Islamic Finance as a Fairer Alternative to the Current Financial System

The President of Turkey, Recep Tayyip Erdogan, has stated that Islamic finance and economics tools would offer a sustainable, competitive and systemic solution to the present crisis-ridden financial system, whilst predicting that Istanbul's newly built financial center will also make Turkey a leader in the sector. The Turkish President made these statements during his address at the 12th International Conference on Islamic Economics and Finance.

Commenting on the current global financing system, Erdogan noted the need for restructuring, adding that the current system is based on personal and financial interest, domination and injustice, which needs to be replaced with a system that is relatively fairer. Erdogan identifie...