World should create together ‘more balanced, fairer, inclusive system’: Turkish president

Turkish President Recep Tayyip Erdogan on Friday said that there is no institutional mechanism in the world that could protect the oppressed and stop oppressors, according to Anadolu Agency.

"We must work together for the creation of more balanced, fairer and inclusive system," Erdogan said at the global 1st Albaraka Summit in Istanbul, titled Global Prospects for Islamic Economics: Fundamentals and Needs.

He said that the global system must be redesigned with all its elements in line with today’s realities.

The two-day event, which will end on Saturday, hosts around 1,500 people, including high-profile officials from Türkiye and abroad.

Erdogan said many topics, including the Islamic economy and its moral principles, Islamic investment instruments, sustainable growth, profit-oriented enterprises and concepts of waqf and zakat, will be discussed at the event.

"It is also important that such a summit is organized in our country,” he said.

“Türkiye, which has historically served as a commercial and humanitarian bridge between East and West, has started to play the same role between financial markets," the Turkish president said.

The Istanbul Finance Center, which Türkiye opened last year, has become a symbol of the country's efforts and vision, he added.

Erdogan said that international investors have confirmed that Istanbul has great potential in finance and Islamic finance.

"The Albaraka Summit will hopefully support our efforts to elevate Istanbul's position as a regional financial center to the global level," he added.

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