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Erdogan: Islamic economic system can lead world out of crisis

During the 12th International Conference on Islamic Economics and Finance, Recep Tayyip Erdogan said that the Islamic economic system provides the “key” to “getting out of crisis” as economies globally continue to suffer from the coronavirus pandemic. [1]

The Turkish President said:

“Over-financing has created a bloated economic model, which acts only over concern about unearned income, without considering social and human costs,”

Erdogan’s comments come amid the economic impact of the coronavirus pandemic. In reference to Islamic bonds, Erdogan added:

“To finance long-term large infrastructure investments, the use of products such as sukuk should be expanded,”

“Contrary to what has been promised, the distribution of income and wealth is gradually deteriorating all over the world, and the gap between the countries widened,”

Erdogan warned:

“Every crisis that started in the financial sector quickly spreads to the real sector and creates an army of the new unemployed,”

President Erdogan said the loss of nearly 440,000 lives worldwide can’t be attributed to Covid-19 alone, saying many countries have an economic system that protects only strong and the rich.

Erdogan added that the loss of many lives cannot be attributed to the coronavirus alone and that many countries worldwide have economic systems that only protect the rich.

“In some countries, people without health insurance were left to die,”

“In recent days, behind the street events in some western countries, along with racism, there are injustices brought to light by the pandemic,”

Whilst questioning the economic model of some of the most powerful nations worldwide, Erdogan said:

“Even the most prosperous countries have difficulty in providing masks to their citizens and cannot provide minimum health services,” he said. 

Turkey’s Islamic banking assets are set to double within a decade, according to credit rating agency Moody’s. This is largely as a result of the initiatives led by the Turkish government, which has driven growth in the sector.

Turkey has placed itself to be a hub for participation banking and Islamic finance. Erdogan said:

“We aim to make Istanbul centre of Islamic finance and economy,” 

Moreover, Erdogan added that Turkey is among the leading countries that is getting over the coronavirus pandemic with the least damage. [2]

“In addition to meeting the needs of our own people, we have provided medical assistance to 125 countries around the world,”

In the wake of the pandemic, Turkey stood out as a model for many others in the fight against the deadly virus. Turkey took strong measures to prevent the spread of the coronavirus outbreak through its solid public health system coupled with generous social assistance and aid schemes, both nationally and globally. Further to this, the large number of hospitals and intensive care units per person is one of the most effective assets that Turkey possesses. [3]

Whilst supporting its own people, Turkey also supported and delivered medical aid to several countries including the United Kingdom, Spain, Italy, Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia, and Kosovo. [4]

The Turkish President launched a ‘National Solidarity Campaign’ in the fight against the coronavirus, with the president himself donating seven months of his personal salary. [5] Setting an example to the entire world, Turkey was quick to declare economic support packages, monthly pension payments, and shelter for the homeless.

The country also launched the ‘Free Surgical Masks’ programme to the entire nation of 82 million residents, putting other nations – who cannot even provide protective equipment to their healthcare workers – to shame. [6]

The deadly coronavirus was first detected in Wuhan, China in December, but is now prevalent in 213 countries and territories around the world as well as 2 international conveyances.

At the time of writing, there are over 7.9 million registered coronavirus cases worldwide, with more than 435 thousand deaths. [7] Indeed we belong to Allāh, and to Him we shall return.

It is also important to note that over 4.1 million people have recovered so far from the deadly virus, alhamdulillāh.

Source: www.islam21c.com

Notes:

[1] https://www.aa.com.tr/en/economy/islamic-economy-can-lead-out-of-crisis-turkish-leader/1876509

[2] https://www.trtworld.com/turkey/turkey-s-erdogan-says-islamic-economy-can-pull-world-out-of-crisis-37276

[3] https://www.yenisafak.com/en/news/covid-19-turkey-model-country-with-strong-health-system-social-assistance-3516633

[4] https://www.trtworld.com/turkey/turkey-delivers-medical-aid-to-spain-and-italy-latest-updates-35015

[5] https://www.yenisafak.com/en/news/erdogan-launches-national-solidarity-campaign-3515466

[6] https://www.independent.co.uk/news/world/middle-east/coronavirus-turkey-face-masks-free-distribution-cases-a9453421.html

[7] https://www.worldometers.info/coronavirus/

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About Hamad Momin

One comment

  1. Yusuf lavangee

    May Allahsubhanawatala grant President Erdogan a long pious and prosperous life and grant him and the Turkish people the strength and piety to bring the concept of Islamic Rule as there is no other system to bring unity peace and success in the world but through the way shown to us by our Beloved guide and master Prophet Muhammad Sallallahu alaihe wassallam .Ameen sumaameen yarabulalameen

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