Turkish president calls for 'balanced, fairer, inclusive' world system

Turkish President Recep Tayyip Erdogan has stressed that there is no institutional mechanism in the world that could effectively protect the oppressed and stop the oppressors, which has become evident with Israel's over 230-day-long inhumane offensive against Palestine's Gaza.

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

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

Bridge between financial markets

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 organised 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 centre to the global level," he added.