Erdogan criticizes capitalism, calls for alternatives
(MENAFN) On Friday, Leader Recep Tayyip Erdogan declared that the flawed Intenational system deepens inequality and traps people in a cycle of capitalism. He stressed, "I have repeatedly stated that we cannot legitimize interest or the interest-based economic system in any form."
Speaking at the Second Global Islamic Economy Forum in Istanbul, which was planned by Albaraka Bank, Erdogan stated, "Just as we objected to the idea that 'the world is bigger than five,' I will not back down from the struggle to change the interest-based economic system; I will not only object, but I will also strive to produce and disseminate alternatives."
He emphasized that rejecting an international system that imposes interest is a noble position to take, adding: "I will continue to advocate for an interest-free economy with a strong voice."
Erdogan highlighted the growing need for alternative frameworks across various fields, particularly a financial system that is equitable, humane, compassionate, and accountable.
Erdogan remarked that the present-day global economy, which places excessive emphasis on consumption and short-term profit, marginalizes core human values and deepens social disparities, ultimately leading to growth that is both wasteful and unsustainable.
Erdogan noted that although Muslims represent a quarter of the world’s population, the total value of Islamic finance stands at roughly $2.5 trillion.
He explained that the Organization of Islamic Countries (OIC), which includes 57 member states and is the largest international body after the UN, makes up approximately 11% of global trade, while Muslims, who make up 25% of the population, contribute just 9% to the world economy.
He stressed the importance of strengthening financial, trade, and cooperative opportunities within the Islamic community.
Erdogan highlighted that Islamic economic principles prioritize justice, risk-sharing, and community solidarity.
He concluded by noting that the world is currently facing numerous challenges—from rising trade tensions and political instability to mounting global debt, an aging population, and climate change—that are straining economic growth worldwide.
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