Erdogan Criticizes Global Capitalism
President Recep Tayyip Erdogan, speaking at the Second Global Islamic Economy Forum in Istanbul on Friday, strongly criticized the global economic system, calling it exploitative and interest-driven. He argued that such a system exacerbates inequality and enslaves people to capitalism, CE Report quotes Anadolu Agency
"I have repeatedly stated that we cannot legitimize interest or the interest-based economic system in any form," Erdogan said. "I will continue to advocate for an interest-free economy with a strong voice."
He highlighted the need for alternative economic paradigms rooted in fairness and compassion, especially within the financial sector. While Muslims make up 25% of the world’s population, Islamic finance currently totals about $2.5 trillion, he noted.
Erdogan stressed that the Islamic world must boost finance, trade, and cooperation among its members, and he praised Islamic economic principles for emphasizing justice and social solidarity.
On Türkiye's role, Erdogan said the country acts responsibly as a cultural bridge and is committed to becoming a global Islamic finance hub. He also addressed economic challenges, including the cost of the recent earthquake disaster, and ongoing efforts to strengthen trade despite a slowdown in the EU.
Erdogan also referenced geopolitical issues, noting Türkiye’s diplomatic efforts in Syria, Palestine, and in mediating the Russia-Ukraine conflict, as well as steps to eliminate domestic terrorism.
