Erdogan calls for development of global financial architecture

Turkish President Recep Tayyip Erdogan has stressed the need to develop a new model in the global financial architecture “based on people, ethics, production and participation.”

This came in a speech on Monday during his participation in the introductory meeting of the “Strategic Participatory Financing Document” in Istanbul.

He explained that Turkey provides all kinds of support to build a new financial structure as an alternative to the current financial structure, which “has become unsustainable.”

He added that the first step in changing society’s perception of PFIs is to change the name of PFIs (not dealing in interest) to PFIs.

“There is a perception in our society that participatory finance institutions are no different from banks as a system, and the first step to changing this perception is to change the name of the participatory banks to the participatory finance institution,” Erdogan said.

He added that the participatory finance system is one of the alternative financial tools that give priority to participation, production and ethical values.

He stated that during the past years, unnamed parties tried by various means to obstruct Turkey’s administration “through various conspiracies and coup attempts, the last of which was targeting our economy.”

He pointed out that the conspiracies want to transform Turkey “from a country capable of managing its affairs into a flabby one.”

He expressed his hope that the new participatory financing system will make a positive contribution to Turkey and the world and make an effective contribution to achieving Turkey’s economic goals in the coming period.

He pointed out that Turkey during the past 20 years has made great progress in developing the financial system, ensuring stability and increasing production diversification.

He added that Turkish banks, which have emerged from many global crises and attacks on the financial system, are “the driving force of this new system.”