from Daily Sabah
President Recep Tayyip Erdoğan on Friday stressed the injustices inherent in the current global system and emphasized the significance of participation finance, while also slamming the failure of international systems in light of Israel’s atrocities in Gaza.
Speaking at the Albaraka Islamic Finance Summit in Istanbul, Erdoğan affirmed Türkiye's role as a bridge between financial markets and stressed ongoing efforts to increase the share of participation finance, also known as Islamic finance, within the country, alongside completing necessary regulatory measures.
He pointed to the growing wealth disparity worldwide, and said international systems have lost balance.
"Today, wealth inequality has reached its highest level globally. The richest 1% of the world's population holds nearly half of the total global wealth. Income justice has deteriorated and inequality is at its peak," he noted.
The president stressed that the global system must be redesigned with all its elements according to today's realities and called for a creation of a more balanced, fairer and inclusive system.
"The balance in the international system has been lost, and uncertainty has increased," Erdoğan asserted.
He pointed to Israel's mass killings in Gaza as a stark display of the global order's inadequacy.
Israel's relentless strikes on the Palestinian enclave have killed at least 35,800 people, mostly women and children, according to local health authorities.
The war started following the Palestinian resistance group Hamas' incursion on southern Israel on Oct. 7, which killed around 1,200 people, according to Israeli tallies.
"The structures responsible for maintaining order worldwide have once again revealed their unjust nature," said Erdoğan.
"There is currently no institutional mechanism capable of protecting the oppressed, stopping the oppressor and preventing tyranny," he noted.
“We insist that the global system must be redesigned to reflect contemporary realities. We must all join hands to create a more balanced, fairer and more inclusive system. Where there is no justice, there can be no peace and tranquility."...
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