Second Global Islamic Economy Summit opens in Istanbul

ISTANBUL, May 30 (KUNA) -- The Second Global Islamic Economy Summit opened at Istanbul Financial Center (IFC) on Friday with Turkish President Recep Tayyip Erdogan attending.
The three-day event, dubbed Al-Baraka summit, is co-organized by the IFC, Turkiye's Investment Office, Al-Baraka Turk Bank, Ibn Haldun University and the Islamic Cooperation Youth Forum (ICYF).
In an address to the gathering, President Erdogan stressed the need of empowering the Islamic financial institutions to help achieve sustainable growth and make the best possible use of the potentials of trade and investment.
The Islamic banks account for 8.1 percent of the banking industry in Turkiye, which is insufficient percentage, he said.
The Turkish leader pledged to continue pressing for changing Turkiye's interest-based economic system to reach a zero-interest economy.
The 57 members of the Organization of Islamic Cooperation (OIC) account for only 11 percent of the world trade and nine percent of the global economy although they represent 25 percent of the world population, he regretted.
On his part, Yousef Hassan Khalawi, the secretary-general of Al-Baraka Forum for Islamic Economy, "We look to create new roads, not just to walk on a new roads." "We are creating in Istanbul, Medina, London, Kuala Lumpur, Karachi, Cairo and many others," Anadolu Agency quoted him as saying in a speech to the opening ceremony.
As part of the Islamic ecosystem, more and more initiatives should be created, he added.
Al-Baraka summit brought together executives of Islamic banks, high-level officials, experts and private sector representatives.
It aims to increase operational efficiency, encourage innovation, strengthen risk management, promote financial participation and support cooperation among industry stakeholders by developing a deeper understanding of the principles of Islamic finance.
High-level discussions on the integration of Islamic economic principles are expected at the summit. (end) ta.gb