Turkish President Recep Tayyip Erdogan said Monday that the development of Islamic banking has been identified as a priority in the government's financial and economic policies.
"We have identified Islamic banking as one of the priority areas in all our government strategy documents, particularly in the development plans and medium-term programs," Erdogan said, speaking at the presentation of the Islamic finance strategy in Istanbul. The president's speech was broadcasted by TRT television channel.
According to Erdogan, fighting the challenges facing Turkey's economy only strengthens it. "Over the past eight to nine years, our opponents have done everything possible to disorganize the country, including an attempted military coup (July 15, 2016 - TASS). But this has only united us," he noted.
Erdogan added that the mechanisms used by Islamic banking contribute to strengthening the economy, its development and increase its resistance to crises. He pointed to their own systems of financing, market regulation and insurance. The Turkish leader also said that local society hardly sees any difference between Islamic banking and other financial institutions. In this regard he suggested using the term "financial structure" in relation to Islamic banking.
Islamic banking implies banking activities in accordance with Islamic norms. Particularly loan interest and different kinds of financial speculation are forbidden. Islamic banks do not give classical interest loans and use other forms (installment loans, leasing, equity financing).
GSV "Russia - Islamic world"
Photo: official website of the President of the Russian Federation
Based on materials from TASS