1st AlBaraka Summit Explores Global Prospects for Islamic Economics

The 1st AlBaraka Summit convened in Istanbul in a strategic partnership with the Investment Office, Türkiye Wealth Fund, Istanbul Financial Center, Ibn Haldun University, and the Islamic Cooperation Youth Forum under the theme "Global Prospects for Islamic Economics: Fundamentals and Needs".

The summit featured an opening address by President Recep Tayyip Erdoğan, followed by speeches from prominent figures in the global academic and business circles. The event aimed to explore and discuss the fundamental principles and emerging needs of Islamic economics on a global scale.

In his address, President Erdoğan expressed gratitude to all the institutions and organizations that spearheaded the summit, particularly the AlBaraka Forum for Islamic Economy, Investment Office, Istanbul Financial Center (IFC), Türkiye Wealth Fund (TWF), Ibn Haldun University, and the Islamic Cooperation Youth Forum.

President Erdoğan highlighted that the panels, covering a broad spectrum from the historical evolution of Islamic economics to its ethical principles, Islamic investment instruments, sustainable growth initiatives, and institutions like waqf and zakat, would pave the way for insightful discussions and guidance.

“We are hosting over 1,500 participants from around 75 different countries in Türkiye for the summit. I believe the summit, bringing together distinguished figures, investors, executives, and professionals, will boost the growth of the Islamic finance and participation sectors in Türkiye,” President Erdoğan remarked.

President Erdoğan also emphasized the need to elevate Islam​ic finance by redefining an approach to unlock its full potential, as the current state does not meet the needs of the Turkish economy, adding that Islamic finance offers vast opportunities for Türkiye's development, economic empowerment, and financial sovereignty.

"Our target is to raise the share of Islamic finance in banking assets to 15 percent. To achieve this, we have taken crucial steps, including the establishment of the Istanbul Finance Center and the introduction of new Islamic financial institutions," President Erdoğan concluded.

During the summit, a significant milestone was achieved with the signing of a Memorandum of Understanding (MoU) between the summit’s key strategic partners to strengthen cooperation and develop new initiatives to further the growth of the Islamic finance sector in Türkiye. The MoU was signed by AlBaraka Forum Secretary General Yousef Hassan Khalawi and Türkiye Wealth Fund CEO Arda Ermut, Investment Office President A. Burak Dağlıoğlu, Islamic Cooperation Youth Forum President Taha Ayhan, Ibn Haldun University President Atilla Arkan, and Istanbul Financial Center CEO Ahmet İhsan Erdem.

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Türkiye; Recep Tayyip Erdoğan; Albaraka Summits; strategic partnership