Islamic economy may come out of crisis: Erdogan

The Turkish president said on Sunday that Islamic instruments provide a “key” to get out of the economic crisis.

Recep Tayyip Erdogan told the 12th International Conference on Islamic Economics and Finance via a video link, “Over-financing has created a bloated economic model, which only about unearned income without considering social and human costs Is a matter of concern. “

Although addressing the long-term developments, his remarks came against the backdrop of economic decline from the coronovirus epidemic.

Erdogan said referring to Islamic bonds, “For long-term large infrastructure investments, the use of products such as sukku must be expanded.”

“Contrary to what has been promised, the distribution of income and wealth is slowly deteriorating throughout the world, and the gap between countries has widened,” he also said.

He warned that every crisis started in the financial sector spreads quickly in the real sector and creates an army of new unemployed.

Earlier this year, credit rating agency Moody’s announced that Turkey’s Islamic banking assets had doubled within a decade, as government initiatives led to growth in the sector.

Turkey has positioned itself to be a hub for participatory banking and Islamic finance.

Turkey provided medical aid to 125 countries

Erdogan said that Turkey is among those countries which are going through an epidemic with minimal losses.

“In addition to meeting the needs of our own people, we have provided medical support to 125 countries around the world,” he said.

Indicating a 4.5% growth in the country’s first quarter, Erdogan said that Turkey has shown that it is positively different from other countries not only in the health sector but also in the economy.

“Generalization calendar, with the receipt of production, trade and tourism [sectors] “Resurrection has begun,” Erdogan said.

As of Saturday, Turkey confirmed about 176,700 coronovirus cases, while the recovery was more than 150,000. The virus killed about 4,800 people in the country.

Since originating in China last December, the epidemic has claimed the lives of more than 430,500 people in 188 countries and territories.

The US, Brazil and Russia are currently the world’s most hit countries.

According to data compiled by Johns Hopkins University in the US, some 7.81 million cases have been reported worldwide, while some 3.72 million have so far been cured.

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