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Debt, Interest, and Istanbul
Istanbul hosted the 3rd Global Islamic Economy Summit at the Istanbul Financial Center under the theme “Capital in the Islamic Economy: Structuring Wealth for Sustainable Development,” with President Recep Tayyip Erdoğan participating in the official opening ceremony.
“Istanbul Becomes the Global Meeting Point of the Islamic Economy Held under the auspices of the Presidency of the Republic of Türkiye and organized by the AlBaraka Islamic Economics Forum as part of the AlBaraka Summit Türkiye, the official opening ceremony of the 3rd Global Islamic Economy Summit was held at the Istanbul Financial Center with the participation of President of the Republic of Türkiye, H”
Erdoğan told the opening ceremony, “Where there is interest, there is no blessing. Where there is exploitation, there is no blessing,” and he said the global financial system requires not only revision but a more fundamental transformation.
The summit’s program also highlighted Erdoğan’s note that global debt reaching 350 trillion dollars represents a serious warning regarding the sustainability of the current system.
In the same opening sequence, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the AlBaraka Islamic Economics Forum, said “ISLAMİC ECONOMY IS AN IMPORTANT PART OF GLOBAL TRANSFORMATİON.”
Central Banks Panel
Day three of the summit began with the “Central Banks and Ministerial Level Panel” held prior to the official opening ceremony, moderated by Prof. Dr. Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Sustainable Development Agenda.
The panel featured Dr. Fatih Karahan, Governor of the Central Bank of the Republic of Türkiye; Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia; and Yahya Jawdat Hafez Shunnar, Governor of the Palestine Monetary Authority.
In the panel discussion, participants addressed topics including the restructuring of capital flows, Sharia-compliant monetary policies, and financial stability, alongside sustainable investment models and cross-border economic integration.
The summit’s coverage also connected the discussions to Islamic finance’s role in the global economy, with participants exploring “new cooperation models to enhance economic resilience.”
Palestine, Turkey, and Malaysia
On the sidelines of the AlBaraka Islamic Economics Summit in Istanbul, the Governor of the Palestine Monetary Authority Yahya Shanar met Turkish central bank governor Fatih Karahan to discuss ways to develop financial and banking cooperation between Palestine and Türkiye.
WAFA said Shanar stressed “the continued Israeli restrictions on clearance revenues” and the challenges related to correspondent banking relations between Palestinian and Israeli banks, calling for serious international action to address these challenges and ensure the stability of the Palestinian financial sector.
In a separate meeting, Shanar discussed with Malaysia’s central bank governor Abdul Rasheed Ghaffour prospects for expanding the institutional framework of Islamic finance and broadening its tools to support the real economy.
The WAFA account also said the two sides reviewed Malaysia’s experience in Islamic finance and discussed applying best practices in regulation, governance, and product development to advance the Palestinian financial sector.
