Erdoğan Reaffirms His Vision for an Interest-Free Economy at Islamic Economic Summit
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President Recep Tayyip Erdoğan delivered a passionate address at the 2nd Istanbul World Islamic Economy Summit, once again voicing his enduring aspiration for a “faizsiz ekonomi”—an interest-free economic model rooted in justice, equity, and ethical finance.
Speaking at the Istanbul Financial Center, Erdoğan positioned Islamic economic principles as a much-needed alternative to what he described as a flawed global economic order, calling for stronger cooperation among Muslim nations in finance, trade, and investment.
A Call for Unity in the Islamic Economy
Highlighting global disparities, Erdoğan noted that while Muslims make up 25% of the world’s population, the Islamic finance sector currently stands at just $2.5 trillion, and the 57-member Organization of Islamic Cooperation (OIC) accounts for only 11% of global trade and about 9% of global GDP.
“These figures show that the Islamic world must maximize collaboration in trade, finance, and investment,” Erdoğan emphasized, referencing the summit’s theme: “Strategies for the Islamic Economy: The Road to an Effective Global Economy.”
“The Current Global System is Broken”
Erdoğan criticized the existing interest-based global financial system, arguing that it prioritizes consumption and profit over human dignity and social justice.
“This model hides deep-rooted problems instead of solving them. It fuels inequality and neglects human values,” he said. “There is an increasing need for a people-centered, just, and compassionate paradigm.”
He described the current economic order as one that enslaves billions through debt and financial exploitation, asserting that the status quo is no longer sustainable and that experts globally are calling for change.
“I Will Continue to Raise My Voice for an Interest-Free Economy”
Recalling his nearly 50-year political career, Erdoğan reiterated his opposition to interest-based systems, framing his stance as a moral and national duty:
“I have always opposed this distorted system that disrupts income justice and enslaves people. I have consistently rejected the legitimacy of a model built on interest.”
He accused opposition parties of siding with rent-seeking interests, saying they failed to support policies beneficial to the nation.
“Challenging a global system that condemns humanity to interest is a dignified stance, not one to be criticized,” Erdoğan concluded. “As Tayyip Erdoğan, I will continue to raise my voice strongly in favor of an interest-free economy.”
This speech comes at a time when markets are closely watching Türkiye’s monetary policy direction, and Erdoğan’s ideological commitment to Islamic finance remains a critical pillar of his long-term economic vision.
