Global Islamic Economy Summit begins in Istanbul

The 2nd edition of the Global Islamic Economy Summit of AlBaraka began in Istanbul on Friday to focus on empowering Islamic financial and non-financial institutions to help achieve their goals of sustainable growth and leave an effect on the global economy via new strategies.

The two-day summit was organized in collaboration with Türkiye's Investment Office, the Istanbul Financial Center (IFC), Albaraka Bank, Ibn Haldun University in Istanbul and the Islamic Cooperation Youth Forum (ICYF).

High level officials, experts and private sector representatives are gathering at the event.

The summit is focused on increasing operational efficiency, encouraging innovation, strengthening risk management, promoting financial participation and supporting cooperation among industry stakeholders by developing a deeper understanding of Islamic principles.

During the opening ceremony, President Erdoğan emphasized his pleasure in welcoming participants in Istanbul, a city at the crossroads of three continents. Pointing out that Muslims constitute 25% of the global population, he stated: “Despite this, the size of the Islamic finance sector stands at approximately $2.5 trillion. The 57 member states of the Organization of Islamic Cooperation (OIC), the second-largest international organization after the UN, account for only around 11% of global trade. Representing 25% of the population, we contribute merely 9% to the global economy. These figures indicate that we, as the Islamic world, must maximize our potential in trade, investment, finance, and cooperation.”

President Erdoğan further noted that the ethical, fair, and sustainable approaches of Islamic finance will be examined in detail amid the turbulent global economic climate. “From strategic Islamic economic planning to growth models, from technology-focused fintech solutions to halal approaches, the wide array of ideas to be presented will bring us closer to our goals. As Türkiye, we are committed to acting with the responsibility of being a bridge between cultures and peoples throughout history. The steps we are taking to make Istanbul a global financial hub are opening new doors not only for our country but also for the entire Islamic finance community,” he added.

High-level discussions on the integration of Islamic economic principles are expected at the summit.

Yousef Hassan Khalawi, the secretary-general of AlBaraka Forum for Islamic Economy, said at the opening ceremony: "We look to create new roads, not just to walk on a new roads. We are creating in Istanbul, Medina, London, Kuala Lumpur, Karachi, Cairo and many others."

As part of the Islamic ecosystem, more and more initiatives should be created, he added.