Türkiye pledges to expand Islamic finance at Global Islamic Economy Summit

The 3rd Global Islamic Economy Summit opened in Istanbul on Wednesday, with Türkiye reaffirming its commitment to strengthening the Islamic finance ecosystem. The summit, held under the auspices of the Turkish Presidency and organized as part of the AlBaraka Summit Series, took place at Halkbank’s headquarters in the Istanbul Financial Center, with Anadolu as the global communication partner. Salim Arda Ermut, CEO of the Türkiye Wealth Fund, said the Istanbul Financial Center has made significant progress since 2023, now hosting nearly 20,000 people. He noted that a “One-Stop Office” service would accelerate investment processes. “As the Türkiye Wealth Fund, we see Islamic finance as an important part of our long-term strategy,” Ermut said, adding that the fund had carried out significant Islamic finance transactions over the past two years.

Call for distinct model

Necmeddin Bilal Erdogan, deputy chairman of Ibn Haldun University’s Board of Trustees, emphasized that Islamic finance should not merely imitate global finance but instead create a distinct model centered on humanity, social welfare, and long-term value. “When we talk about Islamic finance, we should not really focus only on the numbers,” he said. “We should not forget the anchor that will make us Islamic, that will make us different.” He also stressed the importance of education and investing in people, arguing that supporting Palestine and Gaza requires long-term investment in education.

OIC trade and digital platform

Ahmet Burak Daglioglu, head of the Turkish Presidency’s Investment and Finance Office, said Türkiye is working to connect Islamic finance with global markets, noting delegations visited Gulf countries, the UK, Malaysia, and Indonesia over the past year. “We want to increase trade within the Organization of Islamic Cooperation. We have formed a task force,” he said. Türkiye aims to establish an open data bank covering development bank data and build a digital platform for capital market information. A new incentive period has begun at the Istanbul Financial Center. For Türkiye, expanding Islamic finance is a strategic goal to attract Gulf investment and diversify funding sources.