Turkey: Establishing an Islamic Megabank is possible, says Erdogan at D-8 Council of Ministers

Turkey: Establishing an Islamic Megabank is possible, says Erdogan at D-8 Council of Ministers

Turkish President Recep Tayyip Erdogan stated during the 10th Summit of the Developing-8 (D-8) Organization that the idea of ​​an Islamic Megabank is possible, which could simultaneously meet the needs of the Islamic financial institutions for liquidity and the needs in funding infrastructure, which is growing in the Muslim territory.

The Turkish President, after emphasizing that at the end of the Summit they would be handing over the rotating presidency that lasts for about 4 years to Bangladesh, noted that “our organization, the secretariat of which we host in Istanbul, in a period of 25 years since its establishment has been strengthened as it moved forward.”

Stressing that, since day one of the fight against the new coronavirus that has been sweeping the world for a year, he has been drawing attention to the importance and need for international cooperation, Erdogan underlined that “Turkey will offer its domestic vaccine, for which we carry out human trials, to all humanity with the principle of ‘no one is left behind.'”

He noted that Turkey has prepared a strategic document to facilitate trade between the D-8 countries and has sent it to the relevant countries, adding that “we believe that the idea of ​​an Islamic Megabank is possible which will simultaneously meet the needs of Islamic financial institutions for liquidity and needs in funding infrastructure which is growing in Muslim geography and will be based on an online platform.”

“It is necessary to focus on trade in domestic currency in order to protect our countries from the dangers arising from foreign exchange. I find it useful to accelerate the work of the D-8 exchange bank in this direction.”

The President noted that they should make efforts to support the Palestinian refugees, the Rohingya in Myanmar, the Yemeni, and the Syrian immigrants who are fighting against tyranny and poverty.

D-8, also known as Developing-8, is a development cooperation organization between Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

In a statement issued in Dhaka, the Group of Eight (D-8) reaffirmed its commitment to combating racism, discrimination, xenophobia and Islamophobia.

At the 10th D-8 Summit hosted online in Bangladesh and attended by Turkish President Recep Tayyip Erdogan, the Decennial Roadmap for 2020-2030 was adopted and an announcement was issued on the meeting.

With the Decennial Roadmap aimed at making the organization more powerful and developed, the D-8 countries approved the goal of deepening trade cooperation and increasing the volume of their domestic trade to at least 10% of the total D-8 trade.

The announcement states that the opportunities for the development of cooperation in various fields will be explored.

The parties expressed their determination to combat all threats, including terrorism, sectarianism and extremism in all their forms and manifestations, which are directed against the economic development, peace and prosperity of the Member States.

The D-8 countries reaffirmed their commitment to combating racism, discrimination, xenophobia and Islamophobia.

The announcement expresses appreciation for Turkey, which has been at the helm of the D-8 since 2017.

“We warmly thank President Recep Tayyip Erdogan for his leadership, commitment and selfless efforts to support the D-8 objectives,” the statement notes. /ibna