President Recep Tayyip Erdoğan on Friday said participation finance, often known as interest-free or Shariah-compliant finance, is fairer for the whole world, which he said should not be bound to a single system in the economy.
"Participation finance is a fairer and safer model not just for Muslims, but for the entire world," Erdoğan told the 3rd Global Islamic Economy Summit.
Referring to his frequent saying that "a fairer world is possible," the president said it means humanity is "not bound to a single system in the economy or in international relations."
"Financial crises cannot be prevented without transitioning to an economic and financial paradigm centered on the principles of justice, ethics, production and equitable distribution," Erdoğan noted.
