24.11.2021 İstanbul
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President and the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) Acting President M. Rifat Hisarcıklıoğlu stated that in order to support the SMEs that form the basis of economies, they should develop and expand Islamic financial models, adding that, “the current global financial system, built on interest and profit ambition, cannot protect entrepreneurs.”
Speaking at the opening
session of the 37th Ministerial Meeting of the Standing Committee on
Economic and Trade Cooperation of the Organization of Islamic Cooperation
(ISEDAK), Hisarcıklıoğlu said that while Islamic countries should mobilize unity
and solidarity, they are wasting their energy and resources through their
conflicts.
Hisarcıklıoğlu stated
that they should strengthen the conversation and be unifying. “The most
important way to do this is through trade. Because commerce is the greatest
source of peace. The tradesmen doesn't talk about conflict, he doesn't look
down on each other. Therefore, first, we must remove the trade barriers between
our countries and increase trade with each other.”
Hisarcıklıoğlu stated
that they have taken another important step in this direction and that ICCIA
has started the establishment of the Arbitration Center of the Organization of
Islamic Cooperation, and that they have completed the legal establishment
process of the center, and asked the participants to support this arbitration
center to be visible in their own countries.
Hisarcıklıoğlu
explained that thanks to this center, they will make trade and investments
between Islamic countries even more attractive and increase. The issue of visas
remains a problem. People trade and invest not with the country they have
difficulty getting in and out of, but with the country they can easily reach.”
- “We must develop and expand Islamic financial models”
ICCIA Acting President
Hisarcıklıoğlu stated that countries should support vaccination processes in
order to combat the pandemic and mentioned the work of Turkey and TOBB in this
regard.
Hisarcıklıoğlu stated
that financial support can be created especially for low-income Islamic
countries to access vaccines. “In order to support the SMEs that form the
basis of our economies, we must develop and expand Islamic financial models.
Because the current global financial system, built on interest and profit
ambition, cannot protect entrepreneurs. This structure has become unhealthy,
producing constant crises, where all other sectors feed the financial sector.
As a result, the distribution of income and wealth around the world has
gradually deteriorated, and the gap in prosperity between countries and
societies has become increasingly wider. As an alternative to this distorted
structure, we should promote Islamic finance and expand its use by integrating
it with growing fintech applications.”