Thursday, April 18, 2024

Turkish President Promotes Islamic Megabank Idea

Turkey’s president proposed an Islamic megabank on Thursday, one that could meet the liquidity needs of Islamic financial institutions as well as provide funding for infrastructure projects.

Recep Tayyip Erdogan spoke via video link to a meeting of the D-8 developing countries, reiterating his call for more foreign trade in local currencies.

“We must concentrate on trading in local currencies to shield our countries from threats dependent on foreign currencies,” he said.

He said the D-8 Network for Research and Innovation is crucial because it allows universities and other organizations to share knowledge in fields like renewable energy, artificial intelligence, robotics, the internet of things, big data, blockchain, and nanotechnology.

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