(MENAFN- Trend News Agency)
President Recep Tayyip Erdogan pledged to build the“Century of
Türkiye” after beating the inflation problem which was caused by
the effect of global developments, reports citing .
“I hope we will build the 'Century of Türkiye' together by
overcoming the inflation issue, which we have felt for a while,” he
said on Oct. 3 at a publicity event for the Participation Finance
Strategy Document.
For the last 8-9 years, some circles have tried to attack
Türkiye including the attempt for coup d'etat, aiming to make the
country unmanageable, he said.
“The last bullet of these sneaky attacks hit our economy, but an
unforeseen situation arose. Our struggle against the traps set
against us has made us stronger. On the other hand, unexpected
crises in the world revealed to us all the weaknesses of those who
set these traps,” Erdogan stated.
In the meantime, the global economic crisis continues to wreak
havoc on the world, constantly causing new problems and the
financial sector is one of the areas most affected by the problems,
he said.
But the financial system also has problems, distortions and
deadlocks beyond this, Erdogan emphasized.
“To put it more clearly, the financial system, whose main task
is to be the locomotive of economic growth by directing savings to
the right investments, can no longer fulfill this task. At this
point, an economic order in which the financial system feeds
production and trade has been replaced by an unhealthy and
unsustainable structure in which almost all other sectors feed the
financial sector,” the president said.
He stressed that the Turkish government also provides all kinds
of support to the new financial architecture, which is an
alternative to the existing financial structure that has become
unsustainable.
He underlined that the document would significantly contribute
to the efforts aimed at developing alternative instruments for the
financial system, which he noted was at the center of global
crises.
Participation finance includes participation finance
institutions, participation capital markets, participation
insurance and social finance, and these instruments bear a
potential for rapid development, growth and enrichment with new
derivatives, President Erdogan stated.
The government in advance launched the preparations for the
strategy document that the country needs to achieve its purpose, he
said and added,“The purpose of our Participation Finance Strategy
Document is to build a legal, administrative and corporate
infrastructure for participation finance in the 2022-25 period
while bringing about a significant transformation for the current
structure.”
“Just like every strategy document of ours, we have carried out
this work with the participation of a wide range of stakeholders
and a detailed preparation process as well,” he stated.
Stating that making changes in the name of participation banks
may change the perception, Erdogan said,“The perception that
participation financial institutions are no different from banks
has settled in the society.”
The name of the participation bank may be changed to
participation financial institution and only by changing the name
will separate participation finance and banks in the eyes of the
society, he added.
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