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Türkiye Wealth Fund says Islamic finance is key to its long-term strategy
Türkiye Wealth Fund General Manager Arda Ermut said Islamic finance has an important place in the fund’s long-term strategy at the 5th Al Baraka Summit, held in London on Oct. 13-14.
Speaking at the 5th Al Baraka Summit in London, Türkiye Wealth Fund General Manager Arda Ermut said Islamic finance is an important part of the fund’s long-term strategy.
The theme of this year’s summit, held on Oct. 13-14, was "Ethics in business: Rebuilding the foundations of the Islamic economy and strengthening its global impact." Ermut said in his speech that Türkiye’s and the region’s experience in adapting to changing conditions had gained greater importance at a time when regional problems were becoming global issues.
Emphasis on Istanbul Financial Center
Ermut said the Istanbul Financial Center was an important step toward Türkiye’s goal of becoming a global financial hub. He said Istanbul had an advanced transportation network and a geographical location connecting Europe, Asia, the Middle East and Africa.
Recalling that the 3rd Global Islamic Economy Summit was held in Istanbul in June, Ermut said new efforts would continue based on the goals set out at that summit.
Ermut said Türkiye as a whole, and Istanbul in particular, had the capacity to adapt easily to changing circumstances, adding that this characteristic was highly important for today’s global economy.
Regional experience and the global economy
Ermut said the challenges facing the region had contributed to the development of its capacity to cope with changing conditions. He said drawing on the experiences of Muslims in the region in discussions about the future of the Islamic economy would contribute to the global economy.
Ermut said the Istanbul Financial Center housed the headquarters of the Central Bank of the Republic of Türkiye and the state-owned banks, adding that the number of employees would reach 50,000 when the center became fully operational.
Ermut said financial centers should bring investors, capital and opportunities together, adding that the Istanbul Financial Center would become an important hub for the world.
New human resources for Islamic finance
Ermut said the challenges facing global financial markets had increased the importance of ethics, adding that the sound foundations of the Islamic economy would have a global impact. He said justice, responsibility, transparency and strong ties with the economy were elements that created genuine value.
Ermut said financing should support productive activities, encourage entrepreneurship and create broad value for society and the economy, adding that they viewed Islamic finance as an important element of Türkiye Wealth Fund’s long-term strategy.
Ermut also addressed steps to strengthen Türkiye’s position in the global Islamic finance system, saying that new human resources who embraced this approach needed to be developed.
Ermut said it would not be sufficient to expect existing staff in the conventional banking sector to produce new developments, adding that there was a need for a new generation and new human capital that embraced the principles of Islamic finance.
Ermut said Türkiye was working to train such personnel based on its own experience, adding that universities had opened new departments for this purpose and academic studies were continuing.
Source: Anadolu Ajansı
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