President Erdoğan attended the 3rd World Islamic Economic Summit at the Istanbul Finance Center.
"At the summit, organized with the theme of 'Capital in Islamic Economics: Structuring Wealth for Sustainable Development,' exceedingly qualified discussions were held and will continue. Our academics, policymakers, and experts in the field will comprehensively evaluate the role of capital in Islamic economics from intellectual, strategic, ethical, sector-based, and practical perspectives. At the summit, where new realities of our era such as digital transformation and governance were also discussed, lessons learned from national and regional experiences will also be examined."
It is a fact that, as the Islamic world, we have been simultaneously struggling with many crises on different fronts in recent years. Israeli atrocities in Gaza, the West Bank, and East Jerusalem still continue despite the ceasefire. The Zionist network of killers is audaciously expanding its policy of occupation and invasion day by day, from southern Lebanon towards the interior of Beirut. The war centered in Iran is negatively affecting not only our sister countries in the Gulf but the entire world, with passages in the Strait of Hormuz coming to a standstill. Unfortunately, the climate of trust and stability in our geography is being increasingly damaged by the impact of war, crisis, fratricidal conflict, and uncertainties.
"Global debt reached 350 trillion dollars"
We are living in days when a global breakdown has occurred, especially in the field of economy and finance, and tremors are felt in almost every country, regardless of its level of development. Look, I want to share a disturbing figure with you here. A report recently published by the Institute of International Finance shows that global debt reached 350 trillion dollars in the first quarter of 2026. How sustainable this debt burden is a serious question that needs to be answered for the future of the global economy. I must state this clearly: You cannot treat ailments that require surgery with band-aids.
