H.E. Zehra Zümrüt SELCUK participated in the 1^st AlBaraka Summit convened in Istanbul on 24-25 May 2024. The Summit was organised by AlBaraka Forum for Islamic Economy in partnership with the Investment Office of the Presidency of the Republic of Türkiye, the Istanbul Financial Center (IFC), the Türkiye Wealth Fund (TWF), Ibn Haldun University, and Islamic Cooperation Youth Forum (ICYF) under the theme “Global Prospects for Islamic Economics: Fundamentals and Needs”. With thematic panels, discussion sessions, workshops, and networking opportunities, the Summit attracted over 1500 participants from 75 countries, providing valuable insights and opportunities to interact with community leaders in the field.

The Summit was graced by H.E. Recep Tayyip ERDOĞAN, President of the Republic of Türkiye. In his address, President ERDOĞAN highlighted the profound transformations our world is undergoing. Emphasizing the growing instability of international system, H.E ERDOĞAN underlined that Israel’s ongoing massacres in Gaza are the evidence of the global system’s failures which require an immediate action.

The President of Türkiye also criticized the global financial system for straying from its purpose of supporting production and welfare. He noted that despite the 2008 crisis exposing structural flaws, necessary reforms were not implemented, leaving the system fragile. H.E. ERDOĞAN highlighted the record level of global debt at $315 trillion and extreme wealth disparity, with the top 1% owning nearly half of all wealth while the bottom 50% own less than 1%.

The President also noted the recent opening of the Istanbul Financial Centre, which aligns with Türkiye’s vision for Islamic economics. He mentioned that principles such as zakat, sadaqah, honesty, and justice form the foundation of the Islamic economy, which aims for sustainable development, morality, and social prosperity. He also highlighted the importance of the participatory economy and its potential to advance and strengthen the economy. H.E. ERDOĞAN also announced plans for new laws to support the participatory economy and envisioned Istanbul as a global hub.

Following the welcoming remark of H.E. Mr. Yousef Hassan KHALAWI, Secretary General of AlBaraka Forum for Islamic Economy, and the keynote speech of H.E. Prof. Dr. Atilla ARKAN, President of Ibn Haldun University, the Summit proceeded with its inaugural thematic panels with the theme "Islamic Economics Through Time" and "Islamic Economies in the Global Arena", along with public lecture and presentation.

On the second day, subsequent thematic panels focused on "Islamic Economy as Ethical Economy” and “Synergies and Sustainability." Concluding the Summit's formal sessions, the last thematic panel entitled "The Regulatory Evolution in Islamic Economy" addressed pertinent issues surrounding regulatory frameworks in Islamic economies, highlighting challenges and potential avenues for growth and development. The Summit concluded with a Workshop dedicated to formulating and implementing a code of ethics for Islamic finance professionals.

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