Borsa İstanbul, the paramount exchange entity in Turkey that represents the former Istanbul Stock Exchange, the Istanbul Gold Exchange, and the Derivatives Exchange of Turkey, has inked a memorandum of understanding (MoU) with the Islamic Development Bank (IDB).
The accord will usher in a strategic cooperation between the two venues, with the IDB conducting a variety of studies aimed at improving the commercial activities among Islamic states and finance in the region. The deal is important as it helps support further developments and inter-cooperation in the region, helping permeate one of the largest untapped markets of potential clients.
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Need for Alternative Finance
According to President Recep Tayyip Erdoğan in a recent statement on the MoU: “The free circulation of labor and capital globally provides the basis for the current commercial system and consequently, international relations. Within this framework, as the needs are numerous and resources are limited, the need for alternative finance becomes more and more important.”
“Interest based banking system faces a significant dead end. The balance, which was lost during the 2008 global crisis, has still not been regained, and the near future does not look positive in this respect. We have to shift toward a financial system that is based on making money by making an effort, by using information, and by trading rather than making money out of money,” he added.