International Forum on Financial Systems which was held in Istanbul and sponsored by the AA ended on Thursday.
Savas Alpay, Director-General of the Statistical, Economic & Social Research and Training Center for Islamic Countries (SESRIC), said the world was not in good order saw very big financial crisis and the latest one was 2008 global financial crisis.
"The wealth distribution is such a big problem," he said. "We live in a world where 70 percent of the population owns only 3 percent of the global wealth and we have to find a solution to this problem."
He said there were discussions whether Islamic finance was a solution or not during the two-day forum and added " Islamic finance is a different alternative and we have to consider all the alternatives. Islamic finance deserves to be an alternative because its different from the conventional system."
He insisted that Islamic finance has to be tested as an alternative whether it may be successful or not.
Durmus Yilmaz, Chief Economic Adviser to the Turkish President, said the two day forum has been a very successful conference in the sense that answers were tried to be given to the questions and different opinions were shared.
"Only a tiny part of the world population lives the age of abundance," Yilmaz said. If the present financial system is the best financial system then why is the majority of the world population is in this situation."
He also said all the alternatives should be taken into consideration to find a solution to such problems and existing Islamic institutions have to be reconsidered as an alternative.
"Present systems need reforms in order to make the lives of suffering people easier," he added.
The International Forum on Financial Systems was jointly organized by Independent Industrialists' and Businessmen's Association (MUSIAD), BORSA Istanbul, Statistical, Economic & Social Research and Training Centre for Islamic Countries (SESRIC), Participation Banks Association of Turkey (TKBB) and Islamic Development Bank (IDB).
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