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  • Turkey’s Erdogan Says Islam Demands Lower Rates and So Does He

    From bnnbloomberg.ca

    President Recep Tayyip Erdogan pledged to continue interest rate cuts that have made the Turkish lira the world’s worst performing currency over the past three months, referring to Islamic proscriptions on usury as a basis for his new policy push. Turkey’s Erdogan Evokes Religion in New Push for Lower Rates: “What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments from Istanbul. “As a Muslim, I’ll continue to do what is required by nas,” Erdogan said, using an Arabic word used in Turkish to refer to Islamic teachings. For a second time ... (full story)

But we don't demand Islam
Islam rule used in developer country like Japan. 0% interest. USA 0% interest. All Europe countries 0% interest
follow Islamic principles and you will flourish for sure.
Last one out dont forget to flush the toilet! Liras is cheaper than toilet paper
Quoting bel3ouchi
Islam rule used in developer country like Japan. 0% interest. USA 0% interest. All Europe countries 0% interest
D*mbo
Quoting bel3ouchi
Islam rule used in developer country like Japan. 0% interest. USA 0% interest. All Europe countries 0% interest
yes thats true and they want Islamic countries to remain under pressure but turkey is doing the right thing
Well if anyone can point to any single economics teaching university anywhere in the world, including Islamic countries that teach this erdogan model of economics please do. And no Mosques do not qualify as universities
Pardon me so there is a forex trading centre up in their heaven???? Wonder who governs their monetary policies up there - hopefully not in the likes of FED or BOE

Also annoys me when politicians uses religions as their bargaining chip/tool, which most of the time is 100% irrelevant.
He should not use religion ( in his case Islam) as an excuse for his economic incompetence.
  • Post #10
  • Quote
  • Edited at 7:17am Dec 20, 2021 6:54am | Edited at 7:17am
Quoting pamc
Well if anyone can point to any single economics teaching university anywhere in the world, including Islamic countries that teach this erdogan model of economics please do. And no Mosques do not qualify as universities
The following Universities/Business Schools are among the many internationally offering MBAs in Islamic Finance. Stanford -Harvard - Columbia - Wharton- LBS - Cornell - HEC etc etc etc.

More than 2% of total world assets are now handled by islamic/Sharia-compliant financial institutions with value doubling every couple of years.

Quoting NotBoris
Pardon me so there is a forex trading centre up in their heaven???? Wonder who governs their monetary policies up there - hopefully not in the likes of FED or BOE Also annoys me when politicians uses religions as their bargaining chip/tool, which most of the time is 100% irrelevant.
Who cares? From trading point of view - back in the day- we had a Islamic partner with access to islamic interest free Fx Brokerage accounts.. Was very useful component in hedging multibroker carry trade strategies we employed then. Suprised no one here remembers.
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Yes, Turkey is doing the right thing! Absolutely! So don't complain when inflation hits 100 per cent and there are 100 lira to the dollar. The world functions in its own way, not the way Erdogan tries to make it function. Such gross ignorance and stupidity and the Turkish people will literally pay the price and suffer.
To be fair he sounds no more deluded than our own "leaders".
Quoting RossEdwards
{quote} The following Universities/Business Schools are among the many internationally offering MBAs in Islamic Finance. Stanford -Harvard - Columbia - Wharton- LBS - Cornell - HEC etc etc etc. More than 2% of total world assets are now handled by islamic/Sharia-compliant financial institutions with value doubling every couple of years. {quote} Who cares? From trading point of view - back in the day- we had a Islamic partner with access to islamic interest free Fx Brokerage accounts.. Was very useful component in hedging multibroker carry trade...
Thanks for the Uni info Ross. Informative as always. I wonder though apart from interest rates, how everything taught there fits into or differs from the Economics/Business education taught elsewhere within those same universities/schools. Also, most if not all of the Islamic oil rich nations that have their sovereign funds have totally different fiscal policies/philosophies even, to the rest of the 'western world', as relates to taxes, social services and so on. Re: the 2% of total world assets within Islamic financial institutions, these i would imagine are the sovereign funds of the gulf and some African states. Do these very funds not invest in foreign bond issues or other 'interest/higher return'' paying investments? Need to look into that a bit
Quoting UKBanter
To be fair he sounds no more deluded than our own "leaders".
Unfortunately, the democratic systems operating in the western/free world somehow keep failing on that point.
I have a theory on that which suggests that the real policymakers that enable these incompetent and or corrupt politicians in just about every state, the real smart money, select dummies that will follow whatever is thrown at them by the SM and major influencers. The Vanguards, Fidelity, Rockefellas of this world that have major interests in everything worthwhile.
0% interest rates = 0 interest in making loans. It is risk without reward. Where is the incentive to loan? Or to repay if a sucker does loan?
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Quoting RossEdwards
Who cares? From trading point of view - back in the day- we had a Islamic partner with access to islamic interest free Fx Brokerage accounts.. Was very useful component in hedging multibroker carry trade...
Of course interest free - or, actually, swap-free - forex accounts would be a great profit generator to the trader in any type of holding strategy, hedged or not. The brokers know that just as well, that is why all islamic accounts charge the client a monthly fee in line with the client's trading activity. The liquidity providers still pocket their interest, just don't call it that.
Quoting Guest
{quote} Of course interest free - or, actually, swap-free - forex accounts would be a great profit generator to the trader in any type of holding strategy, hedged or not. The brokers know that just as well, that is why all islamic accounts charge the client a monthly fee in line with the client's trading activity. The liquidity providers still pocket their interest, just don't call it that.

Exactly.. when they cottoned on and started all that... was when we abandoned the trade.
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  • Story Stats
  • Posted: Dec 19, 2021 4:33pm
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     Newsstand
    Category: Fundamental Analysis
    Comments: 17  /  Views: 1,973
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