Tayyab pushes the idea of an Islamic megabank

Tayyab pushes the idea of an Islamic megabank 

Turkey’s president on Thursday promoted the idea of an Islamic megabank, one which could meet the liquidity requirements of Islamic financial institutions as well as financing for infrastructure projects.

Addressing a meeting of the D-8 developing nations via video link, Recep Tayyip Erdogan also reiterated his push for expanded international trade via local currencies.

"To protect our countries from risks based on foreign currencies, we must focus on trading in local currencies," he added.

On the D-8 Network for Research and Innovation, he called the network critically important, as it enables information sharing between universities and other institutions in fields such as renewable energy, artificial intelligence, robotics, the internet of things, big data, blockchain, and nanotechnology.