THE government urges academicians, financial institutions, and regulatory bodies to work together in realising the vision of the future and a sustainable, humane economy, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also finance minister, said this collaboration must be met with an “ummatic” commitment with joint efforts to help realise this vision for a better future.
“Academicians must continue to push the boundaries of knowledge, align the theoretical and ethical dimensions of Islamic economics, and develop practical applications aligned with these core Madani principles.
“Meanwhile, financial institutions must integrate these principles into core structures and decision-making processes, and ensure that their products are equitable and accessible,” he said in the premier address at the International Conference on Islamic Economics and Finance today.
Anwar added that regulatory bodies must create enabling frameworks for innovation that incentivises and reinforces ethical conduct and not mere legalistic compliance.
At the same time, Anwar said the government aims to promote a new method of civilisational development guided by the Madani economy principles.
He said the Madani concept introduced by the government puts forward an economic framework based on six principles, namely sustainability, care and compassion, respect, innovation, prosperity, and trust.
“Guided by these principles, we aim to promote a new method of civilisational development. One that goes beyond mere economic data and statistics that do not resonate with the ordinary man.
“Rather, it is a new developmental approach that benefits society now and that of the future,” he said, adding that the future economy would channel investments towards sustainable businesses, prioritising environmental protection, responsible resource management and renewable energy.
He emphasised that the future economy would place the people at its centre, which contributes to developing a caring, compassionate society that could support comprehensive social safety nets, investing in community development and abolish poverty and inequality.
“I invite you to imagine a future economy where an innovative society developing not just new products and technology, but also ideas, solutions and perspectives that challenge the status quo and inspire progress,” he said. – Bernama, February 20, 2024
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