Anwar said Malaysia’s economy should be looking to channel investments towards sustainable businesses.
KUALA LUMPUR: The traits of integrity and accountability have to be at the forefront of any deliberations among regulators, institutions and academicians to create a developmental environment that benefits society, says Datuk Seri Anwar Ibrahim.
The Prime Minister said his government is aiming to promote a new method of civilisational development which goes beyond data and statistics that do not resonate with the public, in order to emerge with a sustainable approach that is beneficial to Malaysians at present and for the future.
Speaking here at the 15th International Conference on Islamic Economics and Finance (ICIEF) yesterday, he remarked that Malaysia’s economy should be looking to channel investments towards sustainable businesses, prioritising environmental protection, and responsible resource management.
“Instead of institutions, instruments or certain individuals, the centre of the economy should be the people that contribute to a caring and compassionate society,” he said.
The Prime Minister commented that it is vital to support comprehensive social safety nets as well as abolishing poverty and inequality, while calling on financial institutions to not just develop new products and technology, but also to emerge with ideas, solutions and perspectives that inspire progress.
As such, Anwar urged academicians to push the boundaries of knowledge, developing practical applications aligned with the core Madani principles of sustainability, care and compassion, respect, innovation, prosperity and trust.
“Meanwhile, financial institutions must integrate these principles into core structures and decision-making processes, and ensure that their products are equitable and accessible.”
At the same time, he suggested for regulatory bodies to create enabling frameworks for innovation that incentivises and reinforces ethical conduct and not mere legalistic compliance.
The ICIEF, a cooperative effort of Anwar’s Finance Ministry, the International Islamic University of Malaysia (IIUM) and the International Association for Islamic Economics, is targeting to spotlight strategies and forward-thinking initiatives for the development of a more integrated, sustainable and humane economy.
Themed “Driving the Agenda for a Sustainable Human Economy”, the three-day event is attended by academics, professionals and experts in the Islamic economics and finance spheres, having also received collaboration from Bank Negara and the International Institute of Islamic Thought.
In his opening address, president of IIUM Tan Sri Samsudin Osman said the ICIEF provides a unifying platform for academics, financial practitioners and policymakers worldwide to deliberate on solutions to weather today’s global economic challenges and complexities.
“As our attendees share their ideas, the underlying values guiding the conference are integrity, inclusiveness and a shared responsibility towards a sustainable and trustworthy future,” he said.
On Monday, Anwar had encouraged Malaysian banks to remain competitive in dealing with the current challenges of chaos, complexity and contradictions.
Anwar said this as he believes financial institutions are a pillar in the national economic system as they assist in building confidence among the public as well as local and foreign investors.
