KUALA LUMPUR, May 29 (Bernama) — The time has come to inject a new sense of “islah” or reform through Islamic finance, paving the way for the next stage of growth and development, said the Malaysia International Islamic Finance Centre (MIFC) Leadership Council (MLC) chairman Tan Sri Azman Mokhtar.
He said the term “islah” means to reform, improve and restore matters to be in a state of “fitrah” or a natural, authentic and good position.
“We need to do this together as a call of action and part of Islamic finance by co-creating the next wave towards a more inclusive and sustainable world,” he said during the Fireside Chat 2 session titled “MLC Position Paper – Unlocking Global Islamic Finance Opportunities” at the Global Forum on Islamic Economics and Finance (GFIEF) today.
Azman also called for action to co-create the next “islah” curve for Islamic finance and economics with five key thrusts, including strengthening existing initiatives and programmes, demonstration effect through MLC impact projects, and the discipline of implementation and execution.
“While we emphasise that Islamic finance must serve the real economic sector and ultimately society at large, we recognise that different Islamic economics have different conditions, levels and stages of development, and comparative advantages where different aspects of Islamic finance may apply,” he said.
Thus, he said the position paper does not recommend a one-size-fits-all approach but rather aims to provide a pragmatic methodology on how to apply Islamic finance principles to develop a financial system best suited to different economies.
The MLC position paper “Establishing Islah through Islamic Finance” was launched and submitted to Prime Minister Datuk Seri Anwar Ibrahim during the GFIEF opening ceremony yesterday.
The paper highlights the growth in Islamic finance with the formation of Lembaga Tabung Haji in 1963, followed by Bank Islam Malaysia Bhd in 1983.
The paper also advocates an agenda for reform and restoration (islah) of the economy and society through Islamic finance and a call to action that outlines seven principles for change, 10 shifts or “hijrah” in areas and opportunities for change, five key thrusts for change, 10 MLC key focus areas and 18 initial MLC projects.
— BERNAMA
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