KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has urged academicians, financial institutions and regulatory bodies to work hand in hand to promote a sustainable humane economy, in line with the Madani framework.
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 in his keynote address at the 15th International Conference on Islamic Economics and Finance (ICIEF) here today.
Anwar said he is focused on having a future economy that channels investments towards sustainable businesses, prioritising environmental protection, responsible resource management and renewable energy.
He also aspires for an economy that places emphasis on the people and contributes to developing a caring, compassionate society.
The prime minister highlighted that the collaborative efforts should try to attain an economy that is fair to all, innovative and transparent.
"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.
"Financial institutions must integrate these principles into core structures and decision-making processes, and ensure that their products are equitable and accessible," he said.
As for the regulatory bodies, Anwar called them to create enabling frameworks for innovation that incentivises and reinforces ethical conduct and not mere legalistic compliance.
"This collaboration must be met with an 'ummatic' commitment with joint efforts to help realise this vision for a better future."
However, he said there will be obstacles that could hinder the country's efforts from achieving its goals.
He added that the path dependency on the global financial system along with Western Centric models of development must be critically examined by thinkers.
"Unbridled capitalism, limitless greed and the exploitation of this world's resources must give way to the principles of moderation, equity and sustainability for the betterment of both current and future generations.
"With this, we can realise a society rooted in justice and compassion, fulfilling the commandment: "Seek, through what Allah has given you, the home of the Hereafter, and forget not your portion of this world"," he said.
The ICIEF will be held from Feb 20-24 and is aimed at highlighting strategies and forward thinking initiatives for the development of a more integrated, sustainable and humane economy.