On Tuesday, the Prime Minister of Malaysia, Anwar Ibrahim, called for Islamic economic entities to embrace the Islamic economy and finance system as an alternative to capitalism.
During his speech at the Global Islamic Economy and Finance Forum 2024, he emphasized the need for a renewed direction and reform towards a future outlined by inclusivity, equality, opportunities, and prosperity.
“No one still believes in the old conventional economic beliefs that prioritize growth and material pursuits over the quality of life while glorifying profit maximization and treating the labor poorly,” he added.
He highlighted the need for continuous development in the Islamic finance system, and emphasis on value-based finance, equal opportunities, and transcending profit-driven motives to adopt a higher goal where wealth is distributed to uplift communities and foster balanced prosperity, rather than being concentrated among a select few.
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