Perak Sultan: Islamic finance now capable to lead from the front | Malay Mail

KUALA LUMPUR, Sept 23 — The response of the Islamic finance industry to the Covid-19 pandemic has shown that it can lead from the front, as opposed to merely following the consensus, said Sultan of Perak, Sultan Nazrin Muizzuddin Shah.

“What we must seriously consider is how to inculcate Maqasid values into the very architecture of operational Islamic financial services,” he said in his special keynote address at the 12th SC-OCIS virtual roundtable today. “It is my fervent hope that the industry will embrace this vital challenge and set out a strong and practical agenda for Maqasid-based transformative change,” he said.

“There is a growing sense that our systems are too heavily skewed against the interests of the majority. Too many people feel that they are only scraping by in the harsh new climate, or worse, that they are being left behind. Existing resentments and divides are deepening,” he said. Sultan Nazrin said this agenda must combine the rule of law; shared values; risks and rewards; and equal opportunities, in order to harness the resources and talents of everyone in pursuit of the greater good.

According to Sultan Nazrin, the Social Goals should include, among others, adopting an ‘Impact Investment’ approach, by ensuring all transactions and products contribute to the greater social agenda and strengthening mechanisms for good governance and oversight, in order to minimise damaging corruption and cronyism.

Lead from front or from back may still need bailouts like in the past.

What kind of screwed up English is this? Malu lah for a newspaper. 'Capable to lead...?'

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