Govt Committed To Implement Islamic-based Economic, Finance Programmes

By Monday January 12th, 2009 No Comments

KUALA LUMPUR, Jan 12 (Bernama) — The Government is committed to continue implementing and expanding Islamic-based economic and finance programmes in the country, Deputy Prime Minister Datuk Seri Najib Tun Razak said today.

This commitment is based on the capabilities and immense contributions made by economic and Islamic finance products that have yielded significant benefits to the nation’s economic development, the Muslims and Malaysians as a whole, he said when opening the Third Islamic Economic Congress.

Najib said this commitment was among three aspects that must be given attention by the congress to come up with realistic and practical resolutions in tandem with the strength of the Muslims.

He stressed that serious attention must be accorded to the Ijtima’i sector (society) as one of the sectors in the Islamic economic system (muamalat) whose role is as important as the public and private sectors.

The most important element that formed the pillar of the society sector is the zakat, wakaf and sadaqah jariah,” said Najib who is also Finance Minister.

“In other words, this sector refers to the existence of the social justice system introduced more than 1,400 years ago.

“When we have collectively accepted and recognise the demands and the importance of this sector, I would like to urge that the infrastructures and related institutions should also be supported and be improved to be more effective to emerge as a source of new and fresh strength for the benefit of Muslims,” he said.

Najib also stressed on the importance of setting up “entrepreneur friendly” concept Islamic financial institutions.

He said this concept would play a role to pool and consolidate funds and at the same time protect the interests and develop Muslim entrepreneurs just like developing suitable Islamic finance instruments based on the “mudharabah and musyarakah” principles.

Najib said the “Muslim Networking” (Muslim Net) must be introduced as it was crucial to strengthen business networking among Muslims regionally and internationally.

“With this spirit, the isu of “mismatch” such as outflow of capital and human capital from Islamic nations to western countries can be addressed.

“Hence, our country must take proactive measures to export islamic finance experts to attract and manage funds from Islamic nations,” he said.

Najib also stressed on the need to introduce the “Opportunity Until Succeed” concept to protect genuine entrepreneurs who strive to succeed.

He said the noble Islamic principle is to help entrepreneurs with financial problems due to factors beyond their control to be placed with the Al-Gharimin group (one of the qualified zakat recipients).

Under this principle, the Al-Gharimin group should be helped until they are out of the financial problem and can afford to pay zakat (tithe).

Source : Bernama

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