Islamic banking has extraordinary potential in social financial instruments - Mustapa

Banking and financial institutions have an aggregate task to carry out in rebuilding the nation after the destruction by COVID-19, said Minister in the Prime Minister's Department (Economy), Datuk Seri Mustapa Mohamed. 

Islamic banking has extraordinary potential in social financial instruments - Mustapa

Islamic banking has extraordinary potential in social financial instruments - Mustapa. --image via yusof mat isa

He said endeavors to understand the objective isn't exclusively the government's responsibility. 

In his discourse at the dispatch of BangKIT Micro Financing by Bank Islam Malaysia Bhd here today, he said Islamic social finance is extremely pertinent in addressing the current difficulties and reviving the nation's ailing economy. 

"Islamic banking can possibly exploit Islamic social financial instruments, for example, zakat, waqf and offerings. 

"These instruments ought not be restricted to providing for the fundamental need and vocation of the poor or for strict purposes, for example, development of mosques and madrasah," he said. 

Mustapa said the instruments could be extended to build up the oppressed and networks that have been seriously influenced by the monetary uncertainty, to empower them to adapt and turn out to be more confident in the since quite a while ago run. 

He said the introduction of the social finance program under the Prihatin Economic Stimulus Package, iTEKAD Micro Financing, is an illustration of a program explicitly to help and support B40 miniature business people and the distraught whose vocations have been impacted by the pandemic. 

"Coronavirus has changed the lives of us all. The effect is gigantic for all gatherings, particularly miniature and little ventures. 

"In any case, we can't surrender. We should continue to work and be inventive in ensuring that the economy can recuperate. This is on the grounds that the vaccine to forestall the spread of this pandemic is as yet far from here," he said. 

In the interim, he stated, the government would continue to address the difficulties by balancing the need to ensure life and sustainability of the economy. 

"The monetary upgrade bundle, financial recuperation plan (PENJANA) and Kita Prihatin have put Malaysia in a more grounded position to recuperate to pre-pandemic level. 

"As far as planning over the long haul, Budget 2021, which is by a wide margin the biggest in our set of experiences has likewise given a strong establishment to the twelfth Malaysia Plan," he said.

11/25/2020 05:47:00 PTG



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