PUTRAJAYA, May 29 — Prime Minister Datuk Seri Anwar Ibrahim announced the government’s initiation of the second phase in expanding Islamic financial instruments, encompassing banking and finance, to align with the higher objectives of “Maqasid al-Shariah”.

Addressing the Madani lecture at the Seri Perdana Complex, here, Anwar stressed the imperative for economic models to encompass principles of justice, compassion, and participation.

He said Bank Negara Malaysia (BNM)’s Governor Datuk Abdul Rasheed Ghaffour, along with the treasury, assumes responsibility for introducing relevant instruments to realise this phase.

“We are now moving to the second phase to expand and look at Islamic instruments, including banking and finance, to deal with higher objectives of shariah. We must cover justice, compassion, and participation,” said Anwar.

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Abdul Rasheed, speaking yesterday at the Global Forum on Islamic Economics and Finance (GFIEF), underscored BNM’s proposal to integrate Maqasid al-Shariah into economic and sustainable structural reforms.

Additionally, he highlighted BNM’s intention to foster innovation in trade and waqf as catalysts for an inclusive and resilient socio-economic model.

The central bank also aims to strengthen global integration to foster mutual economic development and shared prosperity among Islamic nations, including increasing intra-trade within the Organisation of Islamic Cooperation.

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Anwar reaffirmed his dedication to expanding the economic concept within Maqasid al-Shariah, prioritising justice, equity, and participation, while addressing challenges such as digital transformation, energy transition, and food security.

He commended Abdul Rasheed and his team for their efforts in integrating Maqasid al-Shariah into the economic framework. — Bernama