Planet, people and prosperity – or the Three Ps – are the new frontier of Islamic finance in bringing greater value to the economy, society and the environment, says the Sultan of Perak, Sultan Nazrin ShahWhile in many tangible ways Islamic finance industry has already helped to generate more socially conscious and sustainable economic system, much work needs to be done in these three key areas, he pointed out.
As for the second P, he said the world is witnessing huge movements of people due to conflict, persecution, and hardship. Regarding the third P, prosperity, which is unseparable from the other two, Sultan Nazrin said high levels of debt, widening inequality and substantial funding shortfalls hamper the efforts both in addressing the hardships of people in need and also in protecting the planet.
Sultan Nazrin said that it also requires Syariah-compliant transactions to be based on real, productive assets. All of these principles promote fiscal responsibility and sustainability, meaning that the industry is well-placed to withstand economic turbulence and provide reliable, long-term solutions to alleviate poverty as well as the climate and humanitarian crises.
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