Pertubuhan IKRAM Malaysia (IKRAM) has followed closely the nation’s recent economic developments.
Rising living costs, food security issues and increasing OPR rates have raised concern and constrained the rakyat, with the household debt-to-GDP ratio standing at 89% as of December last year.
IKRAM notes that sufficient resources are imperative for the government to manage its debt well and with utmost integrity.
It has become public knowledge that the government’s financial burden has been confounded by misconduct and leakage of public funds, as apparent in such cases as the 1Malaysia Development Berhad (1MDB) scandal.
Undoubtedly, the current economic challenges are related to situations both within the country and without, with the global food supply chain being affected by the ongoing Russia-Ukraine war as an example.
The issues being faced point to the weakness of the nation’s current economic system.
Therefore, IKRAM encourages the government to consider the implementation of an Islamic Gift Economy, a charity-based, systemic and systematic approach capable of achieving sustainable and resilient economic prosperity.
Advances in science, technology and innovation should be fully utilised to bring added value to the country’s economy.
In the short term, IKRAM urges the government to be more observant of the well-being of the rakyat by implementing the following:
1. Ensuring that all forms of assistance and incentives for the rakyat reach the target groups and are not misappropriated. To achieve this, efficiency of the delivery system must be increased.
2. Enhancing oversight of the country’s financial handling to eradicate leakage and corruption.
3. Holding detailed and multi-angled discussions on the economy during the upcoming Parliamentary Session from 18 July to 4 August.
These recommendations are in line with IKRAM’s aspirations for Malaysia to prosper into a Nation of Rahmah with 12 outlined attributes, where a stable and thriving economy, equitable distribution of wealth and sustainable development are respectively the eighth, ninth and tenth attributes.
IKRAM beseeches the country’s leadership to boost the government’s integrity, competency and professionalism in managing the economy at a time when the rakyat are concomitantly advised to be more prudent in their spending.
Mohammad Abdul Hamid
Economic Prosperity Cluster Head
Pertubuhan IKRAM Malaysia
