Mustapa: Islamic banking has great potential in social financial instruments

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Kuala Lumpur

Banking and financial institutions have a collective role to play in rebuilding the country after the devastation by Covid-19, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.
He said efforts to realise the goal is not solely the government’s responsibility. In his speech at the launch of BangKIT Micro Financing by Bank Islam Malaysia Bhd, he said Islamic social finance is very relevant in addressing the current challenges and reviving the country’s ailing economy.
“Islamic banking has great potential to capitalise on Islamic social financial instruments such as zakat, waqf and alms. “These instruments should not be limited to providing for the basic need and livelihood of the needy or for religious purposes such as construction of mosques and madrasah,” he said.—Agencies

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