SEPANG, Nov 19 -- The institution of Islamic banks in Malaysia must fulfill the principle of Maqasid Syariah in their operations to develop a vibrant banking system and save the economy, said Port Dickson Member of Parliament, Datuk Seri Anwar Ibrahim.
"Maqasid Syariah is just, involves more people and provides an alternative economy which benefits everyone.
“If Islamic banks are not managed according to the principle of Maqasid Syariah, they will only benefit the rich, while the poor and those who do not have collateral cannot get loans,” he said in a special dialogue at the 2019 Southeast Asia Ulama (scholars) Conference here today.
Anwar also said there was a need for a religious institution with a good and effective administrative system to ensure that service is effectively delivered to the people.
He said the failure to administer was the source of major problems including corruption and abuse of power.
"Without good administration, the entire system will be loose and will erode confidence in the institution.
“So I hope religious institutions will return to the basics, ethics and morals which are closely related to good administration,” he said.