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 Shah (pix).
While 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.
On the first P, the Perak ruler said with many countries declaring climate emergency, the welfare of the planet is certainly an area in which immediate action is needed.
As for the second P, he said the world is witnessing huge movements of people due to conflict, persecution, and hardship.
“By 2030, an estimated 80% of the world’s extreme poor will live in areas defined as fragile, the majority of which will be Muslim-majority countries or states with significant Muslim populations,“ he said in his speech before receiving a honorary doctorate in Islamic finance at INCEIF 11th convocation at a hotel here today.