KUALA LUMPUR - The Islamic market economy can play a vital role in developing Islamic nations, said Dr Mohamed Nouri, a member of Paris-Europlace Islamic Finance.
He said the economic framework is compatible with Islamic principles and can be harnessed to stimulate economic growth while staying true to ethical and moral standards.
"The Islamic market economy is not just a concept but a viable system. "In fact, it can be a powerful tool for nations seeking to overcome development challenges," he said.
Mohamed, who was speaking at the 10th International Islamic and Liberty Conference (ILN) at Concorde Kuala Lumpur, said the economic activities of Islamic nations need to align with the teachings of Islam to foster sustainable growth.
He stressed that reforms are needed to reach the full potential of the Islamic market economy.
"These reforms would include policies that promote ethical economic practices, ensure fair pricing, and encourage responsible resource allocation," he said.
Mohamed also recognised the role of various sectors in achieving social and economic solidarity.
"Sectors such as the nonprofit sector and social solidarity sectors are acknowledged for their potential contribution to the economic well-being of Islamic nations when aligned with Islamic principles," he said.
The ILN is an annual event that brings together scholars, economists, and policymakers to discuss issues related to Islamic economics and finance.
The theme of this year's conference is "The Islamic Market Economy: A Viable System for Development."