PUTRAJAYA - The Anti-Hamas International Financing Bill proposed by the United States (US) House of Representatives is not expected to destabilise Malaysia's economy in the long term.
According to Universiti Sains Islam Malaysia Senior lecturer specialising in Islamic finance Dr Mohd Faisol Ibrahim, Malaysia remains a member of and upholds the principles of the Non-Aligned Countries (NAM).
"Malaysia, as a member of and adherent to the principles of the Non-Aligned Movement (NAM), maintains a policy that allows for advantageous trade relations with countries deemed capable of providing a return on investment and profit for the nation.
"The policy practiced by Malaysia through NAM gives an advantage to trade with any country that is thought capable of providing a return on investment and profit to the country," he told Sinar yesterday.
Faisol argued that if the proposed bill were to restrict the export and import of specific goods and services, Malaysia possesses numerous other markets that can be explored or enhanced.
"For example, the market in China, Japan, Russia in the Middle East, and the market in Southeast Asia itself, especially Indonesia," he said.
Despite the high trade value between Malaysia and the United States, Faisol pointed out that Malaysia also has robust export products that are in demand in the US market.
"Some of these items are complementary, such as electrical and electronic (E&E) components," he added.
Prime Minister Datuk Seri Anwar Ibrahim has reiterated that Malaysia does not accept the bill and stressed that sanctions cannot be imposed unilaterally.
Faisol expressed his view that the proposal is seen as an economic tactic rooted in prejudice and Western capitalism, with the intention to suppress Islamic nations and show support for Hamas and the Palestinian people.
"It is also a mechanism for the US to cut off all financial aid to Malaysia and countries in solidarity with the Palestinian people, without realising that technological progress is consuming themselves," he argued.
He further noted that from a moral standpoint, the US appears to lose global support when the entire world stands behind the Palestinian people.
"Their physical war has also encountered setbacks, leading to internal political upheaval where people in the US and Israel themselves have staged protests," he said.