INCEIF and Khazanah jointly organised talk on capitalism

INCEIF and Khazanah Nasional Berhad today jointly organised a talk on ‘The Great diverge between Western capitalism and Islamic capitalism’ which was delivered by Prof Raj Brown, Emeritus Professor in International Business at Holloway College, University of London.

In her presentation, Prof Raj said waqf, far from restricting capitalism, pointed to a more robust form of capitalism. “In other words, capitalism of the waqf is stronger, possesses a secure asset base, is transparent and responsive.”

Prof Raj Brown (left) and Prof Datuk Ariff at the talk.

She added that the emergence of Islamic banking and finance may provide an important context for the rise of a vibrant form of capitalism. The potential for waqf capitalism to serve both the poor and the wealthy, and the challenge for it to respond successfully to the contemporary environment and demands are both there.

“Islam’s so-called restraints may thus prove to be its strength. In the Islamic structures, there may lurk the more stable, low-risk, robust form of capitalism, not compensating for its religious differences, but in fact exploiting Islamic precepts to construct a strong, secure form of capitalism,” she said.

The talk was moderated by Emeritus Professor Datuk Mohd Ariff Kareem, Professor of Economics and Governance at INCEIF. The audience included INCEIF students and faculty who were joined by Khazanah staff and a number of industry players.

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