Introduction: First of all, I would like to thank Jinan University for inviting me to speak at this conference which is both timely and appropriate in the context of the present global economic crisis. It is a great pleasure for me to be here before such a distinguished gathering of speakers and participants. Given the presence of eminent scholars and financial experts, I am confident this conference will be able to provide an Islamic perspective as well as provide policy inputs for the resolution of the crisis in line with the Shariah. My presentation will attempt to put into perspective the Malaysian economic development and national aspiration since independence in 1957. After which I will focus on the various measures undertaken by the Malaysian Government to overcome the financial crisis of 1997 with particular emphasis on the financial sector as well as fiscal policy. I will also touch on the Malaysia's recent economic situation following the announcement of measures to address and to reinvigorate the economy in the face of current global crisis. Ladies and gentlemen The complex world we live is being aggravated by incomplete information, contradictory knowledge and understanding, conflicts of interest, divergent views and preferences conditioned by experience and ideology. It is important to make correct assessments of opportunities, risks and trends so as to enable us to focus on building on those elements that provide the foundations for sustainable performance. It should go beyond being concerned with issues of immediate term and immediate relevance. A longer-term perspective is required, looking beyond the immediate term and immediate interests. In managing the situation, sustainability requires that we pay attention... [continues]
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