Ghaffour urges Islamic finance to measure outcomes over assets
Abdul Rasheed Ghaffour, Governor of the Central Bank of Malaysia (BNM), urged Islamic finance to measure economic and social outcomes rather than scale. He spoke at the 21st Kuala Lumpur Islamic Finance Forum on October 20, 2026.
Beyond access to livelihoods
Ghaffour said financial access must translate into economic participation.
Malaysia's micro, small and medium enterprises contributed almost 40 percent of GDP and almost 50 percent of employment in 2025; more than three-quarters were microenterprises.
BNM's iTEKAD initiative combines financing, protection, training and market access, supporting nearly 16,000 participants.
Its entrepreneurship arm began in 2020, protection in 2025 and employment in July 2026.
He cited Puan Fauziah of Klang, whose home-based ginger floss business expanded through grants and training, reaching digital customers and exporting to the United Kingdom through a halal marketplace.
He called for measuring stronger livelihoods, resilience and upward mobility rather than financing alone.
Risk-sharing meets contract reform
BNM is reviewing its Shariah Contract Framework to broaden effective use of contracts and will issue a Strategy Paper and Exposure Draft in 2026.
Its next Financial Sector Blueprint will connect finance with Malaysia's socioeconomic priorities.
Launched in 2025, i-CITA supports industry learning on risk-sharing for food security and climate resilience.
The Digital Asset Innovation Hub, launched in June 2025, lets industry explore technologies and economically useful applications.
Ghaffour called for collaboration among regulators, institutions, Shariah scholars and industry.
Purpose becomes the benchmark
Ghaffour's proposed benchmark is growth enabled by finance, not growth of finance itself.
His priorities direct capital toward higher-value sectors and renewable energy while supporting underserved households and halal businesses.
He placed fairness, integrity and empathy at the centre of decisions and conduct.