JAKARTA — Abdullah Saleh Kamel, president of the Islamic Chamber of Commerce and Improvement and chairman of the Saudi Chambers Federation, warned that the trendy world economic system is dealing with a deep structural moral disaster, calling for a brand new financial mannequin that locations values on the coronary heart of decision-making.
Talking in the course of the opening session of the Indonesia Financial Summit 2026, Kamel mentioned the world is standing at a vital financial and ethical crossroads, as accelerating geopolitical and financial shifts expose rising cracks within the world system on the expense of societies and people.
He mentioned the present world financial order is witnessing a gradual erosion of safeguards, with slim pursuits and energy politics more and more overriding human, social and developmental values.
Kamel argued that current world transformations have revealed the fragility of an financial mannequin that has didn’t ship sustainable improvement or honest distribution of alternatives, largely because of the separation of financial coverage from core moral rules.
“The prevailing financial discourse now not reassures societies,” he mentioned, including that it displays a harsher actuality centered on revenue maximization whereas neglecting folks, communities and the surroundings.
He careworn that enterprise leaders within the International South and growing economies carry a heightened accountability to take a proactive function in shaping another mannequin primarily based on rights and duties quite than short-term revenue and loss calculations.
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Kamel mentioned financial sustainability can’t be achieved with no clear moral reference, emphasizing that funding, commerce and finance ought to operate as instruments to serve societies quite than undermine environmental integrity or social belief.
He highlighted the wealthy moral heritage of the Islamic world, noting that it traditionally contributed to superior financial and humanitarian fashions, and mentioned there stays a chance to reclaim this function and actively take part in shaping the way forward for the worldwide economic system earlier than additional instability units in.
Kamel additionally pointed to the pivotal function of the non-public sector, saying it has the capability to guide improvement pathways in partnership with governments, supplied there may be enough political will, supportive regulatory frameworks and robust establishments able to translating imaginative and prescient into motion.
He cited Saudi Arabia’s financial reforms for example, saying Imaginative and prescient 2030 has provided a sensible mannequin for redefining the connection between the state and the economic system, empowering the non-public sector as a improvement accomplice via legislative reforms, infrastructure funding and digital transformation.
He concluded by saying the Indonesia Financial Summit 2026 comes at a delicate second globally, underscoring the significance of dialogue platforms that convey collectively policymakers, the non-public sector and assume tanks to rethink progress fashions, strengthen cross-border partnerships and align public coverage with market realities.
