Islamic Commerce Chamber President: Global Economy Needs Value-Driven Model Beyond Profit Maximization
Accelerating Geopolitical Shifts Expose Structural Weaknesses of Current Economic System
Jakarta —
The world is standing at a decisive economic and moral crossroads, as rapid geopolitical and economic shifts reveal deep vulnerabilities in the prevailing global economic order, said Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development (ICCD) and President of the Federation of Saudi Chambers.
Addressing the opening session of the Indonesia Economic Summit 2026, Kamel said that increasing fragmentation of the international system and the dominance of power-based interests have undermined justice, development, and human values, creating an urgent need for a more balanced and inclusive economic model.
He noted that the current global economic framework has proven incapable of delivering sustainable growth or ensuring equitable access to opportunities, attributing this failure to the growing separation between economic policies and ethical principles.
Kamel observed that the global economic discourse prevailing in major international forums no longer inspires confidence, instead reflecting a harsh reality marked by weakened regulatory frameworks, erosion of justice, and the dominance of profit-maximization and hegemonic logic over considerations of humanity, society, and environmental sustainability.
He stressed that these challenges impose a dual responsibility on business leaders in the Global South and developing economies to take the initiative in shaping a new economic framework founded on the principle of rights and obligations, rather than short-term profit-and-loss calculations.
Kamel emphasized that sustainable economic systems cannot exist without a clear moral framework, noting that investment, trade, and finance should function as tools to advance societal welfare. He warned that detaching economics from values has contributed to the erosion of trust, the fragmentation of communities, and increasing environmental harm.
He pointed out that the Islamic world possesses a longstanding civilizational legacy founded on strong ethical and value-based economic principles, which historically enabled it to contribute to the development of resilient and human-centered economic models. He said the opportunity remains for the Islamic world to reclaim this role and actively participate in shaping a more stable and just global economic future.
Highlighting the role of the private sector, Kamel said it is capable of leading development pathways through effective partnerships with the public sector, provided there is political commitment, enabling legislation, and institutional frameworks capable of translating strategic visions into measurable outcomes.
In this regard, he commended the economic reforms being implemented in several countries, particularly the Kingdom of Saudi Arabia, noting that Saudi Vision 2030 has offered a practical and forward-looking model for redefining the relationship between the state and the economy. He said the Vision has strengthened the private sector’s role through comprehensive regulatory reforms, major infrastructure investments, and accelerated digital transformation.
Kamel added that the Kingdom’s continued economic liberalization and institutional modernization reflect a broader international shift toward empowering the private sector as a key driver of sustainable growth, employment generation, and economic resilience.
The Indonesia Economic Summit 2026 is being held at a critical juncture for the global economy, underscoring the importance of dialogue platforms that bring together policymakers, private sector leaders, and research institutions to reexamine growth models, enhance cross-border cooperation, align public policy with market dynamics, and reinforce the private sector’s role in advancing development.
