The 1Malaysia People’s Aid (BR1M) and other subsidies provided by the Federal Government do not solve the problem of the rising cost of living.
The President of the Islamic Chamber of Commerce Malaysia (MICC), Tan Sri Muhammad Ali Hashim, said that the Federal Government has come up with long-term strategies to increase the people’s income to decrease the impact of the effects of the rising cost and inflation rate on the public.
“Distributing BR1M can only solve today’s problems. It will be used up by tomorrow. We have to focus on increasing the income on a permanent basis. Inflation is not a temporary phenomenon, it is permanent. It is insufficient by just providing subsidies or BR1M,” said Muhammad Ali in Wacana Sinar Harian.
He said that during discussion on topic of ‘How Islamic Economy can Regulate the Market’ at the Karangkaf Auditorium today.
The well-known Malay corporate figure also said that the Federal Government cannot allow the nation’s wealth to be monopolised by certain parties which led to wealth being accrued by certain individuals.
The situation is worsened by the liberalisation policy that creates more opportunities for capitalist to reap wealth while others are still left pressured by the rising cost of living.
In the 26th episode of the Wacana Sinar Harian, the line-up also included Prof Datuk Dr Mohd Azri Zainul Abidin, Lecturer of Islamic Studies, Faculty of Humanities from University Sains Malaysia (USM) and Wan Saiful Wan Jan, Director of Institute for Democracy and Economic Affairs (Ideas).
The moderator of the programme was Dr Maszlee Malik, Lecturere of International Islam Wan Saiful Wan Jan, a lecturer at International Islamic University Malaysia (IIUM).