- 2 days ago
The global International Women’s Day (IWD) 2026 theme is “Rights. Justice. Action. For ALL Women & Girls”.
Financial Violence is one of the most overlooked forms of domestic violence — yet the numbers tell a stark story.
In Malaysia, Financial Violence is prevalent alongside reported domestic violence cases, while global studies estimate that nearly 1 in 3 women experience some form of economic control or coercion during their lifetime.
Financial Violence can take many forms: restricting access to bank accounts, confiscation of wages, forcing debt, or preventing women from working — all of which can economically trap victims.
Niaga Spotlight examines how Islamic financial systems, policy frameworks and ethical finance principles can play a role in addressing Financial Violence and strengthening women’s economic security.
Join Tehmina Kaoosji in conversation with Prof Dr Aishath Muneeza (UNFPA in Malaysia), Ratna Sha’erah Kamaludin (AIBIM) and Ashraf Gomma Ali (MBSB Berhad) for this critical discussion.
Financial Violence is one of the most overlooked forms of domestic violence — yet the numbers tell a stark story.
In Malaysia, Financial Violence is prevalent alongside reported domestic violence cases, while global studies estimate that nearly 1 in 3 women experience some form of economic control or coercion during their lifetime.
Financial Violence can take many forms: restricting access to bank accounts, confiscation of wages, forcing debt, or preventing women from working — all of which can economically trap victims.
Niaga Spotlight examines how Islamic financial systems, policy frameworks and ethical finance principles can play a role in addressing Financial Violence and strengthening women’s economic security.
Join Tehmina Kaoosji in conversation with Prof Dr Aishath Muneeza (UNFPA in Malaysia), Ratna Sha’erah Kamaludin (AIBIM) and Ashraf Gomma Ali (MBSB Berhad) for this critical discussion.
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NewsTranscript
00:06Hello and welcome to Niaga Spotlight with me Tamina Kausji. Niaga Spotlight takes us through
00:10the week in economic analysis and future affairs. Today on future affairs our spotlight is on
00:16International Women's Day IWD 2026 and on the global IWD theme of rights justice action for
00:24all women and girls focusing this time on financial violence. Now studies indicate that more than 50
00:31percent of all reported domestic violence cases in Malaysia involve financial violence. Financial
00:37violence is a form of domestic abuse characterized by the control, sabotage or exploitation of a
00:45person's financial resources. Now while Malaysia's Domestic Violence Act 1994 recognizes and can
00:54compensate economic harm caused by abuse, financial abuse or violence is not listed as a distinct
01:00form of abuse. So with financial violence being one of the least visible forms of domestic abuse
01:06it is often the mechanism that traps victims in harmful relationships. So to go a little bit deeper
01:13into this and take an innovative approach today on Niaga Spotlight we look at Islamic finance
01:19principles and how Islamic financial institutions or FIs can play an ethical role in addressing financial
01:26violence and reducing its impact and occurrence. Joining me to explore this are Professor Dr. Aishat
01:33Muniza, Senior Islamic Financial Advisor with the UNFPA in Malaysia, Ratna Sha'era Kamaluddin,
01:41who is Executive Director with IBIM, and Ashraf Goma Ali, Chief Sharia and Sustainability Officer,
01:48MBSB Berhad joining us online. A very good morning to all of you especially Prof Aishat as well as
01:54Puan Ratna and Enche Ashraf joining us online. So to perhaps get the discussion started, Prof Aishat,
02:01let's look at firstly Islamic finance ethics and Sharia governance and looking at Islamic ethics together
02:08with harm reduction. So perhaps from a Makassid al-Sharia lens, allow us to please situate this entire
02:16discussion from this viewpoint. Thank you very much for that great question. Now if we look at
02:23financial caution from a Makassid al-Sharia perspective, we understand that it's a clear
02:29violation of at least two core objectives. Right. Now the two core objectives which we are talking about
02:36is number one, when it comes to protection of wealth, Islam gives paramount consideration to
02:42protection of wealth. And then the next one is protection of dignity. So we understand that
02:49these two core principles are violated when it comes to financial caution. Now imagine a situation,
02:56a person is forced into debt or they are denied given that under the circumstances they are not
03:04given their salary or they are prevented from working or even their assets are controlled by another.
03:12That's right. So definitely these are the instances in which a harm is caused to another.
03:18From an Islamic jurisprudential perspective, if we look at it,
03:22harm must not only be avoided in Islam, but it must be clearly eliminated.
03:30Now, if we look at some of the other jurisdictions, we understand that in the UK, for instance,
03:37when it comes to economic abuse, it has been clearly put in the legislation what it means.
03:43And there are NGOs who are working with financial institutions to ensure that a safe environment
03:51is created when it comes to economic abuse. Same thing goes to Australia. For example,
03:58the banking sector adopted a family violence code of practice, which means that irrespective of the
04:03bank you enter, uniformly people are treated in that sense. And when it comes to ethics and Islamic finance,
04:12we can't stop by saying that Islamic finance is ethical, because ethics must be operational as well.
04:19Right. Not just as a principle, but also in action too.
04:23Yes. So it's important for us to understand at this point, for Islamic finance, what does this imply?
04:30So if we are talking about the role of Sharia committees or Sharia boards, Sharia boards should treat financial
04:39caution as a governance issue. So likewise, when we design the products, we have to design it by
04:47considering the power imbalance risk and harm reduction must be embedded in systems and it shouldn't
04:54be left for individual whims. Exactly. And we also believe that in Islam justice is something which
05:01should be practical. It can't be theoretical. So in that case, we have to practice what we preach and
05:09justice should prevail in all circumstances. And Islamic financial institutions should practice
05:17wherever it can to provide justice to whoever comes to them in the forms of consumers or customers.
05:23Exactly. Which is, I think, a really important juncture at which we are able to connect domestic violence,
05:30financial violence, and also to the fact that it is most often quite invisibilised. Issues which are
05:37happening within a domestic sphere, for example, such as coercion or preventing a woman or a wife from
05:44working or even from accessing funds in a joint bank account, those may not be relevant or visible on a
05:51public level. But at the same time, I think it brings up the opportunity for us to look about, especially
05:58at industry standards as well. That brings me to Puan Ratna. So in Malaysia, Puan Ratna, we also have
06:05statistics from different women's rights organisations which are showing that, yes, while this is a global
06:11issue that points to everyone in three women experiencing some kind of economic coercion, which classifies as
06:18financial violence, we also see financial abuse appearing in anywhere up to 80 percent of the
06:25cases of domestic violence. So there is a clear correlation. And at the same time, what are your
06:33perspectives on the banking industry moving towards some shared minimum standards which can help to
06:40acknowledge this from both a humanitarian as well as an Islamic finance best perspective?
06:47Okay. Thank you, Tamina. So basically, from the banking industry perspective,
06:54moving toward this minimum shared standard for responding to financial abuse disclosure
07:03is a very, you know, it makes a lot of sense, both ethically and operationally. And why this matters,
07:12why this common protocol matters, I can summarise to three that is first for consistency of care,
07:20where customers experience financial abuse should not face uncertainty, depending on which banks or
07:27which branch that they approach. So a shared protocol ensures fairness and predictability.
07:33So basically, for the victim, you can call them victim, right? That's right.
07:38When they go to the bank, they must feel that there is a consistency, whether they go to bank A
07:44or
07:44bank B or different branches. No fear of being turned away, for example. Right.
07:49That is one. Another one is on trust and reputation. The banks are considered the custodians for
07:56financial security, especially when the victim is an account holder of that particular bank. But
08:02to demonstrate a unified, compassionate response is very important because it strengthens the public
08:09trust and position the industry as a responsible partner in the social issue. Because not many of the
08:19victims, you know, have this strength or, you know, they are empowered to go and tell the bank that,
08:27look, I need help. I'm in distress. And normally, they'll just keep quiet and they don't go to the
08:34bank. And the third one is for the risk management. The financial abuse often overlaps with fraud,
08:42coercion or unauthorised transactions. So a common standard will help banks to detect and mitigate
08:48the risk more effectively. Exactly. Because fraud, coercion are also other financial violations,
08:55which definitely happen outside of a domestic violence and financial violence scenario.
09:01So banks do already have a very straightforward protocol for this, right? Yes. The banks do have
09:07the straight framework on this or an SOP. Yes. You know, of course, after the Bank Negara Malaysia's
09:14fair treatment of financial consumers is out, then the banks have the regulations are set and the banks
09:23are expected to work on this. Yes. And they already have their complaint management systems,
09:31they have their legal and compliance review processes, as well as they already have their
09:38existing hardship framework. Only that when you talk about domestic violence or financial violence,
09:43of course, there is no specific SOP as of now for this financial abuse. So it's being treated
09:52basically under the same framework for the hardship for other vulnerable communities as well. So that's
09:58actually very heartening because it shows that at least as financial institutions, the process can
10:04already move forward without having to wait for any standalone legislation. Thank you, Puan Rana. Now,
10:11moving into Jay Ashraf from MBSB Bank, who is joining us online. Now, looking at a Sharia and
10:17sustainability perspective, Ashraf, financial responsibility, let's frame it from the lens of
10:25amana instead of, let's say, ownership. Now, Islamic law is also clear that a married woman retains full
10:31ownership over income, assets, and her legal and financial identity remains rather distinct. Yet, however,
10:38culturally, financial responsibility can sometimes be framed as a part of household leadership.
10:45So from a Sharia governance perspective, how could we understand financial responsibility
10:51within marriage then? If you would be able to explain to us a little more.
11:03So when we talk about amana, I want to take a step back and speak about sort of the philosophical
11:08basis of it, and then we'll touch on your question. As Malaysians, right, in Malaysia, the first
11:16is belief in God. And what's interesting about that is that if you believe in God,
11:25then that means all of us are God's creation. And if we're all God's creation,
11:30then it's a sacred trust. How we treat each other is a sacred trust. All of the resources that we
11:35have
11:35are also a sacred trust, right? So now the concept of amana is something that it's a sacred trust that
11:44will be asked about. Now, when it comes to women in a marriage, it's very clear in Sharia that her
11:53money is her money and that the husband does not have the right to transgress on her money. That's
12:01number one. And he will be asked about that transgression on the day of judgment if he does
12:07transgress. Now, the second issue is that when it comes to managing the family, that issue in many cases
12:16is done jointly, but with the leadership of the husband. The joint nature of it is such that the
12:24woman can voluntarily spend on the family. And this is kind of the perspective in Sharia. And if she does
12:32that, she retains ownership and her spending is an act of voluntary charity. And that's something
12:38that's important for the husband to recognize and to appreciate. Because if that is not appreciated,
12:45you know, and not recognized, it's effectively a type of injustice, you know, to the to the wife. So
12:54it is her money is her money. And if she wants to contribute to the family, she can contribute
13:01independently, right? And leadership within the family is an amana. It's a responsibility to protect
13:07and support the well being of the family. And it's not doesn't imply that the husband can control
13:13her money. So from a banking perspective, this principle is reflected in ensuring that individuals
13:21have equal access to the financial services independently, including homemakers who might
13:27not be formally employed, they can have their own accounts, and they can control without interference
13:33from anyone else. So all in all, you know, financial responsibility in Islam is measured by justice,
13:39care and the prevention of harm. It's not about control. Exactly. So clearly, the assets of the
13:46woman, they do remain her own independently, and responsibility cannot be used to justify any form
13:52of control. Thanks for the perspective and anchoring in that Jay Ashraf. Moving back to Prof Aishat. Now,
13:58let's focus a little bit of looking at the legal relief perspective and also looking at the real world
14:04scenario within which, of course, we all operate. Now, we do have a domestic violence act in Malaysia,
14:10which does provide some avenues such as compensation for financial loss, which may arise from any domestic
14:18violence. But at the same time, so many of the survivors are struggling to access remedies and
14:24practice. Coming from your viewpoint, Prof Aishat, what are some of these last mile sort of barriers
14:31barriers which women and domestic violence survivors and victims are encountering time after time,
14:38which, if we are able to use the Islamic finance lens, actually can prove to be smoothed over very
14:46efficiently? I think I would say the biggest barriers are not legal, but practical. Okay. For example,
14:55if we take one instance, it's very hard to prove economic abuse because documentation is not an easy
15:05thing to obtain. And when you go to a competent court of law to prove your case, how do you
15:12prove it
15:12without proper documentation? Let's assume that somebody forcefully took your salary and it's taken in
15:19cash. There's no paper trial, right? And then let's assume that somebody is taking position over your
15:29properties, but you don't have any proof to show to the court. So in that case, lack of documentation is
15:36a practical problem we face right now. Another issue I would say is lack of excess control. So what I
15:46mean by
15:46that is, of course, nowadays, we have so many security features embedded in the banking products as well.
15:54For example, you have to get an OTP. Sure, because everything is digital finance. Yes, own SIM and then
16:02you have to get an authentication code. But what if all these things are controlled by the perpetrator
16:09or the abuser? So in that instance, whatever the comforts given to you in paper has little or no
16:22relevance at all. You can say that you are protected, but actually you are more exposed to danger.
16:29And the last problem I would want to highlight would be the fear of retaliation.
16:35Now, if someone has the strength to go and report or take action against the perpetrator or the abuser,
16:46what would be the fear in the mind of such a victim or the survivor? Of course, the escalation of
16:55retaliation
16:56or taking some kind of action to further make the position of the survivor or the victim much more
17:06weaker is something which they foresee. So because of that, people sometimes tend to say it's better to be
17:15or maintain the status quo rather than take any action forward to become more empowered and to go
17:24against the perpetrator or the abuser. So what I believe is that we do have enough legal remedies
17:33available. But the question is, how do we use them in a practical manner? And do we have enough resources
17:43available to victims or the survivors to empower them in the situations in which they are in?
17:51Exactly. So everything which Prof Aishat has mentioned, I feel, Pan Ratna,
17:55and that was a perfect segue into you helping us to dig a little bit deeper into what you had
18:02earlier
18:02briefly touched upon, which is Bank Negara of Malaysia's, the FTFC policy for vulnerable
18:08customers. So when it comes to that, from IBIN's perspective, what could be a few maybe top two
18:15or top three operational practices in bank processes which may help to illuminate some of the
18:25financial violence issues which the victims and survivors may be facing?
18:32I'd see that, you know, well, the framework is already in place in the banking industry,
18:38not just the Islamic banks, but overall. And it sets a very clear expectation in that policy itself.
18:46So the framework is in place. So it's now about making responses consistent across all banks.
18:53You know, it comes back to the first one that you go to any banks, you'll get the same treatment.
19:00And the opportunity for us now is to harmonise certain principles across institutions
19:08so that vulnerable customers experience safety and respect. You know, for this kind of victims,
19:15financial abuse victim or domestic violence victims, what they need is safety. And for us to treat
19:22them respectfully, whichever bank they approach. So I have like three operational, quick operational
19:31to share. From our engagement with our member banks, from IBIN's engagement with member banks,
19:37the three operational practices stand out as realistic for quick alignment. First is safer communication
19:43preferences. Since the banks already have the technical capability to adjust correspondence channels
19:52and notifications. So this is, I think, the most low hanging thing. Step one, the basic, when to contact
20:01somebody, perhaps how to contact someone. Yeah, because, you know, they need some discrete
20:08treatment for this. So industry alignment will ensure that these adjustments are handled discreetly and
20:14securely when vulnerability is disclosed. Secondly is clarity around escalation. You know, how, you know,
20:23when the customer comes to the branch, how do the staff takes it to escalate the matter. So coordination can
20:30reinforce that each institution has clearly defined pathway for handling vulnerable case. And while internal
20:38mechanics differ from banks differ from banks to banks, but the principle of clarity ensures that the
20:44front line staff, they know what to do next. They are never uncertain of the next steps.
20:50In that sense, they don't leave the victim alone or hanging on the line. So they know, we know where
20:56to
20:56take action. Yeah. And the third is on minimizing repeated disclosure. This is very important,
21:02because customers should not have to retell their stories every time they go to the bank unnecessarily.
21:12So shared learning on the confidentiality safeguards can reduce re-traumatization
21:19and strengthen trust. So we must understand that this is not about, this is not about uniformity.
21:29This is about alignment across the institutions. Yeah. And this tree does not require new legislation.
21:36Basically, the framework is already at the institutions. They can just enhance it or, you know, put more
21:45processes or not processes. What I mean is put more understand how to simplify and make it better to attend
21:54to
21:54these customers. And ensure also every customer who may be approaching with perhaps financial violence
22:00or any fraud-related mechanisms immediately gets attended to. Yes. So basically, they have to give
22:07some hints or, you know, show some clues to the officers so that they can attend to. Exactly. So some
22:14basic SOPs in place. Thank you for that, Puan Ratna. We take a quick break now. Don't go anywhere. We'll
22:18be
22:18back with the rest of this discussion on International Women's Day and connecting it to financial violence.
22:23Thank you so much.
22:46buruh kanak-kanak dan ada juga buruh paksa kanak-kanak.
22:50Kumpulan FB dikenali sebagai grup budak-budak sekolah rendah
22:54yang didakwa menyebarkan gambar remaja perempuan
22:57tidak senonoh telahpun ditutup.
23:24Terima kasih kerana menonton!
23:46Online, we have rejoining us, Che Ashram from MBSB Berhad.
23:50Ashram, so now moving into another area of discussion,
23:54looking at maintenance, NAFKA, as well as the spirit of justice.
23:58So now under Malaysia's Islamic family law frameworks,
24:01maintenance is an obligation according to means.
24:04But Sharia also emphasises justice, compassion, and also prevention of harm.
24:11How ought we to understand the spirit behind NAFKA?
24:14If you could help to explain it to us in a way that can be easily understood.
24:25about NAFKA.
24:27And NAFKA is a fundamental obligation in Islamic law.
24:33And it's the foundation of how the family works.
24:37You can say the gender roles.
24:38The husband is responsible to spend on the wife and provide for her.
24:45And the wife is not responsible to do that, as I touched on earlier.
24:52And you know, interestingly enough, there was a famous book by Elizabeth Warren,
24:58one of the people who was in Congress in the U.S., called the two-income trap.
25:02And in the book, she basically speaks about in the past, when it used to be the traditional family structure,
25:10the woman's income was always served as a safety net, as a backup.
25:16And because of that, in those times, bankruptcies were much lower.
25:20But when you have two incomes and both parties are equally responsible to take care of the household,
25:26what ends up happening is the spending increases.
25:28And if there's any shake in the financial situation of either party, then it could lead to bankruptcy.
25:34So the Islamic perspective of the husband is responsible to take care of the family,
25:40and the wife's contribution is voluntary, itself is a form of facilitating stability.
25:48Now, the issue is that the role of banks is to try to facilitate that, right?
25:54Because whenever there is financial problems in the household,
25:58that can be something that can, you know, cause destruction of the family, destruction of the marriage.
26:04It can affect the children's well-being and things of that nature.
26:07So this is where the responsibility of banks, and I can speak, you know, from our own bank,
26:15we are focusing on not causing people to be unnecessarily in debt.
26:20So we focus on how to help people build their wealth, how to help people own their own home,
26:25things that, how to help people get a better education,
26:29things that can strengthen the resilience of the family.
26:32So there is a, there is the importance of dignity, and as Prof. Aisha mentioned,
26:40this is one of the key maqasid of sharia.
26:42And there's also the issue of preservation of wealth, which is also one of the maqasid of sharia.
26:47And not just preservation of wealth, of the individual.
26:49And this is important, because this is where each individual has their own financial independence,
26:56but also the wealth of the family in a prudent and stable way.
27:03So I hope that clarifies this particular issue.
27:09Yes, thank you.
27:10Because also overall, when we do look at it outside of individual households,
27:14this is also about overall household resilience, which does also impact, of course,
27:19the safety and the social structure of an entire society.
27:24Thanks for that, Jay Ashraf.
27:25Moving back to Prof. Aisha.
27:27So perhaps if we can have a look at sharia governances as a safeguard then.
27:34Now, sharia committees, they typically assess, let's say, product compliances.
27:39But financial violence, of course, as we understand now,
27:42is often enabled through how accounts and facilities are controlled in real life.
27:48What might it look like, Prof. Aisha, to embed survivor safety and also economic agency considerations
27:56when we're looking at sharia governance,
27:59with, of course, trying to minimize the role of banks as having to behave as investigators,
28:06but just building it into the framework already?
28:10I think first I have to clarify that the role of sharia committee is not to investigate the households.
28:17That's right.
28:18Definitely.
28:19But what we need to understand is that we need to expand the oversight functions of sharia committee
28:25from merely looking at the product validity perspective to execution impact perspective.
28:33Now, when it comes to financial harm, we understand that sometimes people have this misconception
28:41that the financial harm can arise from the structure of the products.
28:46But it's not the truth because it depends on how it is controlled.
28:53The user is also, of course, part of the overall experience.
28:57Yes.
28:58So it's not about the product compliance that we are so much worried about.
29:02It's not the product structure per se, but we need to understand how it is controlled.
29:07So having said that, when we try to embed survivor safety through sharia committee's role,
29:14it may include three things.
29:16Number one is reviewing whether joint accounts allow unilateral control.
29:20Number two, assessing whether financing structures create lock-in risks.
29:26And the final point is requiring vulnerability impact considerations during product approval stage.
29:33So what we try to achieve by doing this is, of course, adul or justice.
29:38And we want to eliminate harm as well.
29:43But what we understand is that when it comes to economic agency,
29:48economic agency must be part of its oversight function.
29:53It can't be like ad hocly saying that we are concerned only on one part, not the other.
30:00Now, I think at this stage, the probing question would be, does this turn banks into investigators?
30:11So for me, I don't think so, because it turns governance into safeguard.
30:17And it will definitely strengthen Islamic finance credibility, not only locally, but internationally as well.
30:24Exactly. And I'd like to just pick up on the first point that you mentioned,
30:30which is quite often joint accounts, do they allow for unilateral access?
30:34So that, of course, would be a huge gap that actually can be addressed very swiftly
30:41just by internal bank protocols that, of course, align across the entire financial system.
30:47Because these small tweaks or just having the lens allows financial institutions to take a more proactive role
30:55because we are already aware that domestic violence quite often is either even caused
31:02or exacerbated by the financial aspect of it, right?
31:06Yeah. Wonderful. Thank you for that.
31:09Puan Ratna, from IPIN's perspective, so now let's dig one step further,
31:13looking at data and what can and should be tracked, but of course, within the parameters of customer safety.
31:22So that's going to be very important because if the banking industry is willing to come on board
31:27to prevent coerced debt, financial entrapment as well,
31:32what kinds of non-invasive, privacy-safe indicators can we be looking for?
31:40Okay. It's interesting because the data, it can protect or it can expose.
31:48Exactly.
31:49So we must focus on safe and aggregated indicators.
31:54And in this case, especially in the financial abuse cases, this has to be handled with extreme care.
32:01Talking about how banks can track, right, to ensure, to, you know, mitigate this trap and trap minimum.
32:10It's not that easy unless the customers come to the bank and, you know, really speak and say that...
32:20So the first step still lies within the hands of the customer, right?
32:24Yes. Of course, after that, because just by tracking, say, the personal loan, you know, the personal financing,
32:33looking at how the payment, it cannot really say that that particular borrower is being coerced.
32:42The payment cycles may change due to a vast number of reasons.
32:47So banks cannot, in a sense, be flagging each and every inconsistent, so to say, withdrawal.
32:54Many times, you know, the awareness that we are not supposed to share our personal banking information.
33:00Right.
33:00But of course, in this case, it's different.
33:03They've been forced to provide whatever passwords or cards to the other party.
33:10But then again, that's why, you know, your questions, how I said just now,
33:16the importance of the bank to ensure a safe environment so that the customers trust and be able to come
33:23forward
33:23and speak to tell the banks that, hey, look, I need help.
33:27Help me on this.
33:30Unless they do that, it's not easy for the banks to actually, you know, suddenly tell them,
33:37hey, look, your account, are you being, you know, are you being forced to do this?
33:42It's not that easy to straight, to ask the customers on that.
33:49But what we can do is we can actually look into if there is, if there is anything,
33:56any domestic violence or financial violence customer that come forward
34:01and we identify the customer, we can look into the trend and see how the banks actually address to them
34:09what are the turnaround time from disclosure to action and whether the mechanism in place is effective.
34:16Other than that, I think we should not unnecessarily request for personal information
34:26or this abuse stories because it's not needed in the financial decision making.
34:32Exactly.
34:33Yeah.
34:33So, you know, in any way, the customers must be able to trust the bank
34:39and to tell the bank her situation for the banks to take action on whatever account that they have.
34:48I'm sure the banks are ready to assist because we understand the vulnerability communities
34:55and we need to attend to them accordingly.
34:58And I think what's most promising is the ability for banks to harmonise a uniform response
35:05based on just a single alert because that should already start a cascading process.
35:10Yes.
35:11And thank you very much for those perspectives.
35:13Moving back into asking NJ Ashraf who's joining us online.
35:17Now, financial harm as a sustainability risk.
35:20Ashraf, if we can expand the lens.
35:22So now when families experience prolonged financial instability,
35:26whether through neglect of obligations or unequal control,
35:30the consequence can extend to, of course, children's education, housing security,
35:35also long-term poverty risk.
35:37From a sustainability and ethical finance standpoint,
35:40why should financial well-being within households also be framed as part of the broader social stability
35:47that Islamic finance does seek to uphold?
35:52Thank you very much for that question.
35:55You know, at MBSB, we have combined Sharia and sustainability.
36:01And so whenever we think about sustainability,
36:04we try to also think about it from a Sharia lens.
36:07And, you know, I mentioned earlier that the Rukun Nagara,
36:10the first Rukun Nagara is belief in God.
36:12And if you look at the word sustainability,
36:15actually one of the names of God is Al-Qayyum, which is the sustainer,
36:20which seems to imply that if you want true sustainability,
36:24there must be an acknowledgement of God
36:26and the oversight of God in everything that we do.
36:30So I think this is one issue.
36:31I think the other issue when we talk about Sharia and sustainability
36:36is the importance of moral sustainability,
36:40morality to have a sustainable society.
36:43It's not only looking after the environment,
36:46and it's not only looking after people's physical needs,
36:50but also the morality of the society is a key driver in true sustainability.
36:57Many philosophers say that the environmental crisis that we have
37:01is actually a moral crisis.
37:03It's the state of our hearts being reflected in the external environment.
37:07So with that, when we speak about the family,
37:11and also the family as a unit,
37:14is not explicitly mentioned in the UN SDGs.
37:18But I think here in Nusantara,
37:23family is, of course, very important everywhere.
37:26So the stability of the family as a unit is key.
37:31In traditional Islamic ethics,
37:34when they speak about the management,
37:36they speak about management in three levels.
37:38The first is the management of the self,
37:40and the second is the management of the family,
37:42and the third is the management of the society.
37:45And each one requires the previous level.
37:48You have to have strong individuals who are moral,
37:51and then the second you need to have family units
37:54that are resilient and strong and moral,
37:56and then that will help you to achieve a moral society.
38:00So coming back then to your question
38:04about the stability of the family unit,
38:06it's very important.
38:08You cannot have a functioning society,
38:11let alone a thriving society,
38:14without strong, resilient families.
38:17So this is definitely a sustainability issue.
38:21In MBSD, we were calling it the missing SDG,
38:25which is the issue of family resilience and stability.
38:29Nothing we should,
38:30any product that we create
38:32should have a positive impact
38:35on family resilience and stability,
38:37and we should avoid any negative impact
38:40to family resilience and stability.
38:42So I think it speaks to this particular issue.
38:46I already touched earlier
38:47on the issue of unsustainable debt
38:50and burdening people with unsustainable debt.
38:52We need to avoid that in the financial sector,
38:55focusing on things that build people up,
38:58like first-home financing,
39:00education financing,
39:01wealth-building tools,
39:02saving tools, right?
39:04This is very important.
39:06Because typically,
39:08when it comes to, you know,
39:10financial abuse,
39:12in many cases,
39:13you know,
39:14or in most cases,
39:15it goes back to a problem
39:17in the self of the abuser, right?
39:20It goes back to the issue of control,
39:23of a feeling of inadequacy, right?
39:26And sometimes,
39:27these can be triggered
39:29by full financial management,
39:32a person putting themselves in a bad situation,
39:35and then they do these types of things.
39:37So how can banks prevent that?
39:43Of course,
39:44many of the solutions
39:45have already been mentioned,
39:46and that's the benefit of me
39:48coming third after,
39:49you know,
39:50two illustrious speakers.
39:52But also this issue of
39:54how can we help families
39:57become more financially resilient
39:59through savings
40:01and not getting themselves
40:02into bad financial situations
40:04that can then
40:05have these kind of ramifications.
40:08So ultimately,
40:10you know,
40:10a financially stable family
40:11is the foundation
40:13of a stable society.
40:14And ethical finance,
40:16including Islamic finance,
40:17plays a central role
40:18in protecting that stability.
40:20Thanks very much for that,
40:21Chair Ashraf,
40:22as well as our speakers,
40:23Aparun Ratna,
40:23as well as Prof. Aishat.
40:25So overall,
40:25addressing financial violence
40:27clearly takes more
40:27than just awareness.
40:29It requires building
40:29greater safeguards
40:30within the financial system,
40:32while reinforcing the principle
40:33that women's economic dignity
40:35is a right.
40:36When women have real
40:37financial security families
40:38and ultimately,
40:39a society is stronger for it.
40:41That's all we have time for today.
40:43See you next Friday
40:44with more economic analysis
40:45and insights.
40:46Here's to a productive week ahead.
40:47skiyanged Imagino
40:50Classroom
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