Anwar: Good governance helped Malaysia recover RM50.5b lost to corruption, smuggling

Anwar: Good governance helped Malaysia recover RM50.5b lost to corruption, smuggling

KUALA LUMPUR, Oct 13 — Malaysia has saved RM50.5 billion from illegal activities and corruption related leakages over the past two years, Prime Minister Datuk Seri Anwar Ibrahim revealed today.

Speaking at the Global Islamic Finance Forum 2025 (GIFF 2025) Anwar said the figure came from funds recovered or prevented from being siphoned off by syndicates, cartels and corrupt officials since he took office.

“In two years because of our focus on governance and zero tolerance towards corruption, abuse of power, smuggling and cartels we were able to stop or seize RM50.5 billion. Can you imagine this happening every year for a decade? Just think about how much we’ve lost,” he said.

Anwar said the figures showed how deeply corruption had been entrenched in Malaysia’s systems and warned that no amount of economic innovation or Islamic financial instruments would succeed without good governance at the core.

“However effective the Islamic instrument is, if we operate in a system of poor governance, endemic corruption and abuse of power it will not meet the desired aim of Maqasid Shariah,” he said.

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Anwar also urged the Islamic finance practitioners to go beyond profits and ensure their operations reflect values such as fairness, justice and ethical conduct, all of which are principles he said were central to Malaysia Madani.

He said Malaysia had issued billions worth of sustainable and responsible investment (SRI) sukuk in 2024 and stamped Malaysia’s position as a global leader in green and ethical finance.

Anwar cited historical economists Adam Smith the author of The Wealth of Nations and The Theory of Moral Sentiments.

He said that while Smith’s ideas on capitalism remain influential, Islamic finance offered a moral and just alternative grounded in ethics and collective prosperity.

“Even if we understand Adam Smith’s Wealth of Nations, it is only fair to also read The Theory of Moral Sentiments which addresses inequality and justice.

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“Unbridled capitalism without values and humanity has led to gross inequity and injustice which Islamic finance must seek to correct,” he said.

He continued by stating that Malaysia’s Islamic finance was a result of decades of innovation, resilience and foresight adding that the sector must now focus on empowering communities and uplifting those most in need through ethical and responsible partnerships.

“The world is searching for financial systems that deliver not just profits but also purpose so let us work together to ensure financial solutions uplift those most in need,” he added.

The GIFF forum is taking place from today until October 15 at Sasana Kijang, Kuala Lumpur.