Islamic Chamber of Commerce president warns of ethical crisis in global economy

JAKARTA — Abdullah Saleh Kamel, president of the Islamic Chamber of Commerce and Development and chairman of the Saudi Chambers Federation, warned that the modern global economy is facing a deep structural ethical crisis, calling for a new economic model that places values at the heart of decision-making.Speaking during the opening session of the Indonesia Economic Summit 2026, Kamel said the world is standing at a critical economic and moral crossroads, as accelerating geopolitical and economic shifts expose growing cracks in the global system at the expense of societies and individuals.He said the current global economic order is witnessing a steady erosion of safeguards, with narrow interests and power politics increasingly overriding human, social and developmental values.Kamel argued that recent global transformations have revealed the fragility of an economic model that has failed to deliver sustainable development or fair distribution of opportunities, largely due to the separation of economic policy from core ethical principles.“The prevailing economic discourse no longer reassures societies,” he said, adding that it reflects a harsher reality focused on profit maximization while neglecting people, communities and the environment.He stressed that business leaders in the Global South and developing economies carry a heightened responsibility to take a proactive role in shaping an alternative model based on rights and responsibilities rather than short-term profit and loss calculations.Kamel said economic sustainability cannot be achieved without a clear ethical reference, emphasizing that investment, trade and finance should function as tools to serve societies rather than undermine environmental integrity or social trust.He highlighted the rich ethical heritage of the Islamic world, noting that it historically contributed to advanced economic and humanitarian models, and said there remains an opportunity to reclaim this role and actively participate in shaping the future of the global economy before further instability sets in.Kamel also pointed to the pivotal role of the private sector, saying it has the capacity to lead development pathways in partnership with governments, provided there is sufficient political will, supportive regulatory frameworks and strong institutions capable of translating vision into action.He cited Saudi Arabia’s economic reforms as an example, saying Vision 2030 has offered a practical model for redefining the relationship between the state and the economy, empowering the private sector as a development partner through legislative reforms, infrastructure investment and digital transformation.He concluded by saying the Indonesia Economic Summit 2026 comes at a sensitive moment globally, underscoring the importance of dialogue platforms that bring together policymakers, the private sector and think tanks to rethink growth models, strengthen cross-border partnerships and align public policy with market realities.