At a time when geopolitical and economic transformations are accelerating and the world system is becoming increasingly fragmented at the expense of humanity and society, Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Member of the Board of Directors of the Federation of Saudi Chambers of Commerce, warned that the modern economy faces a structural moral crisis, requiring a rethinking of the model that puts values at the center of economic decision-making.
In his speech at the opening session of the 2026 Indonesia Economic Summit, Abdullah Kamel emphasized that the world today stands at a decisive economic and moral crossroads. He said that the current global economic system is witnessing an increasing erosion of control and the dominance of power logic and narrow interests, at the expense of humanitarian and development values.
Mr. Kamel noted that rapid geopolitical and economic transformations have exposed the weaknesses of existing economic models, resulting in a separation of economies and fundamental value systems that have prevented sustainable development and a fair distribution of opportunities. He added that the economic discourse prevalent in international forums no longer conveys a sense of security, but rather reflects a harsher reality, one based on profit maximization and disregard for people, society and the environment.
He stressed that the current stage imposes dual responsibilities on business leaders in countries of the Global South and in developing countries. It means adopting a proactive stance that builds a new economic model based on rights and obligations rather than short-term profit-loss equations. He explained that without clear moral standards, economies will not be sustainable, stressing that investment, trade and finance must be managed as tools in the service of society, rather than at the expense of the environment or social trust.
He also stressed that the Islamic world has a cultural heritage rich in moral values that have historically enabled it to contribute to the construction of advanced economic and humanitarian models, and that there is still an opportunity to restore this role and actively participate in shaping the future of the world economy before further disruption occurs.
Touching on the vital role of the private sector, Mr. Kamel pointed out that the private sector has the ability to work with the public sector to guide the path of development, provided that the political will, supportive legal framework and institutional structures that can transform visions into concrete realities are available. He praised the economic reforms taking place in several countries, particularly the Kingdom of Saudi Arabia, noting that Vision 2030 provided a practical model for rebuilding state-economy relations and empowering the private sector as an effective development partner through legal reforms and qualitative investments in infrastructure and digital transformation.
He concluded that the 2026 Indonesia Economic Summit is being held at an internationally sensitive time, underscoring the importance of building a dialogue platform that brings together decision-makers, the private sector and think tanks with the aim of reshaping growth models, strengthening cross-border partnerships, linking public policy with market realities, and affirming the leading role of the private sector in achieving sustainable development.
At a time when geopolitical and economic transformation is accelerating and the world system is increasingly collapsing at the expense of humanity and society, Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Member of the Board of Directors of the Federation of Saudi Chambers of Commerce, warned that the modern economy faces a structural ethical crisis, requiring a rethinking of the model that brings values to the core of economic decision-making.
Abdullah Kamel, in his speech at the opening session of the 2026 Indonesia Economic Summit, emphasized that the world today stands at a critical juncture, both economically and ethically. He said the current global economic system is witnessing an increasing erosion of control, where the logic of power and narrow interests dominate at the expense of human and development values.
Mr. Kamel noted that rapid geopolitical and economic transformations have exposed the weaknesses of existing economic models, and the disconnect between the economy and core value systems has prevented sustainable development and a fair distribution of opportunities. He added that the economic discourse prevalent in international forums no longer inspires confidence but reflects a harsher reality, based on maximizing profits while ignoring humanity, society and the environment.
He asserted that the current stage imposes dual responsibilities on business leaders in the Global South and developing countries. The responsibility is to adopt a proactive stance that builds a new economic model based on rights and obligations rather than short-term profit-loss equations. He made it clear that the economy will not be sustainable without clear ethical standards, stressing that investment, trade and finance should be managed as tools to serve communities, rather than at the expense of the environment or social trust.
He also emphasized that the Islamic world has a rich civilizational heritage of ethical values that have enabled it to contribute to the creation of historically advanced economic and humanitarian models, and argued that there is still an opportunity to restore this role and actively participate in shaping the future of the global economy before further disruption occurs.
Mr. Kamel touched on the vital role of the private sector, noting its ability to lead the development pathway in partnership with the public sector, given the political will, supportive legal framework and institutional capacity to transform vision into concrete reality. He praised the economic reforms observed in several countries, including the Kingdom of Saudi Arabia, noting that Vision 2030 offers a practical model for rebuilding state-economy relations and empowers the private sector as an effective development partner through legal reforms and quality investments in infrastructure and digital transformation.
He concluded that the 2026 Indonesia Economic Summit comes at an internationally sensitive time, stressing the importance of building a dialogue platform that brings together decision-makers, the private sector and think tanks with the aim of reshaping growth models, strengthening cross-border partnerships, linking public policy and market realities, and affirming the role of private sector leadership in achieving sustainable development.
