‘We need both human and humane capital for finance’

Staff Reporter: while giving a keynote address at the ‘Industry Dialogue’ organized by Finance Accreditation Agency of the Central Bank of Malaysia in Kualumpur yesterday former Governor Dr. Atiur Rahman opined for skills that can serve not only the stakeholders of finance but also the larger society. The session was moderated by famous media personality Melisa Melina Idris. Drawing lessons from his seven years take as governor he said we must do every thing possible to make the financial sector more inclusive and humane. While narrating his own experience to the leaders of the finance industry he said the leadership journeys have to be caravan marches and not a solo sprint. He further added, these journeys can often be bumpy, facing resistance and skepticism, both from within and outside; and hence need constant experimentation and evolution. To create an interconnected and efficient financial community there is a need for massive digitalization which can democratize finance, said Dr. Rahman.

Despite being a victim of climate change Bangladeshis live very close to the Mother Nature.” We therefore wanted to nudge finance to be more respectful toward Mother Nature, to hug the base of the pyramid a bit tighter”, echoed Dr. Rahman. Hence the financial innovations covering sustainability, inclusivity and social responsibility, said Dr. Rahman. These innovative initiatives have now grown deeper roots, growing in the local soil, far exceeding the initial expectations of both skeptics and the supporters, according to Dr. Rahman. He further urged that This journey ought to continue, particularly at a time when the world is facing great changes and uncertainty arising out of inequality and populism. The prudent Global agreement like the one adopted SDGs needs mainstream finance which requires us to build a new system which delivers sustainable investment flows, respects market principles, social cohesion, and environment. Human capital development will be the critical anchor for the evolving leadership and innovations in the market, policy and regulatory arenas. Technology and young demography, which are interwined, will unleash unprecedented creative energy for the finance to be more effective, efficient and inclusive in the coming days. To address this “new normal” the human capital development issue must be addressed collectively by the industry, academia, professional bodies and rgulators. In this brackdrop,” we all need to come under a united umbrella”, said Dr. Rahman.

In conclusion, he shared his exciting leadership experiences as the governor of Bangladesh Bank that too adopted this integrated approach in human development where participation and partnership were key ingredients. He always urged his fellow central bankers and other bankers to go beyond numbers and look for people and the real economy. He admitted all the innovations that flourished in the industry could have never been possible without the motivated human resources engaged in the sector.” We had to constantly challenge, innovate and implement new ways. It is the people, it is their evolving human capital that provided the escape velocity for the reform programs and initiatives”, concluded Dr. Rahman.

In addition Dr. Rahman met Mr. Jaseem Ahmed, Secretary General of Islamic Financial Services Board, of which he was also a board member for seven years. Dr. Rahman is also scheduled to speak on leadership and sustainable finance at the Asia Pacific University of Technology&innovation(APU), Senior Management Alumni of Oxford University, Asia School of Business(ASB) over the couple days of his stay in Kuala Lumpur.