The Pertubuhan Ikatan Usahawan Kecil dan Sederhana Malaysia (Ikhlas) and the eight other NGOs handed the memorandum to the prime minister's special officer, Saiful Azhar.
Ikhlas president Mohd Ridzuan Abdullah said the ISA was necessary to maintain peace and well-being in the country.
He said the act was revoked in 2012 following incessant pressure from those who felt threatened by the law.
He also said that the alternative would be to reinforce the Security Offences (Special Measures) Act 2012 or Sosma to safeguard the system of parliamentary democracy and institution of the monarchy.
"When the security of the nation comes under threat (without the ISA), the economy will also suffer," he told reporters. - Bernama