In this verse, Alma declares his famous statement, “If ye have faith ye hope for things which are not seen, which are true” (Alma 32:21). This is a classic consequentialist definition of faith. Alma’s view of faith is active (not substantive). If you have faith, you actively hope. Faith propels us to do the things that move us in the direction of that hoped-for and true, but yet unseen, goal. This is not a definition of what faith is, but what faith does. If you have faith, you necessarily hope.
Alma goes on to say: “[God] desires that, in the first place, ye should believe even on his word” (32:22). In a few verses we will learn what “the word” is (33:22). Of course, it has to do with believing in Christ and the plan of salvation. Thus, the first step or principle of the gospel of Jesus Christ and in His Church is faith, specifically in the Lord Jesus Christ.
Book of Mormon Central, “Acquiring Spiritual Knowledge: Act in Faith (1 Nephi 2:16),” KnoWhy 260 (January 11, 2017).