Demand will increase for talents in the Islamic financial services industry who are not only conversant in both fields of finance and Shariah but must also possess soft skills such as managerial expertise, leadership and effective communication. Thus education and learning providers must constantly relook at the methodology of teaching, learning contents and the contemporary skills requirements of the industry. Forging greater collaboration between industry and academia is also an important aspect to align the training and development and the business requirements of the industry. We should all be mindful about the employability of our graduates. The industry-academia partnership could come in various forms. For example, there could be more reciprocal dialogues and strategic alliances to explore areas with the aim to provide real solutions to contemporary issues that are key to progressive development of the Islamic financial services industry. We should capitalize on our extensive experience in industry development which makes Malaysia a fertile learning ground on Islamic finance. For example, our Islamic financial market is vibrant and progressive, whilst our Islamic financial institutions are innovative and dynamic. Islamic financial institutions could complement INCEIF’s education programmes by offering practical training at their organization. The opportunity for an attachment at our institutions is an added value to INCEIF’s programmes, and an attractive value proposition for foreign students. On this note, the strong industry support has indeed been commendable and contributed to the progress of INCEIF. Efforts by INCEIF to forge strategic alliances with entities from all over the world must also continue.

My remarks today will first discuss some of the major structural and cultural transformations in Asia that are changing and impacting the economic environment faced by women in Asia, and their rapidly changing role in the economy. I will also touch on aspects of the challenges faced by women in Asia in their endeavour for greater economic engagement. This will be followed by a discussion on the important enablers for enhanced financial literacy and to share with you Malaysia’s experience in driving a more financially literate society in particular, that enhances the inclusion of women in the economic mainstream. Ladies and Gentlemen, Asia is being transformed. For more than two decades now we have seen unprecedented structural and cultural changes in Asia that have resulted in the transformation of the environment faced by women. Asia has emerged as the fastest growing region in the world with GDP in Asia now accounting for 23% of the world economy, compared to 17% in 1980. Per capita income during this period has more than quadrupled. If these trends continue, by the year 2020 Asia will account for about 27% of the world economy while the income per capita would have further tripled. These dynamic changes have made financial literacy among women even more vital. Indeed, against these favourable trends, there has been a growing participation of women in the growth and development process in Asia. In particular, there has been a strong migration from the informal to the formal sector, following the modernisation and industrialisation process.