In adapting to changing economic environment, businesses must have in place adequate risk management and protection. This is key to ensure business sustainability. Takaful operators offer a wide range of commercial protection schemes to help businesses build its risk management. These include protection against risks associated with natural disaster, weatherrelated events, payment default, professional indemnity and damage in crops, among others. For example, trade credit takaful solution to be launched in 2020 complements the wide range of trade finance solutions for importers and exporters that transact on an open account basis. Islamic finance is a natural fit for halalan-toyyiban Let me now move on to the final component – the underlying strength which ties the halal opportunity with Islamic finance – synergy. At the national level, the government supports and recognises the role of Islamic finance as an important tool to develop and grow businesses and SMEs. In the 2019 Budget, the SME Shariah-Compliant Financing Scheme was established to strengthen the development of SMEs. Under the Scheme, the government has committed to subsidise 2 percent of profit rate or borrowing cost for total financing worth RM1.0 billion. A number of other strategies are also being pursued to better position Islamic finance solutions to meet the needs of halal businesses. The industry players have participated in mega events such as Halal Expo 2019, Halfest 2019, and Festival Islam dan Halal Antarabangsa Johor Darul Ta’zim 2/3  BIS central bankers' speeches  2019 to create awareness on its offerings.

Local supervisors and outside technical experts can work together to fashion specific supervisory guidance and regulation that are appropriate in the local marketplace. Additional resources are available from the Institute on Financial Stability, a joint effort of the G-10 central bank governors, the Basle Committee, the International Organization of Securities Commissions (known as IOSCO) and the International Association of Insurance Supervisors (known as IAIS). The purpose of the Institute is to provide training to senior supervisors and other supervisory staff in the application of basic supervisory principles to their national supervisory systems. The job of senior supervisors in the emerging markets is an immensely challenging one, requiring negotiation, management and leadership skills, in addition to technical supervisory skills. The Institute, by bringing together key policy-making officials in central banks and supervisory agencies through high-level seminars, serves the dual purpose of sharing expertise and developing and deepening the relationships among supervisors globally. The Institute will hold courses not only in Basle, but on a regional basis as well. The Institute will act as a clearing house for the coordination and provision of technical assistance by central banks and supervisory bodies. We also must work closely with the IMF and the World Bank. These institutions put people in virtually all of the world’s countries to evaluate candidly the macroeconomic and financial climate and supervisory policies and practices. In an important development for the furtherance of the Core Principles, the IMF and World Bank are using the Core Principles as the benchmark for evaluating supervisory regimes around the world.