I would like to congratulate the Islamic Banking and Finance Institute of Malaysia (IBFIM) and the Malaysian Green Technology Corporation (MGTC) for organising this conference, given the global surge in green technology activities as catalysts for sustainable developments. The aims of this forum are to narrow the gap of Islamic financial institutions’ understanding on green technology and to provide green technology companies with the latest information on Islamic financing products and services. It was almost a year ago that I spoke at a similar Conference outlining on how the financial systems can play a catalyzing role in the development of green technology. I mentioned a number of broad key priorities and I am pleased to announce that encouraging progress has been made. Today, my remarks place emphasis on the current and future prospects of Islamic financing solutions that can support the vibrancy and dynamism of the green technology ecosystem. In Malaysia, Islamic financial institutions can leverage on the large untapped opportunities in the green technology sector and at the same time contribute towards the country’s transformation into a high value-added economy. Increasing global importance of green technology Against the backdrop of current climate and environmental concerns that are the consequence of unsustainable economic activities, green technology emerges as a winning proposition. Green technology has strong potentials to stimulate economic growth while mitigating environmental degradation. National and international efforts to promote green technology as a new source of growth have intensified in recent years.

Muhammad bin Ibrahim: Role of the Islamic financial system in supporting green technology Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at The Green Financing: Discover Green Technology Industry in Malaysia “Role of the Islamic financial system in supporting green technology”, Kuala Lumpur, 8 October 2013. *  *  *  The recent haze that caused unhealthy air quality is the direct result of acute deforestation and irresponsible practices, a grim reminder of the unfolding environmental catastrophes confronting us and our future generation. Globally, extreme climate change, resource depletion and environment degradation have increasingly become looming threats to livelihoods. Greenhouse gas emissions are on the rise and atmospheric carbon dioxide concentrations are at its highest in three million years. It is reported that the global average temperature has risen by 0.74oC over the past century and is forecasted to rise by 1.8oC to 4oC by year 2100. Severe deforestation issues across the continents and over dependence on non-renewable energy resources pose further challenges to the finite carrying capacity of the earth. Sustainable development has become an imperative. It is a global imperative given the interconnected world we live in. It affects everyone. No one is isolated. A united action is therefore required to solve these major ecological problems before solutions become impossible. I am pleased to be here today to speak at The Green Financing: Discover Green Technology Industry in Malaysia (GF 2013).