As we see more of this in the horizon, we are then able to realign the current business thinking to a fresher lens of value-based financial dealings that resonate with Shariah, which propagates equitable access and circulation of wealth, with no one left behind. As efforts continue to sustainably rejuvenate the economy, a great headway to embark on is to build stronger capacity and support in real and productive economic sectors. An example is to enhance wider trade facilitation to spur growth in Islamic trade finance, which has promisingly surged to USD186 billion in size and is growing both in scale and demand. This signifies huge opportunities to be tapped on. Surely, more needs to be explored to widen the spectrum of Shariah-compliant trade finance offerings by the financial sector. A funding option for businesses can perhaps be tailored to the lifecycle of production. This allows companies to obtain short-term liquidity via the sale of current assets such as receivables and inventories to financial institutions without increasing indebtedness – which is in parallel with the maqasid of preservation of wealth, particularly on striving to avoid excessive debt beyond one’s ability to afford. The delivery of financial solutions therefore is compelled to reflect the needs of the economy and consumers, without eluding the broader benefits to the environment and people. The third and my final point relates to advancing the balanced responsibility in building social resilience. The International Monetary Fund (IMF) reports that the pandemic has aggravated the pre-existing inequalities in the labour and income market3.

While reaching consensus is ideal, differing views and preferences would enrich and flourish the critical thinking and independent reasoning to produce a pragmatic ijtihad that is contextualised from practical realities. A dedicated platform for scholars to exchange ideas and perspectives is thus paramount to cultivate greater understanding and to mutually benefit each other. Towards this end, the Bank, through the Roundtable Meeting of Centralised Shariah Advisory Authorities in Islamic Finance (CSAA), will endeavour to achieve this outcome. The Roundtable serves as an important avenue to strengthen connectivity among centralised Shariah advisory authorities to foster mutual appreciation and respect in Shariah, to promote knowledge sharing, and to identify common issues across jurisdictions and explore viable solution. Conclusion It is my fervent hope that this platform today would continue to spearhead a constructive discourse on Shariah issues for greater benefit to the global Islamic finance industry. In closing, I would like to share an inspiring verse in Surah Al-Maidah - “Help one another in acts of piety and righteousness, and do not assist each other in acts of sins and transgression.” Let’s embrace 3/4  BIS central bankers' speeches  this message and together we strive to propagate good courses in commercial conduct and businesses that are beneficial to the environment and society at large, in line with commandment of Allah s.w.t. On that note, I wish everyone an engaging and productive days ahead. Wa billahi taufiq wal hidayah, assalamualaikum warahmatullahi wabarakatuh.