(2016), “The ECB's asset purchase programme: an early assessment”, Working Paper Series, No 1956, ECB, September; Eser et al. (2019), “Tracing the impact of the ECB’s asset purchase programme on the yield curve”, International Journal of Central Banking (forthcoming); and Blattner, T.S. and Joyce, M. (2020), “The Euro Area Bond Free Float and the Implications for QE”, Journal of Money, Credit and Banking, Vol. 52(6), January, pp. 1361-1395. For a discussion of the different transmission channels of the pandemic emergency purchase programme, see Schnabel, I. (2021), “Asset purchases: from crisis to recovery”, speech at the Annual Conference of Latvijas Banka on "Sustainable Economy in Times of Change", Frankfurt am Main, 20 September. 2. Partial reinvestments will be conducted broadly in line with the practice followed during the full reinvestment phase. In particular, the remaining reinvestment amounts will be allocated proportionally to  the share of redemptions across each constituent programme of the APP and, under the public sector purchase programme, to the share of redemptions of each jurisdiction and across national and supranational issuers. See ECB (2023), ECB decides on detailed modalities for reducing asset purchase programme holdings, press release, 2 February. 3. See also Schnabel, I. (2023), “Monetary policy tightening and the green transition”, speech at the International Symposium on Central Bank Independence, Sveriges Riksbank, Stockholm, 10 January. 4. For more information on the differences between a corridor and a floor system, see Åberg, P. et al.

The report aims to provide insights to our stakeholders, namely investors, analysts and the business community on the current state and future potential of the Islamic financial sector in Malaysia. In documenting our journey, the report also seeks to present the lessons learned. Its in-depth information, featuring Islamic banking, takaful, Islamic capital market and education; and independent due diligence position the report as a potential beacon for interested investors. While we hope that the strong value propositions of Islamic finance in Malaysia are selfevident, today’s global markets would require accurate, timely and objective information that would enhance the confidence of businesses to use the services offered by this sector. The publication of the five Islamic finance country reports by IRTI would certainly add greater depth to the wealth of information available for the global community. In highlighting the Islamic finance prospects and opportunities across regions, it is my hope that trade and business linkages would further expand in the future. I would like to highlight a specific issue in my remarks today. The need to elevate Islamic finance to another notch; intensifying cross-border linkages among jurisdictions that practise and promote Shariah compliant financial services. An ambitious undertaking; but a necessary initiative that I thought would spearhead the next exponential growth of the industry. There are many prerequisites, but I would like to touch on four of them. Firstly, the global supply of a wide range of high-quality, competitive and innovative Islamic financial products and services that meet the requirements of international businesses.