Whilst non-risk-sharing contracts will continue to contribute to the future growth of Islamic finance, the wider use of risk-sharing transactions and undertakings under participatory finance models have significant scope in evolving a broader representation of Islamic financial products that will spur the next phase of industry growth and development. This includes participatory or equity-based contracts such as Mudarabah and Musharakah that support ventures involving entrepreneurship endeavours. Greater use of equity-based models in Islamic financial solutions has been observed in the more recent period. This has been most evident in the sukuk segment, with Shariah structures evolving from predominantly ijarah and murabahah structures to musharakah partnerships as well as convertible and exchangeable trusts. 4  BIS central bankers’ speeches  The further development of participatory Islamic finance contracts on a broader scale offers particular potential in efforts to reinforce links between finance and the real economy. Several elements of risk- and profit-sharing participatory contracts support this. As profitsharing and loss-bearing are clearly identified and agreed based on the contractual agreements between the financier and the entrepreneur, strong emphasis is placed on the value creation and economic viability of productive efforts that create new wealth. In equitybased contracts, the financial intermediation is thus also directed towards promoting entrepreneurship, in that the clearly defined risk- and profit-sharing characteristics of the Islamic financial transaction provides strong incentives for both parties to contribute to the success of the investment.

The debate over the use of personal information in the area of payment services has heightened with  6/7  the new Directive known as PSD2, which institutionalises the so-called TPP (Third Party Providers). TPP encompass “payment initiation service providers” and “account information service providers”. The former offer an alternative to the use of cards when making electronic purchase payments. The latter provide consolidated information on the status of the various accounts the customer has with entities, thereby facilitating financial planning. Payments account holders are entitled to authorise these third party providers to order payments on their behalf and/or to consult information associated with their accounts. Against this background, and irrespective of the usefulness of these services, it is important that customers should strive to understand the real scope of the authorisation granted, which may entail access to their account by a third party on the same footing as if it were the customers themselves accessing the account. Faced with risks such as the foregoing, magnified by the development of new technologies, I believe that financial education has a role to play. It may help, for example, make people aware of the change in reality that the digital arrangement of agreements entails or increase the digital competences of the public at large. The Financial Education Plan Mindful of the foregoing, the Banco de España and the CNMV continue working on their commitment to financial education through the Financial Education Plan.