the central bank to develop islamic finance spans over three decades. the invaluable contributions by earlier governors of the central bank laid the foundations for the development of an international islamic financial centre in malaysia, serving both global and domestic demand. their visionary leadership in this journey not only ensured that our fundamentals were strong, they had significantly raised the global profile of islamic finance with malaysia setting an example that would encourage development in other countries. in the early 1980s, governor abdul aziz taha has laid down the foundations for the establishment of the first islamic bank and the issuance of the first government sukuk. the dual financial system that we see in malaysia today is the realisation of the vision framed by governor jaffar hussein way back in 1990. from there on, we continued to advance on many fronts, including the establishment of the shariah advisory council under the leadership of governor ahmad don. significant milestones were achieved with governor zeti at the helm of the central bank. during this period, islamic finance morphed from a niche segment into the financial mainstream, and from a largely domestic - centric focus to one of bis central bankers ’ speeches global relevance. in particular, her immense contributions have enabled us to achieve much more to expand the frontiers of islamic finance as a global community. i wanted to take the opportunity today to acknowledge their tremendous contributions. moving forward, the bank will continue to build upon these foundations in making advancement that will further strengthen islamic finance ’ s growth trajectory. in the same way that past efforts have delivered solid growth in the industry and significantly enhanced islamic finance potential for future growth, our present actions will largely determine the future prospects of islamic finance. as was the case in the past, we will continue to require innovative solutions and collaborative strategies to take islamic finance to the next level of development. positive transformations taking place around us will continue to pave the way for new growth opportunities for the industry. collectively, we need to understand these developments and leverage on them to advance economic and social goals, and manage the attendant risks. today, i would like to touch on three key issues, the rise of fintech and its impact on islamic finance, the growing importance of responsible, inclusive and sustainable finance and the preconditions necessary to sustain a value - based financial system. one of the most significant transformational developments of our era is the technological revolution. more specifically, the fintech revolution was made possible by maturing social, mobile and cloud technologies. the digital revolution

' t read too much into the monthly swing. the modest increase in october might partially reflect some payback to the stronger growth in september. overall, household balance sheets continue to be in generally good shape, and this position should help maintain spending going forward. on the business side of the economy, the s & p global u. s. manufacturing purchasing managers index ( pmi ) rose slightly in november but still stands at a level indicating a slight deterioration in overall business conditions among manufacturers for the fifth straight month. today's institute for supply management manufacturing survey had a 1 / 4 bis - central bankers'speeches similar leaning. these readings are consistent with industrial production data for manufacturing remaining flat, as it has been for the past several months. but these aggregate data mask quite different performances for interest - sensitive sectors and other businesses not so affected by rates. in the spring of 2022, when the fomc began raising interest rates, production by more interest ratea€ “ sensitive manufacturers, such as business equipment, grew at about the same rate as production by less rate - sensitive manufacturers. but starting around the middle of 2023, when the policy rate hit its peak, those stories diverged, and production by interest - sensitive manufacturing declined, while other manufacturing rose, driving a sizable gap between the two types of industries. this divergence is an indication to me that, even after the committee cut rates 75 basis points, restrictive policy is working the way it is intended to, affecting production in sectors where rates matter. it is also a reminder that there is still some distance to go in reducing the policy rate to neutral. as that occurs, i expect the gap between the two types of industries will narrow. as for the service sector, which is the larger share of business activity, the november s & p global u. s. pmi continued to increase, extending the strong momentum for services over the past year or two. while the picture for economic activity is pretty clear right now across the major data that we look at, things aren't as clear in recent data on the labor market. as expected, the october employment report showed very little increase in the number of jobs, but likely because of the temporary effects of the recent hurricanes and the strike at boeing, which also affected businesses serving boeing and its workers. the strike is over, and it is likely that most of the job losses from the hurricane have reversed. so i do expect a rebound in payroll data in the november employment report that