, with approximately 60 countries now having islamic finance regulations in place. as leaders in the islamic finance sector, it is incumbent upon us to collectively showcase the industry's impact and uphold the intrinsic values of shariah, which advocate for equitable distribution of wealth and the practice of ihsan or doing good in the best possible manner. this is in line with aspiration of quranic verse 77 of surah al - qasas, allah s. w. t mentioned " strive for the hereafter using the blessings allah has granted you but remember to also enjoy the blessings of this world. do good deeds just as allah has bestowed goodness upon you. avoid committing misdeeds on the earth, as allah dislikes those who do so ". it is crucial for all of us - whether as regulators, industry players, or consumers of financial solutions - to embody these principles and lead by example. on this note, i wish you all a productive discourse ahead. to our international delegates, i hope you enjoy your stay in kuala lumpur. thank you. 3 / 3 bis - central bankers'speeches

adnan zaylani mohamad zahid : resilience and stability of the islamic financial services industry in an evolving risk environment welcoming remarks by mr adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the 22nd islamic financial stability forum, kuala lumpur, 27 may 2024. * * * it is my pleasure to welcome everyone to the 22nd islamic financial stability forum, held in conjunction with the global forum on islamic economics and finance ( gfief ). i hope the discourses happening at gfief this week can serve as an action - oriented platform to build stronger cooperation towards shaping a better future. one in which, islamic economics and finance play a greater role in promoting inclusive growth, resilience and shared prosperity. the theme of today's forum, " resilience and stability of the islamic financial services industry in an evolving risk environment, " is indeed poignant in guiding our journey forward amidst shifts in the operating landscape. current global risk landscape poses challenges and opportunities in islamic finance the complexities of the financial world are ever - increasing. it becomes more evident that traditional risk paradigms are being challenged by a multitude of factors. ranging from geopolitical tensions to elevated inflation, moderating global trade, as well as technological disruptions and climate change. against this backdrop, we witness a growing expectation for the financial sector not only to maintain its resilience but to also assume a greater role in supporting sustainable economic transformation. this expectation arises from the pressing need to drive necessary changes at the scale and the speed needed to achieve the sustainable development goals ( sdgs ). the un conference on trade and development and the imf estimate that a significant funding gap of approximately usd 4. 3 trillion in global annual investments is needed to make strides in the sdgs. while this may appear as a staggering figure, this is equivalent to only around 1 % of the usd379 trillion of the total financial assets held by banks, institutional investors and asset managers. the modern financial sector stands at a crossroads of unprecedented challenges and opportunities. against this backdrop, financial institutions must not only anticipate emerging risks but also adapt swiftly to mitigate these risks. at the same time, there is the expectation to progressively enhance the vibrancy of the finance industry in order to keep meeting the needs of the society and economy. capitalising on emerging trends for more innovative and impactful solutions in islamic finance, financial transactions