##s to plan ahead to secure a sustainable future. looking ahead into the future, it is important for us to be agile and to continuously innovate in facing emerging challenges and the fast changing environment. while the pandemic taught us the importance of economic and financial resilience, it also paved the way for a rapid adoption of digital financial services. this is evidenced by the world bank's finding in their global findex 2021 report which revealed that 79 % of malaysian adults use digital payments, of which 42 % did so for the first time after the pandemic. 2 / 4 bis - central bankers'speeches while the rising importance of digital financial services is welcomed, the adoption of such services without sufficient understanding and knowledge could pose risks to consumers. malaysian consumers are vulnerable to the manipulation of online frauds due to low level of digital financial literacy. common mistakes that led to consumers being scammed include sharing bank account passwords or pin numbers, not paying attention to the legitimacy of a website before making transactions and also clicking on suspicious links a€ “ all of these enable scammers to commit fraud more easily. in our recent publication of the financial stability report, we shared some of the findings of the financial capability and demand survey which bank negara conducted recently. among other findings from the survey, a troubling finding is that, more than a third or 37 % of respondents stated that they have no issue or are willing to share their bank accounts passwords or pin numbers with their close friends. this reflects the lack of understanding on the importance of being vigilance and safeguarding our banking information. as financial transactions and services become increasingly digitalised, malaysians must learn to be more responsible in managing their financial information, well - informed and sensible in assessing investment opportunities, while at the same time increase their vigilance against scams. this is where you, as practitioners, could enhance your role as consumers advocates. it is important for financial planners to continuously provide awareness and alert clients against the latest frauds and scams. public awareness, alongside preventive measures and coordinated enforcement actions, must be elevated to combat this crime and safeguard the hard - earned finances of malaysians. once consumers are sufficiently equipped with the knowledge on using digital financial services responsibly and have a high level of trust in the reliability and security of online services, only then can we reap the full benefits of digitalisation. this ties in with one of bank negara malaysia's aspirations in

well as to actively promote the role of the market players. development of a wider range of islamic financial instruments for islamic financial institutions to effectively manage its funds, there is a need to have diversity in the type and the maturity of the islamic financial instruments. this is one area in islamic finance that offers formidable challenges and opportunities to market participants in malaysia. a broader range of products and services is vital in this fast changing global financial landscape. in today's marketplace, there are only a number of islamic financial instruments that have been developed to cater for this need which for the most part constitutes straight private and government islamic papers. in a bid to deepen and broaden the islamic bond market, the government has been regularly issuing islamic and conventional securities with different maturities, enabling the creation of a benchmark yield curve. this was further enhanced with the introduction of an auction calender in the year 2000. in the 2000, government investment issues or giis were introduced, followed by islamic negotiable notes, private debt securities, treasury bills and sukuk. furthermore, following the amendment to the government investment act in year 2005, the government has started issuing shorter - term islamic treasury bills and longer - term sukuk or islamic bonds with a maturity of 10 years in order to further diversify the islamic financial instruments available for investors. under the act, the government is able to issue islamic instruments under various shariah principles and for different tenures ; short and long term, to meet the varying needs of investors. islamic private debt securities ( pds ) too have been fast growing in importance and size, accounting for 50 % of the total pds market in 2004. despite these developments, there has been an inadequate supply of short - term islamic instruments thereby providing less flexibility to the institutions in managing their asset and liability profiles. this is important as the islamic banking institution has, to a large extent of its portfolio, long - term assets that include long - term islamic housing mortgages and long - term islamic financial instruments. these two asset classes constitute approximately 80 % of their portfolio. this over - concentration warrants the need to have effective risk mitigating techniques and instruments as to avoid any potential adverse consequences that could occur in volatile market conditions. on major importance is the elimination of uncertainties from a particular transaction. the need for islamic hedging instruments in the islamic financial services industry has therefore become increasingly important. thus far, significant progress in this area has yet to be made. it is