the arbitral tribunal has to form an opinion on a point related to shariah principles. thirdly, is to develop a strong governance framework for islamic financial institutions. we introduced a dedicated governance framework in 2010 that outlined the requirement for the shariah governance structures, processes and arrangements to ensure that all the operations and business activities are in accordance with shariah. this framework ensures that talent in lead arranging of sukuk, among others, have the expertise and shariah knowledge to ensure that the sukuk structures are in compliant with the necessary rules and principles. areas of collaboration between hong kong and malaysia there are a few areas where hong kong and malaysia can collaborate for mutual benefit. firstly, is to have both hong kong and malaysian expertise to work together in the quest to launch the first sukuk out of hong kong. we look forward to sharing our islamic finance marketplace with hong kong in terms of expertise in structuring, managing and distributing the sukuk, as well as providing advice on legal and shariah matters. in addition, malaysian issuers can tap into the renminbi and dollar liquidity in hong kong. past track records of the two renminbi sukuk issuances by malaysian entities, khazanah and axiata, had shown strong interest from hong kong investors, with subscriptions for both sukuk at 55 % and 26 % respectively. secondly, is to initiate a dual listing for the sukuk on bursa malaysia and the hong kong exchange to capture greater profiling, visibility and transparency in the bond market for the asian investors. thirdly, is to set up more global sukuk funds on a mutual cooperation basis to provide the buy - side support. funds can tap the existing mutual recognition agreement ( mra ) between the securities commission of malaysia and the securities and futures commission of hong kong as a platform for both jurisdictions to distribute islamic investment products to benefit investors in each other ’ s market. fourthly, to bridge the gap in the availability of islamic assets in hong kong, potential sukuk issuers may leverage on malaysia ’ s end - to - end shariah - compliant commodity murabahah platform, the bursa suq al sila ’ ( or b – sas ) for their fund raising exercises. with an average daily volume traded of usd1. 5 billion, issuers can utilise this 24 / 7 web - based multi - currency facility through the bs

nor shamsiah mohd yunus : shifting tides - future of finance opening remarks by ms nor shamsiah mohd yunus, governor of the central bank of malaysia ( bank negara malaysia ), at the myfintech week 2019 " shifting tides : future of finance ", kuala lumpur, 17 june 2019. * * * i would like to welcome all of you to the inaugural myfintech week and financial industry conference hosted by bank negara malaysia. this event is being held at a time that brings together two important mileposts for the malaysian financial services industry - the beginnings of an exciting era of digitalisation and a new chapter in the development of the financial sector as the current financial sector blueprint approaches the end of its horizon in 2020. " shifting tides : future of finance " was deliberately chosen as the theme of the event for a reason. for much of history, human civilisation could not reasonably explain how ocean tides occurred. it was only through the discovery by sir issac newton and the dedication of scientists over many centuries that we are able to understand it today. like ocean tides, the future of finance may be hard to fathom at the beginning. yet it offers many opportunities and risks. perhaps most importantly, it also underscores the heavy responsibility and ownership that we collectively bear to build a financial system that is safe, reliable and truly serves the needs of the people. in my remarks today, i will discuss what this entails in order to develop a financial system for all malaysians. the world is undergoing dynamic shifts the world around us is shifting dramatically. to understand this shift, we should pay attention to five megatrends. the first is the shift in global economic order with the rise of asia, including the rising prominence of asean. the gravity of the global economy is moving to the east. being the sixth largest economy and home to around 650 million people, there is an abundance of opportunity, hope and dynamism in this region. the financial sector will no doubt, be a key player in further catalysing the growth of asean countries. the second is the risks brought about by climate change. tackling climate change may be one of the biggest challenges for humanity in building a sustainable and prosperous future. it could lead to devastating, wide ranging and irreversible damage to our economy, society and the way we live. economic losses in itself could be very significant, as high as usd20 trillion. insured losses from effects of climate