s islamic banking sector as well as the significance of malaysia's islamic capital market, both domestically and globally. domestic islamic banks account for about 42. 5 % of the overall commercial banking loan book and could reach 45 % by the end of 2026 [ 1 ]. in the sukuk segment, malaysia has maintained its leadership position in the global sukuk market in 2021 by commanding a market share of 37 % of the global sukuk outstanding [ 2 ]. the industry has already developed an encouraging track record in the sustainable finance space, as evident from the sovereign and corporate sustainability sukuk issuances to finance green and social - related projects. islamic financial institutions now play a major role in driving the sustainability agenda in malaysia hence, it is encouraging to see players such as cimb islamic and standard chartered saadiq keep the momentum with this landmark deal which furthers islamic finance and esg convergence. i ’ m confident the islamic finance sector will continue to do more in advancing sustainability practices by leading esg innovations aligned to the value - based intermediation agenda. the introduction of esg islamic repurchase agreement is thus timely and it will further encourage the development of islamic repurchase market. islamic repurchase market registered rm39. 4 billion in volume in 2021, more than double the volume in 2020 [ 3 ]. the huge potential lies ahead as the volume registered is thus far, only around 1 % of the total islamic money market volume during the year. i would like to thus congratulate cimb islamic and standard chartered saadiq on today ’ s signing. i wish you a successful partnership in this and potentially pave the way for more within the industry. thanks also to the organisers for inviting me today and wish everyone a good weekend. thank you [ 1 ] source : s & p global [ 2 ] source : moody ’ s investors service [ 3 ] source : bnm

which in turn reduces the amount of funds they have to lend. uncertainty about house prices also clearly undermines consumer confidence and undercuts consumers ’ willingness to spend. according to the census bureau, homeownership rates have fallen so significantly in recent years that they have more than wiped out the increase in homeownership that had taken place between 2000 and 2007. when i think about this statistic, i see not only the drag on the nation ’ s already - tepid recovery, but the millions of american families who have lost their homes and their hopes. when people lose their homes, the impact is felt not only by the homeowners, but by the broader community : the bonds of community are weakened, business investment is undermined, homelessness increases, children are uprooted, unemployment deepens, and even health problems multiply. i emphasize all this bad news not to dampen the dinner mood here tonight, but to underscore the importance of the work that you do and to reiterate what we already know : the recovery of the housing sector is critical to the robust and sustainable recovery of the american economy. to see the kind of economic recovery we want, we need to revive our housing sector and restore the communities that were shaken by its collapse. bis central bankers ’ speeches so what needs to happen now? to begin with, we should start at the ground level and work with troubled borrowers to prevent additional foreclosures that will further weaken the market. we need to make certain that foreclosures take place only when there is no option available that would be preferable to both the borrower and the investor. it is critical for servicers to review all options on any given delinquent loan before deciding that foreclosure is the best course of action. certainly foreclosure cannot be avoided in every case. however, servicers must identify those instances where both the borrower and the investor would be better off modifying the loan than foreclosing on it. some distressed borrowers should be able to qualify for a modification through treasury ’ s home affordable mortgage program ( hamp ). if the hamp evaluation has been properly done and the borrower still does not qualify, the servicer should consider all other reasonable alternatives, ranging from proprietary modifications to short sales to deeds - in - lieu - of - foreclosure, before filing for foreclosure. and, for homeowners whose financial distress is the