) has shown that the impact of financial education strategies depends bis central bankers ’ speeches on the ability to effectively combine broad - based and targeted strategies, and having a wellcoordinated approach that relies on multiple channels to reach different groups. financial education is also a lifelong endeavour, from encouraging children to save their pocket money to helping adults attain financial security and independence for their old age. in supporting the inclusion agenda, financial education initiatives in malaysia are designed as an important life skill, where consumers are exposed to knowledge on financial management during the different periods in their life. an increasing trend is for financial capability to be promoted from an early age through the integration of financial education into the formal school curriculum that covers basic money management, spending and savings, credit and debts, e - payments, financial risk management and consumer responsibilities. for the youth and adult segments of the population, malaysia has also adopted a life event approach to the development and delivery of financial capability programmes. this is reinforced by a dedicated focus on the vulnerable segments of the society, such as how to plan for retirement, the importance of living within one ’ s means and behaviours that can lead one into high indebtedness. these programmes are delivered to consumers in the workplace and colleges. our collaboration with employers has proven to be particularly effective in delivering financial education on responsible financial management. under this approach, strategic alliances have been forged by the credit counselling and debt management agency with more than 200 organisations in malaysia to deliver financial capability programs at the workplace. equal emphasis is given to developing the enabling infrastructure to support the effective delivery of financial capability initiatives. in malaysia, the meaningful access to financial education contents and tools, a rigorous assessment framework and an effective partnership that involves the government, educators, non - governmental organisations and the financial industry form the vital components of the enabling ecosystem to support the overall financial education strategies. in many instances, changes in consumer behaviour are needed for the intended benefits to be realised. in malaysia this is the case in the efforts to promote e - payment as a means of improving economic efficiency, productivity and competitiveness. central to this agenda has been the implementation of various financial education initiatives to encourage changes in consumer behaviour and to inspire confidence in the use of e - payments. financial education has had a critical role in equipping consumers with knowledge to utilise e - payments responsibly, and to help consumers protect themselves from risks of financial scams that exploit specific vulnerabilities associated with online payment platforms. financial

shariah committee members in the islamic financial institutions in malaysia are currently undergoing the shariah leadership education ( sle ) programme that commenced early this year. this programme aims to provide exposure to the shariah members on the fundamentals of finance and to foster greater understanding on their roles and responsibilities in shaping the direction of islamic finance in malaysia. the objective is also to ensure that all operational, legal and shariah aspects are taken into consideration before any shariah decision is made. aspect of ijtihad in a contemporary setting the second point that i would like to share is on the aspect of ijtihad in a contemporary setting. in line with the maturity of the islamic financial industry, issues relating to shariah have also becoming increasingly complex and challenging. fundamentally, the ijtihad formed by the shariah experts need to be based on the rules and principles of islamic law. at the same time, the shariah committee members need to also examine and understand the contemporary environment that is constantly changing especially in the field of communication technology. i would like to cite the following legal maxim : which means “ the law on a matter depends on the perspective on the matter. ” states that “ the law may change over time, place and background. ” the application of this method is more evident in matters relating to ijtihad where the preservation of the benefit of the society is paramount. i always believe that when the contemporary environment and current reality are taken into consideration in any shariah research, the ijtihad will be more substantive and mature while not compromising with the principles of shariah. bis central bankers ’ speeches it is also important to stress on the need to document the decisions and resolutions of the shariah in a structured and orderly manner, supported by the richness of the debates in arriving to the decisions. this is integral as a starting point to facilitate discussions among shariah experts, either domestically and internationally to encourage greater understanding and clarity of this treasure of knowledge. it can also serve to provide guidance and culture of knowledge that can be inherited by future generations. and more importantly, opinions and justifications for a particular deduction must be documented. the spirit of mutual respect within the diversity of shariah interpretations the third point that i wish to share is fostering mutual respect in dealing with diverse shariah interpretations. differences in views and opinions among scholars are inherent in the area of shariah, particularly in fi