takaful industry and the need to increase awareness among traders on benefits of trade credit protection. global large infrastructure financing needs the third and final trend that i would like to highlight today is the large infrastructure development taking place to cater to the needs of increasing global population. global infrastructure development financing needs is expected to reach usd94 trillion by 2040 and close to usd52 trillion in asia alone 7. the one belt, one road initiative by china or recently known as the belt and road initiative – that covers areas primarily in asia and europe – would add a further usd1 trillion to financing needs in the region over the next 10 to 15 years. this opens up another area of opportunities for islamic finance. islamic finance has strong potential to mobilise funds for infrastructure and development needs all around the world – by exploring opportunities – to structure innovative funding modalities for infrastructure financing. the recent issuance of the world ’ s first green sukuk to fund a solar project in sabah that amounts to rm250 million – is an example of an innovative financial instrument to tackle global infrastructure needs and green financing, at the same time. enhanced collaboration with global islamic finance players and multilateral development 3 / 4 bis central bankers'speeches institutions could also strengthen syndication capabilities, and expand investor base. as a start, malaysia ’ s role as one of the founding members of the asian infrastructure investment bank – opens up new avenues for domestic islamic financial institutions – to leverage on its extensive network, institutional expertise, and its good track record to reach out to more diverse investors. in closing, i would like to again mention that as islamic finance enters the mainstream – the road ahead requires islamic finance to seize opportunities in new growth areas and to deliver its promises. this requires greater positive impact by islamic finance beyond its shareholders and immediate stakeholders – to also benefit the society ; environment ; and the broader economy as a whole. thank you. 1 ifsb islamic financial services industry stability report 2017 – 18 countries out of 35 countries tracked by ifsb. 2 bnm islamic finance handbook december 2016. 3 international finance corporation. 4 the world bank – feature story 2016. 5 the world bank – feature story 2016. 6 bnm islamic finance handbook december 2016. 7 thomson reuters business news 25 july 2017. 4 / 4 bis central bankers'speeches

a wider range of stakeholders as to both the appropriateness but also the possible unintended consequences of some of the international reporting standards and frameworks. bis central bankers ’ speeches conclusion as we enter the sixth year of the global crisis, with several factors pointing to a prolonged period of weak economic recovery, new and fresh thinking has become more critical than ever. add to this our list of significant structural challenges that we need to overcome domestically, and it is essential that we have all hands on deck. i believe that chartered accountants through their unique skill set have a very important role to play in helping us to steer the country to exploiting its full potential. i hope that you are not only up to the task but that you enthusiastically embrace the challenge. i thank you. bis central bankers ’ speeches