record or collateral to qualify for financing as malaysia embraces an innovation - led growth model ; and to practice and influence sustainable business practices that protect our future. 3 / 5 bis central bankers'speeches with digital finance, these are commercially viable possibilities. from africa to london, technology and finance are being combined in unprecedented ways to deliver solar power to communities, drive investment decisions based on sustainability metrics and break down barriers to access. with growing inequality, environmental degradation and more uncertain global developments, the stakes are high. if banks do not take up the mantle of leadership within the community, at risk is their legitimacy in the longer term as vehicles for the efficient allocation of economic resources. future - proofing the workforce for digital finance one can hardly talk about the quality of growth without addressing the workforce. this brings me to the third area that i would like to touch on. in a sense, the financial sector is arguably better positioned than most to transition its workforce as job profiles change in response to technological disruptions. for one thing, the financial sector has already been moving for a while in the direction of higher skilled jobs. over the past three years, 91 % of total jobs created in the financial sector were in high - skilled positions. as at the end of last year, high - skilled workers continued to comprise the majority of the workforce – representing 74 % of the banking sector employees and 83 % of the insurance / takaful sector employees. that said, more substantive considerations of the implications of technological disruptions for the financial sector workforce have generally been lacking. beyond talk of hiring more data scientists and cyber - security experts, or automating counter and customer services, most institutions have not fully examined how changes to workflows or business strategies under different digital scenarios will impact existing jobs. it is also not uncommon for institutions to chiefly focus on itrelated technical skills as a core competence for future workers. yet we all recognise the speed at which technical knowledge becomes quickly obsolete. in reality, learning agility, creative thinking and behavioural insights may be far more important in future workers. in responding to technological disruptions, the implications for the workforce therefore demand much more rigorous attention than the cursory acknowledgement that it is getting today. we intend to work with financial institutions over the coming months to take this forward, beginning with a holistic assessment to better understand the dynamics of the financial sector workforce as a basis to forecast skill demand and supply under different scenarios. this in turn aims to support the

in malaysia, have implemented the prudential standards issued by the ifsb. these prudential standards which have been designed to take into account the unique features specific to islamic finance will contribute towards ensuring its soundness and stability. developments in the sukuk markets the year 2007 saw an exceptional growth of the global sukuk market which expanded by more than 70 percent during the year. new issues during the year reached a record high to about us $ 47 billion and the outstanding global sukuk market has now surpassed the us $ 100 billion mark. despite the more challenging international financial environment arising from the financial crisis that has occurred in a number of the advanced economies in the recent twelve months, the sukuk market while also affected, it has been to a lesser extent. up until june 2008, it has held its ground with a total global issuance now exceeding us $ 10 billion. with greater recognition of the sukuk market as a competitive and attractive form of financing, the global sukuk market is expected to continue its growth going forward. the international islamic financial hub evolving in malaysia is supported by five pillars. pillar 1 : sukuk origination following the first ever sukuk in the world that was issued in malaysia in 1990, malaysia has now developed a deep, liquid and vibrant sukuk market. recently, the largest sukuk ever was raised in the malaysian sukuk market in 2007. the magnitude was approximately rm15 billion or about usd5 billion equivalent. despite being issued during the height of the subprime crisis, it attracted huge demand and was oversubscribed by more than two times. sukuk origination has thus been identified as one of the important pillars of the malaysian islamic financial system. as of the end of 2007, more than 60 percent of the outstanding global sukuks originated from malaysia. it has been increasing by an annual rate of about 20 percent and it accounts for about 56 percent of the outstanding bond market in malaysia. several foreign multilateral development banks, quasi sovereign agencies and mncs have received the approval of the authorities for the issuance of sukuks in our domestic sukuk market. the malaysian foreign exchange administration rules have been extensively liberalised to enable non - resident corporations to raise ringgit and foreign currency denominated funds from our market. international issuers may thus issue multi - currency sukuks in addition to having the flexibility to swap domestic currency funding into other currencies. pillar 2