in the capital market, enabling the creation of reference prices over time, to which private sector entities can benchmark their fund raising activities. governments have for the most part, remained the most active issuers in the history of the global sukuk market with sovereign issuances accounting for more than 80 percent of the global sukuk issuances. this recent few years has also seen a number of jurisdictions in developed economies strengthening their legal, regulatory and governance framework to facilitate such sukuk issuances. going forward, the financing requirements for economic development are envisaged to be massive, particularly for emerging and developing economies in the asian and middle eastern regions that are seeking huge amounts of capital to fund new infrastructure and to support economic development. given the sheer size of these projects, equity and government budgets cannot be the only source of financing for this next phase of economic growth and industrialisation in our regions. the sukuk market has become a potentially important new source of funding for such long term projects. in the recent decade, a total of us $ 95 billion of infrastructure sukuk has been issued by more than 10 different countries. in asia, it is estimated that a funding of us $ 8. 3 trillion is required until 2020 for infrastructure projects, while the funding requirements in the middle east are estimated to be us $ 2 trillion over the same period. developing economies in africa have also already begun its entry into bis central bankers ’ speeches the sukuk market for such infrastructure financing with some having put in place the legal groundwork for such sukuk issuances. however, low sovereign ratings have limited the ability of certain high - growth developing countries to source such funding, despite being rich in natural resources. countries that are rich in natural resources may however, pledge these resources for such issuance. funding may thus be secured arising from the securitisation of such assets. given the recourse to the asset by investors, it provides the incentive for disciplined and appropriate governance of the management of the project. additionally, multilateral development banks may also facilitate this process by providing credit guarantees to these countries to reduce the financing cost and improve the quality of the sukuk issuances. on this front, multilateral development banks such as the islamic development bank ( idb ) group and the asian development bank ( adb ) commenced initiatives to support member countries to leverage on islamic finance for sourcing of funds, through the provision of advisory services, capacity development and technical

on medical and health insurance and takaful and perlindungan tenang microinsurance and microtakaful. these efforts are pursued in tandem with broader reforms being pursued by the government to improve malaysia's healthcare system, including healthcare financing. ladies and gentlemen, as we intensify efforts to advance the insurance and takaful sector, a key component is all - round, holistic professionalism – a workforce that is not only technically proficient, but also fully committed and uncompromising on ethical standards and professional excellence. this ensures that the industry's efforts are met with confidence and collaboration, with full trust by customers, paving the way for sustainable growth. the recently launched financial sector future skills framework, or fsf, is a step in the right direction. as a single point of reference on future skills and career pathways, the industry can now leverage on the fsf to better anticipate the reskilling and upskilling needs of all levels of staff, including agents and agency leaders. by doing so, we empower our people to adapt to roles that are continuously evolving. i would like to commend the exemplary leadership demonstrated by aii which proactively aligned its modules with the fsf framework. we appreciate the continuous commitment to futureproof and shape the insurance industry by nurturing a workforce that is well - prepared for the challenges of the future. our hope is that aii programmes will continue to consistently meet the highest standards of integrity, professionalism, and ethics, to reinforce our collective dedication to excellence. at the same time, we encourage the industry to provide full support in leveraging on aii's offerings to reinforce the level of professionalism and trust within the insurance and takaful sector. i am confident that, in time, aii will fully live up to its name, offering training programmes and qualification that are widely adopted and well regarded across the whole of asia. 4 / 5 bis - central bankers'speeches ladies and gentlemen, in closing, i would like to see the insurance and takaful sector remain relevant, thrive, and continue to play a pivotal role in contributing to the nation's broader economic and social development in the years ahead. such vision cannot be achieved in silo and will require a whole of nation approach. i also wish to reaffirm the bank's steadfast commitment to driving essential reforms within this sector. by working together, we can transform our aspirations for a more competitive, efficient,