education shocks arising from the pandemic could signify the largest reversal in human development on record, equivalent to erasing all the progress in human development of the past six years4. the risk of reversing progress in achieving financial inclusion is accentuating why financial inclusion matters now more than ever. optimising islamic finance for inclusive economic recovery policy and regulatory responses across the globe, and likewise in malaysia, have been focused on safeguarding economic resilience, managing risks to financial stability and minimising repercussions to society. this is done in tandem with the different stages of the pandemic – namely, containment, stabilisation and recovery. at the onset of the crisis, governments along with financial regulators have deployed sizeable stimulus packages and various assistance programmes in order to contain the crisis and stabilise the economy. this includes addressing demand and supply disruptions, maintaining cash flows and keeping workers employed. in malaysia, the total stimulus package amounted to usd 73. 55 billion ( rm3056 billion ) with an additional fiscal injection by the government totalling 1 / 4 bis central bankers'speeches rm45 billion. as at september 2020, a total of 2. 63 million workers and 321, 000 employers had benefitted from the wage subsidy programme, involving an expenditure of rm10. 4 billion. to provide further stimulus to the economy, the bank has reduced the overnight policy rate ( opr ) by a cumulative 125 basis points ( from 3. 00 % to 1. 75 % ) this year, alongside reduction in the statutory reserve requirement by 100 basis points ( from 3. 00 % to 2. 00 % ). the reduction in the opr is intended to provide additional policy stimulus to accelerate the pace of economic recovery. the financial industry, including islamic financial institutions, also lent support to their borrowers and customers. in the first half of 2020, a total of rm120 billion7 was disbursed in lending / financing to smes, with more accounts being approved8 in aggregate in 2020 compared to the same period in previous years. islamic financial institutions and related associations have been actively educating and reaching out to affected borrowers about the financial assistance programmes available in response to the pandemic. the takaful and insurance industry also facilitated affected certificate holders by offering temporary deferment of contribution and premium to promote continuity of takaful protection coverage. more than 1. 1 million9 certificate and policyholders have benefited from this relief measure. while the

education at an early age. a credit union is similar to a commercial bank, it can provide the same products and services like a commercial bank, but what is different is that the credit union is owned by members who are the shareholders and at the same time are customers to the credit union. credit unions can provide different saving accounts to suit the needs of their members. they can create saving products such as junior saving accounts for the children. credit unions provide lending products for their members. and credit unions can provide insurance coverage for their members as well. one of the reasons people explain why they don ’ t want to open an account with a commercial bank is that because banks charge fees to keep their accounts. while paying fees is something that we all cannot avoid because provision of banking services costs money, in a credit union the interests, fees and charges that are paid by members is distributed back to the members as net interest income. i say this because i am also member of our staff credit union called bokolo credit union limited day one when i join the central bank of solomon islands and know the benefit credit unions can give members. as the registrar for credit unions, i take note of the progress in the growth of the assets of both the soltuna employees credit union limited and the tuna trust credit union limited. if the board and management of these credit unions continue to manage these credit unions professionally, they will both be the vehicle to encourage our children and youth here in noro and munda community to learn how to save and earn and become good financial and economic citizens of our country. finally, let me take this opportunity to thank the many people who made this global money week celebration possible. to the board of directors of both tuna trust credit union limited and soltuna employees credit union limited. i salute you for accepting our request to work together to host this global money week. i would like to thank selwyn talasasa, one of the long serving credit union promoters who has been a credit union person since day one of his career. he has been very helpful in organizing our global money week. thank you selwyn. i also thank the global money week committee for their assistance in organising this global money week. and thanks to the management of both national fisheries development limited and soltuna limited for your support in hosting this global money week. thank you nfd and soltuna, you made us all proud as good cooperate citizens. to our noro town clerk for your support.