financiers. having better access to data means we can develop better metrics to track things that matter, eliminating the threat of impact washing. towards this end, the bank is working with industry players to explore enabling digital infrastructure for open data and to enhance impact - based disclosures. thirdly, islamic financial institutions should nurture the mindset of partnership. having a supportive ecosystem as well as a wide network of trusted partners is key to bolster the effectiveness of value delivery. the itekad programme is a good example. it is a blended financing programme which we piloted with the islamic financial institutions since 2020 that fuses social finance funds with microfinancing and structured education and training provided by a group of implementation partners such as the state islamic religious councils, government agencies, and ngos, to empower low - income micro entrepreneurs. over the next few years, the bank intends to upscale the outreach and impact of itekad as we mainstream social finance within the malaysian financial system. i see merit to even scale this model at a global level to address financial inclusion matters at a larger scale, facilitated by complementary technologies. for example, establish a shared infrastructure that enables more efficient tracking and monitoring of the performance and impact of the programme on the target segments. this would also enable financial institutions to better intermediate social impact funds to deliver the sdgs. conclusion achieving the sdgs is a collective effort – one that requires a whole - of - nation approach. each of us, be it the financial institutions, the customers, the regulators, the government and funds providers play an important role in creating a better, safer and sustainable future. indeed, such collective effort is equally warranted across geographical borders and governments. in malaysia, we recognise this. therefore, i welcome individuals or organisations that are passionate about sdg to collaborate with malaysia and partner with global organisations such as undp to codevelop the areas mentioned by leveraging on malaysia ’ s strengths to achieve sdg goals together. in addition, i would also like to invite such individuals and organisations to take part in the royal award for islamic finance impact challenge prize 2022. this new initiative by malaysia aims to reward innovative creations and solutions that strengthen the economic and social resilience of financially impacted communities globally through the application of shariah principles. applications are open until 25 march 2022. to end my speech, i wish you every success with today ’ s conference and i trust the event will generate interesting conclusions and concrete actions. thank you

muhammad bin ibrahim : the lessons of managing risks during the global financial crisis – the malaysian banks ’ experience opening remarks by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia, at the asian institute of finance ( aif ) and institut bank - bank malaysia ( ibbm ) risk roundtable forum 2010, kuala lumpur, 12 october 2010. * * * my opening remarks will consist of three parts. part i, i will make comments on global financial reform and regulatory priorities. part ii, i will share some regulatory initiative embarked upon by bnm. part iii, i will conclude by giving you an assessment of the banking industry during the recent financial crisis and why it had remained resilient. global financial reform and regulatory priorities the global financial reform initiative to strengthen the financial sector is consistent with our priorities to enhance prudential regulation and supervisory framework in malaysia. efforts to further improve risk management and corporate governance, strengthening the role of supervisors in the oversight of financial institutions and improve market discipline are not new to malaysia. we have been doing this well before the global financial crisis and these initiatives will continue into the future. for example stress testing on banking institutions was introduced many years ago. in carrying out our regulatory responsibility, we will continue to ensure an effective balance between maintaining prescriptive rules and allowing some degree of flexibility under a more principle - based approach to regulation. our principled based approach to regulation will be supported by effective supervisory oversight. therefore, we do not foresee a significant shift in our current approach to regulation following the proposed global financial reforms. in fact, this reinforces our thinking that the approach we are taking is appropriate for our system. bank negara malaysia has been engaging the banking industry to better understand the impact that the proposed reforms have on malaysia ’ s economy and financial system. this will allow us to develop implementation strategies for malaysia after taking into account specific characteristics of the domestic financial system, including compensating tools and arrangements within the financial system that mitigate risks to financial stability. an important point to consider is that, the implementation process does not result in any unintended consequences. this is where engagement with the banking industry is of utmost importance. we used inputs from the industry and share the inputs at regional and international - level regulatory fora, thus providing an emerging market perspective to the recommended proposals. malaysian financial reform, regulatory framework and conduct of supervisors some key regulatory initiatives by bank negara malaysia to further enhance its prudential regulatory framework and conduct of