pandemic has yet to peak in some countries, others including malaysia are heading towards periods of recovery while continuously managing the risk of virus resurgence. as this phase commences, islamic finance has significant potential and role to play. three attributes, at least, come to mind on how islamic finance can respond and contribute meaningfully towards sustainable and inclusive growth : first, islamic finance must be value - driven and impact - focused to deliver maqasid shariah ( the objectives of shariah ). the intrinsic values of islamic principles are aligned with a vision of economic growth that is balanced, sustainable and inclusive. shariah advocates for balance between wealth creation and wealth circulation. this in turn promotes fairness and ihsan in promoting the attainment of benefits as well as preventing harm. this crisis has indeed created a wealth of opportunities for islamic finance. shariah contracts can deploy a diverse range of capital that is risk - absorbent, patient and philanthropic in nature using instruments such as risk sharing, waqf and sadaqah to support inclusive finance. the flexible nature of such capital encourages allocation of resources towards entrepreneurial ventures and social impact projects that can improve and rebuild well - being of society. it can also to some extent help smoothen structural adjustments in the economy. globally, we have seen a silver lining in the response to the pandemic. in malaysia, the nation has rallied closer together to become more socially conscious not just in aspects of public health and welfare, but also in supporting the local economy. the islamic financial institutions in malaysia, in particular, have risen to the call to generate more positive impact through the “ value - based intermediation ” ( vbi ) agenda. participating islamic financial institutions have endeavoured to refine their products and services offerings in response to the need of their customers. eight islamic banking institutions ( half the total number of islamic banks in malaysia ) are offering microfinancing facility, utilising the micro enterprise facility established by the bank to increase access to finance for microenterprises with viable business. in terms of financial protection, more than 50, 000 participants have benefitted from various microtakaful products that provide affordable or free protection for the hard core poor and individuals with special needs. islamic financial institutions also continue to steward efforts towards building a greener financial system. in august 2020, the vbi community of practitioners in collaboration with the bank issued three sectoral guides on energy efficiency, renewable energy and palm oil for public consultation

with the inevitable changes. scenarios also help to connect strategies and action plans to our visions. using scenarios will essentially widen our perspectives, increase our understanding of the issues and developments. it also allows us to see opportunities that we may otherwise miss. new developments emerging would be seen from different angles and perspectives. the framework thus promotes a greater awareness and appreciation of the wider range of issues and will allow the potential to see things earlier and thereby respond to them more promptly. thus, embedding scenario analysis and planning in our organizational activities is aimed at enhancing the potential for the organization to successfully maximize its position in a rapidly changing and highly uncertain environment. ladies and gentlemen, this seminar is part of iclif's skills building and knowledge sharing initiatives. our ultimate aim is to create a critical mass of high calibre leaders who can bring their organizations from good to great. dr. robert bood and mr. ronald bradfield, the two domain experts who have been conducting scenario thinking and planning programme for iclif, will shed more light on these areas in the course of the seminar. we hope you will benefit from the session, i wish you a productive and successful seminar. thank you.