the foresight to embrace innovation to deliver greater customer value, openness to change and responsible adoption by the industry. right now, digitalisation is riding on the coattails of the covid - 19 crisis. with social distancing and travel restrictions, anything that can be done online or virtually is being done so. there is no option for financial institutions but to be able to deliver and ensure the integrity of their services – banking, payments, insurance or takaful, in dealing with customers – digitally or online during these times. the road is thus wide open for fintech. in a not so distant future, we can expect that fintech will be part of the mainstream, perhaps even becoming the primary mode of delivery for financial services, no longer requiring strategising and planning on how we could fully embrace it in conferences and dialogues like we will be doing today. before i conclude i would like to congratulate isra for their development of the i - fikr app, which 2 / 3 bis central bankers'speeches will be launched during the event. the app certainly fits well with the digitalisation of the islamic finance knowledge of the islamic finance industry. we hope to see it as another home - grown product that will contribute further toward the advancement of the islamic finance industry. finally, once again i would like to thank and commend isra for organising the islamic fintech dialogue 2020. events such as this provide us an opportunity to take a step away, allowing us the space to focus on key issues and challenges which i hope will inspire us to improve on our vision and strategies for innovative transformation in islamic finance. over the course of this 2day event, with the array of speakers and moderators, i am confident this will be achieved. i urge you to be part of the conversation and engage in the dialogue. i pray that the event will be of great benefit to all participants. 3 / 3 bis central bankers'speeches

muhammad bin ibrahim : future of islamic finance - delivering actions today for a sustainable tomorrow keynote address by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the global islamic finance forum 5. 0 " future of islamic finance : delivering actions today for a sustainable tomorrow ", sasana kijang, kuala lumpur, 11 may 2016. * * * it is my pleasure to be here today to speak at the global islamic finance forum 2016. the forum which was conceived in 2007 has now become a hallmark event for the islamic finance industry – where the best minds and leaders of the industry come together to address the issues, opportunities and imperatives that are shaping the current and future path of islamic finance. the fact that this event has attracted more than a thousand participants from all over the world is a testament to the growing global significance of islamic finance. today, islamic finance is one of the fastest growing segments of the financial industry in many parts of the world. it registered double - digit growth rates in the past decade despite challenging circumstances globally. its reach and influence has expanded beyond the traditional islamic markets, with increasingly strong footholds in banking, takaful and the capital market. global sukuk issuances, for instance, increased by 13 % in the first quarter this year despite less favourable market conditions. this positive growth continues to be supported by the progressive development of market infrastructures, strengthened regulatory and supervisory frameworks and active industry participants. in at least 10 jurisdictions, islamic banking now represents more than 20 % of total banking assets – a feat that has been achieved in under a decade. and in many more countries, islamic financial services are now available alongside conventional financial services. these developments underscore a clear and sustained trend in which shariah - compliant financial products and services have continued to gain traction among businesses and individuals from all walks of life. in fact, the value propositions of islamic finance has extended beyond faith and origins that appeal to the global community. it is the intrinsic qualities of islamic finance that are multifaceted that have pulled interest from diverse backgrounds. at the core of islamic finance lies virtues that encompass both moral and commercial aspect in deriving potential solutions for economic and financial stability. the values and principles that islamic finance carry have opened new pathways towards achieving economic prosperity while safeguarding the interest of the public. what used to be a novel idea has become mainstream. indeed, islamic finance is for all. in malaysia, efforts led by