islamic finance must invest in capacity for the future, in particular in talent – for long term sustainable value creation. the journey ahead is one that is long and complex. this calls for the industry to fight the war for talent relentlessly. the industry can go far if it broadens its talent sphere, by providing top talent careers that are not just financially rewarding but also intellectually stimulating and socially meaningful. this is a win - win strategy. for the industry, attracting quality talent with a passion in creating greater good through islamic finance helps in building a more sustainable business model. such top - notch talent is essential in driving and executing innovative business strategies that will realise the full potential of islamic finance. for the talent themselves – such career opportunities will increase their engagement and commitment – hence driving their productivity to achieve tangible results. with a more demanding future ahead of us, greater talent preparation is also required to effectively provide and implement solutions to real world problems. a much broader set of competencies that go beyond knowledge in the application of islamic finance principles provides a stronger foundation to achieve this aim. this includes wider skills and knowledge ranging from green financing to conducting holistic assessments of credit linked to value - based intermediation. knowledge of behavioural finance can also be used to “ nudge ” customers into making good financial decisions. only with constant renewal and transformation of islamic finance professionals that we can remain ahead of the curve. fourth, which is my final point, is that the march towards globalisation of islamic finance must continue. a reflection on the past traces us to the origins of islamic finance, with its roots in supporting international trade and commerce. an overview of modern day islamic finance however – with the exception of sukuk – appears to be more domestic centric. it is timely for islamic finance to play a more prominent role in mobilising capital to strengthen global trade and investment linkages. after all, it is in line with the aspiration for islamic finance to support real and productive economic sectors. the need is more compelling as international trade has a key role in promoting economic growth. greater participation in trade can also ultimately alleviate poverty in developing countries. this mission is particularly important now, given recent setbacks in the march towards globalisation. globally, we see that prospects in trade are improving, with trade between emerging economies, particularly asia is expected to increase by usd5. 3 trillion by 2030. access to conventional trade finance is however a continuous challenge faced by many developing countries. said differently,

events. it is alarming that the number of reported weather - related natural disasters has increased threefold since the 1960s. the effects of these events have been devastating – economic activities have been disrupted ; large resources have been rechannelled ; and vulnerable segments of societies have been the most affected. the el nino phenomenon for example, affected many developing countries that are dependent upon agriculture and fishing, particularly those bordering the pacific ocean. last year, it left millions of people hungry and in need of food aid ; water shortages across southeast asia ; and higher food prices globally. closer to home, thousands have been displaced after the northern state of penang was hit by the worst flood in more than 20 years. these are indications that despite progress made in regulating global emissions of greenhouse gases over the past decades, we need to do more to mitigate the adverse effects of climate change. moving on to the second challenge – growing inequality. globally, the benefits of economic growth have been uneven. in reality, not all members of society have fully benefitted from the growth. while some have gained, many have been dislocated – feeling that they have been left behind. today, global inequality is at its highest since the 19th century. recent studies show that the richest 1 % now owns half of the world ’ s wealth combined. in stark comparison, 70 % of the 1 / 5 bis central bankers'speeches world ’ s adult population holds only 3 % of the global wealth. globally, continued widening of the inequality gap would be detrimental to economic growth and social progress in the long - run. inequality is a threat to growth if it leads to those in the low income segment suffering poor health and low productivity ; and to struggle in obtaining quality education. governments worldwide are already taking steps to address this concern – but more collective effort is needed to make any significant progress – in closing the gap between the rich and the poor. the third challenge is the retreat in globalisation. increasingly inward - looking political sentiment poses serious threat to trade liberalisation – which has formed the global economy ’ s growth engine since the 1980s. two decades ago, trade liberalisation enabled developing countries such as china and india to achieve exceptional growth, and in the process, unshackling millions from deep poverty. the calls for trade protectionism that are rife in the advanced economies today is therefore a major concern. if left unaddressed, the upsurge in protectionism and insular policies may lead to a reverse in globalisation,