s economic integration to induce the desired prosperity, we need, besides the aforementioned conditions, to ensure that it is inclusive, mutually beneficial, and that it does not, above all, come at the expense of the most vulnerable countries and populations. ladies and gentlemen, in morocco, this has always been the preferred approach. believing in the virtues of free trade and market rules, the country has opted since the 1980s for openness and informed economic liberalism, where the quest fo9r efficiency and competitiveness is not to the detriment of social considerations and solidarity. 3 / 5 bis - central bankers'speeches in this respect, morocco's geographical and historical proximity to europe has not diverted it from forging partnerships throughout the world, and has, above all, never been at the cost of its african identity. his late majesty hassan ii used to say that " morocco is a tree whose roots are deeply anchored in africa and whose branches extend into europe ". the continent has always been at the heart of the country's strategic orientations, as reflected in many speeches made by his majesty king mohammed vi over the last quarter of a century. his majesty has often called for a win - win co - development and rolled out major projects like the morocco - nigeria gas pipeline, which should help diversify energy supplies for many countries on the continent, the contribution in ensuring food security on the continent, as well as the atlantic initiative, which aims to facilitate the commercial integration of several landlocked countries. our public policies on trade and investment generally dedicate a largely tailored and favorable treatment to relations with the rest of the continent, hence facilitating the establishment of several moroccan groups in financial services, mining, telecoms, real estate, etc. the development of casablanca finance city also falls within this approach and strives to create a regional financial and multiservice hub geared toward africa. the country is also home to the headquarters of africa50 and is working on its development to promote and facilitate investment in infrastructure. ladies and gentlemen, at bank al - maghrib, our international relations fall within this global vision charted by his majesty. we have encouraged and supported the banking sector to develop its external growth drivers in africa. we ensure that this expansion makes a real contribution to the development of host countries. moroccan banks are now present in over thirty countries on the continent, where they generate almost 23 percent of their business. as a central bank, we maintain close experience and expertise - sharing ties with many of the

finance, we have the ability to " blend finance " using different forms of capital such as philanthropic capital and risk capital, thus expanding its intermediation role beyond credit provisions and risk transfers. we can all draw upon and seek to embody the willpower and purposefulness exemplified by renowned muslim scholars at the height of islamic civilisation such as alkhwarizmi, al - battani and ibn sina, whose works in mathematics, astronomy and medicine had reshaped the course of human civilisation in numerous ways. alkhwarizmi, for example, with the improvements to algebra, has laid the ground for modern financial mathematics and accounting. their innovations catalysed progress in diverse fields, with enduring impact that continue to inspire generations of society. we should also take inspiration from our scholars such as tan sri dr. mohd daud bakar who has continued to emphasise the application of multi - disciplinary knowledge in economics, technology and ethics, combined with practical approach in advancing financial innovation. this interdisciplinary and pragmatic approach paves the way for more impactful financial solutions that can solve macro - critical challenges while adhering to shariah principles. looking ahead at the economic and financial needs of today and in the future, the funding, investment and risk protection needs of businesses and society today are much more diverse and complex. for example, in the latest national economic transformation plans including the national energy transition roadmap and new industrial master plan, funding malaysia's economic and sustainability transition is estimated to require about rm1. 4 trillion by 20505, and thus, necessitating more adept use of wider funding mechanisms. the immediate funding needs involve projects that are nascent and are much more varied in terms of its market return profiles. there is significant opportunity for islamic finance to demonstrate its catalytic role and impact by 3 / 6 bis - central bankers'speeches making full use of the tools available for financial innovation in addressing these evolving needs of the country. these include instruments such as sukuk, syndicated financing and blended finance on a much larger scale. one such tool available to islamic banks in malaysia is leveraging investment accounts ( ia ) to intermediate impact - driven investments. the industry can more actively mobilise new sources of funding while expanding the underlying assets funded by ia towards sdg - aligned projects. the features of ia can be versatile – it can even " blend " well with social finance mechanisms, taking inspiration from notable innovations in sri - sukuk structures.