consumer preference for sustainable products and increasing public demand for corporates to demonstrate social responsibility can negatively impact businesses should their business practices fail to meet public expectations. it is therefore important that financial institutions understand changing clients ’ business practices and public expectations to be able to fully assess their exposure to risks. it is also to be noted that as intermediary of public money, financial institutions have the important role of meeting public expectations to maintain the credibility and trust of the financial system. 5 / 7 ladies and gentlemen, i would like to reiterate that financial institutions cannot underestimate the risks that come from various aspects of esg, as these risks can impair the long - run sustainability of the financial institutions themselves. to manage and reduce these risks, it is important that financial institutions internalize sustainability considerations and properly price in potential risks into different aspects of their operations. this starts with commitment by directors, top management, and senior executives to create a culture that embraces sustainability. this could be achieved through the setting of long - term and strategic priorities to address sustainability issues ; establishing new layer of internal control to limit negative externalities of related activities ; and expanding the scope of risk assessment and internal audit to account for potential risks from esg - related issues. for thailand, it is encouraging to see many financial institutions beginning to incorporate sustainability practices and internalize esg risks. some financial institutions have explored different ways to assess and limit esg impacts ; some have improved disclosure practices ; and some have adopted global sustainability standards. a few of our financial institutions have also been included in the dow jones sustainability indices. meanwhile, the bank of thailand and other financial regulators have worked hand - in - hand to promote awareness, build industry ’ s capacity and foster commitment to incorporating sustainability practices into the culture of our financial industry. 6 / 7 ladies and gentlemen, the bangkok sustainable banking forum 2019 presents another exciting opportunity for the thai financial sector to learn from the experiences of our peers and partners who have dealt with the challenges and adverse implications of underpricing esg risks ; and see how financial institutions have used different approaches to internalize these risks. we will also learn of different countries ’ experiences on advancing esg agendas and the challenges that the thai financial sector must overcome to make a leap in our journey towards sustainability. to end my remarks, i would like to take this opportunity to thank speakers, panelists, and the audience for your participation. i would also like to thank our organizing partners and the bank of thailand staff

federal government and the central bank bis central bankers ’ speeches issued long and short term papers that formed the basis for the creation of a vibrant islamic money market and a deep and sophisticated sukuk market. another lesson that can be learnt is that central bank can play a catalytic role in promoting a new market. central banks have the capacity to issue shariah compliant money market instruments to enable investment in short term papers. it could assist in the liquidity management of islamic banks. it also gives an opportunity for the public at large to invest in short term shariah - compliant papers. at the same time, conventional investors have an opportunity to invest in a new asset class. usage of waqf. another interesting area for islamic finance and this applies, not only to new entrants but also established finance jurisdictions, is the innovative use of waqf in areas underserved by the present financial system. the endowment received from waqf, together with the revenue generated from the waqf properties can assist in the socio - economic uplift of the community. utilisation of waqf by islamic microfinance institutions can potentially create more options in offering interest - free financing in the economy. islamic financial institutions and corporate organisations can also consider including waqf as part of their corporate social responsibility programmes for more suitable solutions that have profound impact over the long term, particularly in education. in africa, we have seen successful waqf projects such as the construction of a commercial complex for islamic studies in sudan. waqf, properly structured and with the right governance could create wealth and economic opportunities. helping to kick start a market. another idea to explore is for the afdb, sovereigns including central bank, and pension funds to set up sukuk funds to give out funding mandate to support and kick - start domestic and regional sukuk investment in africa. in malaysia, our employees provident fund and central bank of malaysia have created its mandate to external portfolio managers to include international shariah compliant equities and sukuk. this strategy has further stimulated growth of islamic fund management industry. perhaps these ideas can be adapted to suit the operational environment in africa. these ideas that i outlined above have been tested and implemented. i believe the same can be considered by new and emerging islamic finance jurisdictions. conclusion let me conclude that the journey in islamic finance is a rewarding experience. for this journey, we have to bear in mind that it takes serious efforts. we