for example, an estimated us $ 60 billion will be needed annually until 2022 to meet the basic infrastructure needs in asean alone 3. the asset - backed nature of islamic finance makes sukuk ideal for financing of infrastructure projects and would complement ongoing work by singapore to enhance the bankability of infrastructure projects in the region and involve more capital market participants. 13. in the meantime, it will be important to continue to strengthen key foundations such as global regulatory standards and best practices for islamic finance, and capacity building and talent development. to facilitate further growth of islamic finance in singapore, mas is working with the industry and other government agencies to provide clarity and certainty in the regulatory and tax treatment for sukuk. for example, some industry players have suggested that pre - approved standardised templates for common sukuk structures could be introduced to expedite issuance. 14. building islamic finance expertise has also been highlighted as crucial to supporting the continued growth of the industry. the singapore management university ’ s ( smu ) international islamic law and finance initiative is now in its 6th year, and seeks to carry out research and develop thought leadership in islamic law and finance, in collaboration with institutions in uk, malaysia and indonesia. smu also offers a masters in islamic law and finance, and will be graduating its third cohort of students this year. in addition, islamic finance has also been included as an eligible subject area under mas ’ finance scholarship programme, and industry players could look to tap on this scheme to groom promising talent. conclusion 15. to conclude, the deepening linkages between asia and middle east will continue to present significant opportunities for islamic finance. i hope the wibc asia summit will provide a useful platform for various stakeholders from asia, middle east and beyond, to explore new ideas and build networks to catalyse further growth. i wish all of you a fruitful conference. an overview of infrastructure opportunities in asean, kpmg. bis central bankers ’ speeches

, and insurance industry associations, we put together a comprehensive package of unprecedented credit and premium reliefs. this helped many individuals and smes tide over a difficult period of financial stress. we achieved this together, not by regulatory fiat or coercion – maybe a little moral suasion – 2 / 3 bis central bankers'speeches but truly in a spirit of co - operation, driven by a sense of common purpose. thank you all so much for the support and for stepping up in singaporeans ’ hour of need. there is a saying : “ the face you have at age 20 is the face nature gives you ; but the face you have after 50 is the face you earned ” mas ’ face today, on our 50th anniversary, is perhaps marked with the scars of crises fought and overcome and hopefully also a few lines of wisdom gathered over the years. it is also – we like to think – a radiant face, as we look ahead with hope and confidence, to push the boundaries of innovation, to make finance more inclusive, more sustainable, and more purposeful, while ensuring it remains safe. thank you and have a good evening. 3 / 3 bis central bankers'speeches