this is a window of opportunity for islamic finance to offer new solutions, and to prove itself as a viable channel to complement conventional financing solutions. shariah - compliant trade finance solutions can also provide the much needed support for the multi - billion dollar halal export industry that has increasing participation of smes. this can assist businesses to meet the strong demand for halal products and services globally. islamic finance already has a good head - start in the trade finance scene, with a wide range of islamic financial products that are now available to importers and exporters. more can be explored to widen the spectrum of shariah - compliant trade finance offerings and enhance trade finance facilitation by islamic finance players to spur greater cross - border trade, particularly by smes. to cite an example, enhancing the availability of trade credit takaful as a risk mitigant can help spur greater cross - border trade. i also believe that more can be done to deploy technology to untap the large business opportunities in trade, which includes the integration and digitalisation of trade finance as well as e - commerce. let me now conclude. the issue of sustainability is a matter of grave concern for the global community. if sustainable development takes a backseat, the global landscape in the future will look very different. we might see the gains that we have built and enjoyed over the decades erased. the clock is ticking, and the world has to act now. on its part, islamic finance must contribute towards generating solutions to this challenge. in this endeavour, steadfast commitment from the islamic finance industry to innovate ; to embrace fintech ; to invest in talent ; and to play a greater role in international trade is crucial. islamic finance must be a force for global good, proving that the sustainability agenda isn ’ t just good for the world, but is good for 4 / 5 bis central bankers'speeches business. it must prove the dictum “ doing well by doing good ”. this is what shariah calls us to do – to benefit the people and planet ; and bringing greater prosperity to the ummah. 5 / 5 bis central bankers'speeches

management responses to misconduct or non - compliance. the rightcontextual setting can exert a powerful influence on individual behaviour. we believe this begins with setting and clearly communicating expectations of desired behaviour. without clarity on what is acceptable in the first place, it would not be possible to encourage, much less enforce, these expectations. the fspb serves an important role in this regard through its work in defining and developing codes of behaviour for financial institutions. given the stronger focus of financial regulators on conduct and culture, such professional codes will matter greatly going forward as an important complement to regulatory standards. the fspb is well placed to lead and support initiatives to establish standards of conduct for the financial industry. its standards not only serve as useful frameworks for financial institutions and professional bodies to develop specific guidance for their own employees and members ; they also serve to embody the industry ’ s collective commitment to socially responsible values and 1 / 3 bis central bankers'speeches ethics. for example, i noted with interest that the professional code being launched today commits to dealing with counterparties, including suppliers and agents that “ subscribe to sound ethical principles ”. matters such as the environmental footprint or human rights record of third party providers are not typical obligations currently found in regulatory standards, yet, these are matters of great importance. they are a reflection of the values of the industry, and they matter to many conscientious consumers in this age of increasingly accessible information. given the central role of financial services in any economy, these are issues likely to move from the periphery to increasingly important business considerations. at the global level, we are already seeing greater attention given to sustainable and responsible finance. in many cases, it will require the industry to draw on experience beyond the traditional core competencies of most financial services providers. the industry, through fsbp, can demonstrate much needed business leadership in addressing broader ethical questions that will increasingly confront us as a society and as global citizens. apart from what ends up in written codes, there is also important value in simply having frank conversations about shared ethical challenges. in the united kingdom, senior bankers got together to discuss ways to reform organisational culture following the widespread ppi misselling scandals, but some would consider this “ too little too late ”. we need to bring such discussions forward and actively encourage a process that would allow the industry to get in front of emerging issues around professional conduct and ethics. these include examining issues like how institutions might go about gaining a pulse on culture at various