challenge upon us is to address the heavy impact from the crisis. with the commencement of rebuilding efforts, it is crucial for us to embrace reform towards more responsible and meaningful financial intermediation activities. it is therefore our collective responsibility to be laser - focused in combatting the impact to prevent permanent scarring to the economy and social resilience. to materialise this, at least three attributes come to mind on how islamic finance can play a catalytic role as the impetus towards sustainable and inclusive economic recovery. first, islamic finance is primed to offer value - based solutions. this is given the inherent value of maqasid shariah that strives for attainment of benefit and prevention of harm. by placing value - based and sustainability consideration at the core of the economic recovery plan, enormous opportunities lie for islamic finance to support sustainable solutions towards postpandemic recovery. with deeper materialisation of these principles nurtured into modern financial context, it could create a seismic change in mainstreaming value - based consideration as an anchor to any business and commercial decisions. this encourages the embedment of shariah values in financial offerings to deliver positive outcomes. the wisdom, diligence, and inquisitive mind of shariah scholars are thus undoubtedly the integral component within a 1 / 4 bis central bankers'speeches financial system in providing impactful and practical shariah advice amid the fast - changing business environment. more so, during the time of crisis. we see this transpiring. through an industry - driven initiative, islamic banking institutions in malaysia are committed to adopt “ value - based intermediation ” ( vbi ) which advocates for positive and sustainable impact through the practices, offerings, and conduct of institutions. guidance is also provided in incorporating sdg - oriented risk considerations in financing and investment decision making process, through the value - based intermediation financing and investment impact assessment framework ( vbiaf ). similar importance has also been recognised in the takaful industry, with the recent introduction of vbi for takaful framework. the framework focuses on integrating vbi principles into the underwriting and investment decisions, as well as business operations of takaful and retakaful operators that will reshape and sharpen practices of the industry towards delivering economic and societal outcomes more sustainably. this brings me to my second point, for islamic financial institutions to leverage the versatility and diversity of shariah contracts, to consistently innovate and keep pace with

abdul rasheed ghaffour : islamic finance and the fiqh of crisis management keynote address by mr abdul rasheed ghaffour, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the 16th international shariah scholars forum ( issf ) " islamic finance and the fiqh of crisis management ", 6 october 2021. * * * assalamualaikum w. b. t and a very good afternoon to all distinguished guests and fellow participants. it is a pleasure and honour for me, to be part of what i believe will be another stimulating and thought - provoking dialogue. i would like to record the bank ’ s appreciation to isra for hosting this annual platform, and also more broadly, for its continued dedication in advancing the frontiers of applied shariah knowledge in islamic finance towards greater heights and prominence. the chosen theme “ islamic finance and the fiqh of crisis management ” is very apt and timely. with the persisting rage of the covid - 19 pandemic, our economic and financial backdrop is gripped with unprecedented challenges that emerged within a very short period of time – priced with great health, economic and social costs. the forecasted statistics are rather staggering, sparing no countries from economic fallout and social regress. with as many as 150 million people globally estimated to be pushed into extreme poverty by 20211, exacerbated with the fact that global unemployment is expected to hit more than 200 million people by 20222, the impact from the crisis has disproportionately affected the most vulnerable. at the same time, disruptions and displacements due to the long - term threats of climate change events continue to persist. collectively, these present serious ramifications to macro and socio - economic development. implicit from this crisis is the valuable lesson which compels us to rethink on how we can and should navigate more inclusive and sustainable development, and the role of finance. this presents a prime opportunity for islamic finance to deliver greater values and impact. with principles of maqasid shariah that are universally aligned with the vision of sustainable, balanced, and inclusive economic growth, islamic finance can meaningfully contribute towards delivering maslahah ( benefits ) at large and preventing mafsadah ( intensified harm ) to the economy and livelihood of the people. indeed, islamic finance and islamic financial institutions can provide clear leadership on this front. as the global economy heads towards recovery, a