since its establishment in 2012, this segment of the islamic capital market that advocates for greater socially responsible investment is expected to flourish further. bis central bankers ’ speeches reducing information asymmetry – a key pre - requisite for sustainable financing islamic finance has strong potentials to contribute towards a sustainable financing ecosystem for the green technology sector. i have shared with you the different facets of islamic finance that can meet the needs of green businesses. key to this is the need to reduce the information asymmetry between islamic financial institutions and businesses. the gtfs framework has been instrumental in assisting to bridge the information gaps between financiers and businesses. islamic financial institutions now have to build its capacity and capabilities to assess the viability of the green projects despite its complexity. green technology is a fledgling industry in this country and the banks require the knowledge and expertise to conduct thorough evaluation of the projects. training institutions such as ibfim can play a role in developing talents beyond the needs of traditional business and create experts in the assessment and evaluation of green projects. this would assist the development of new skills for the credit officers and risk management personnel to effectively undertake competitive analysis of the prospects presented by green projects. islamic banks could, in phases, consider to adopt the equator principles, a pledge given by 78 of its international conventional peers to enhance their capability to provide financing to ventures which are both economically viable and environmentally friendly. conclusion the growth potential of green technology in malaysia is boundless with the strong prospects to contribute significantly to the country ’ s transformation into a high value - added economy. there are large untapped opportunities in this sector and islamic financial institutions can allocate its resources into this segment to carve a niche market for islamic finance. on that note, i hope for this conference to become an impetus to spark greater interest from islamic financial institutions to further explore financing for green ventures and to generate new innovative islamic financial solutions for this viable and promising new growth area. bis central bankers ’ speeches

##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences