s islamic banking sector as well as the significance of malaysia's islamic capital market, both domestically and globally. domestic islamic banks account for about 42. 5 % of the overall commercial banking loan book and could reach 45 % by the end of 2026 [ 1 ]. in the sukuk segment, malaysia has maintained its leadership position in the global sukuk market in 2021 by commanding a market share of 37 % of the global sukuk outstanding [ 2 ]. the industry has already developed an encouraging track record in the sustainable finance space, as evident from the sovereign and corporate sustainability sukuk issuances to finance green and social - related projects. islamic financial institutions now play a major role in driving the sustainability agenda in malaysia hence, it is encouraging to see players such as cimb islamic and standard chartered saadiq keep the momentum with this landmark deal which furthers islamic finance and esg convergence. i ’ m confident the islamic finance sector will continue to do more in advancing sustainability practices by leading esg innovations aligned to the value - based intermediation agenda. the introduction of esg islamic repurchase agreement is thus timely and it will further encourage the development of islamic repurchase market. islamic repurchase market registered rm39. 4 billion in volume in 2021, more than double the volume in 2020 [ 3 ]. the huge potential lies ahead as the volume registered is thus far, only around 1 % of the total islamic money market volume during the year. i would like to thus congratulate cimb islamic and standard chartered saadiq on today ’ s signing. i wish you a successful partnership in this and potentially pave the way for more within the industry. thanks also to the organisers for inviting me today and wish everyone a good weekend. thank you [ 1 ] source : s & p global [ 2 ] source : moody ’ s investors service [ 3 ] source : bnm

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