shariah committee members in the islamic financial institutions in malaysia are currently undergoing the shariah leadership education ( sle ) programme that commenced early this year. this programme aims to provide exposure to the shariah members on the fundamentals of finance and to foster greater understanding on their roles and responsibilities in shaping the direction of islamic finance in malaysia. the objective is also to ensure that all operational, legal and shariah aspects are taken into consideration before any shariah decision is made. aspect of ijtihad in a contemporary setting the second point that i would like to share is on the aspect of ijtihad in a contemporary setting. in line with the maturity of the islamic financial industry, issues relating to shariah have also becoming increasingly complex and challenging. fundamentally, the ijtihad formed by the shariah experts need to be based on the rules and principles of islamic law. at the same time, the shariah committee members need to also examine and understand the contemporary environment that is constantly changing especially in the field of communication technology. i would like to cite the following legal maxim : which means “ the law on a matter depends on the perspective on the matter. ” states that “ the law may change over time, place and background. ” the application of this method is more evident in matters relating to ijtihad where the preservation of the benefit of the society is paramount. i always believe that when the contemporary environment and current reality are taken into consideration in any shariah research, the ijtihad will be more substantive and mature while not compromising with the principles of shariah. bis central bankers ’ speeches it is also important to stress on the need to document the decisions and resolutions of the shariah in a structured and orderly manner, supported by the richness of the debates in arriving to the decisions. this is integral as a starting point to facilitate discussions among shariah experts, either domestically and internationally to encourage greater understanding and clarity of this treasure of knowledge. it can also serve to provide guidance and culture of knowledge that can be inherited by future generations. and more importantly, opinions and justifications for a particular deduction must be documented. the spirit of mutual respect within the diversity of shariah interpretations the third point that i wish to share is fostering mutual respect in dealing with diverse shariah interpretations. differences in views and opinions among scholars are inherent in the area of shariah, particularly in fi

of tax treaties to avoid double taxation, and a robust ecosystem of professional services. the number of family offices in singapore has increased four times between 2016 and 2018. we continue to see strong interest from families to set up in singapore 4 / 7 bis central bankers'speeches mas is working with the industry to strengthen singapore ’ s value proposition as a centre of excellence for managing family wealth. we are raising the level of professionalism of family wealth advisers by partnering institutes of higher learning to develop and provide customised training. we are also strengthening networks between family offices in singapore, to facilitate mutual learning and joint investments. feeling well : investing for sustainability amidst climate change finally, feeling well – or investing to align with personal or corporate values, to make a positive impact, to support a larger social purpose. a growing number of investors are looking at investment through the lens of environmental sustainability – both with a view to managing climate - related risks as well as to support efforts to reduce carbon emissions. from a risk perspective, climate change can impact investments over the long term, either directly or indirectly. weather and climate - related events can potentially result in direct investment losses. extreme weather events like floods can impair asset values, at least in the short - term. changing climactic conditions – like rising sea levels – can have much more lasting effects on the value of exposed assets. dealing with catastrophic events is not new to financial markets. and not all catastrophic events can be attributed to climate change. but the frequency and intensity of natural catastrophes are increasing. according to the un economic and social commission for asia and the pacific ( unescap ), the number of catastrophic events in the asia pacific rose from an average of 44 annually in the 1970s to 126 in the early 2010s. investors cannot ignore the implications of climate change. cdp worldwide, an international environmental non - profit, estimates that a group of the world's largest companies potentially faces us $ 250 billion in asset write - offs within the next 5 years due to climate change related risks. the indirect effects on investments come from policy changes and technological advances aimed at meeting climate mitigation goals. countries that signed up to the paris agreement in 2015 have pledged to limit the increase in global average temperatures to between 1. 5 degrees celsius to 2 degrees celsius above pre - industrial levels. what does this potentially mean in practice? according to the international energy association ( iea ), limiting global warming to 1. 5 degrees celsius means that renewable