louder than words. the starting point does not require focus on highend islamic financial products such as sukuk and fund management. instead, start where it matters most. embark on initiatives that could assist the low and middle income groups. devise a scheme that could provide alternative for source of funds for the small and medium enterprises ( smes ). start with basic banking facilities ; saving accounts, current accounts and term deposits. provide financing facilities that are simple and easy to understand such as microfinancing and microtakaful. in africa, the retail banking market segment has an enormous potential for growth. currently, less than five percent of individuals aged 15 and above are likely to borrow from a formal financial institution in sub - saharan africa and the mena region. many adults in africa use informal methods to save and borrow. similarly, a majority of smes in africa are unbanked and access to finance is a major obstacle. only 20 percent of african smes have a line of credit from a financial institution. this gap provides abundant opportunities for those who are willing to tap into very promising african financial market by providing shariah - compliant financing facilities to the retail and sme clientele. islamic microfinance facilities can also enhance financial inclusion in africa. the role of government and the central bank. the government has an important role to play. any new industry requires harnessing and nurturing. government ’ s commitment is key but commitment must commensurate with substantive action. for new entrants to the islamic financial industry, sovereign sukuk issuance by government would be a bold and strategic move. naturally, the private sector will follow suit as there is already readily available pricing benchmark. in the first quarter of this year, 81 percent of the usd31 billion new issuances in the global primary sukuk market were by sovereign and quasi - sovereign issuers. several more debut sovereign issuances are in the pipeline including issuances from united kingdom, luxembourg, hong kong and countries in africa, namely south africa, tunisia, mauritania, senegal and oman. our own experience in 2003 showed that the private sector would start issuing their own sukuk once the government had shown the lead. the act of government issuing its own sovereign sukuk is the single most important initiative to prove its commitment to islamic finance. start with local currencies and follow up with non - domestic currencies when the timing becomes suitable. in malaysia, both the

need to be patient and organized. with determination and perseverance, the result will surely follow. we need to work in unison. respect diversity. amplify on the collective agreements. seek solutions for differences. in time we should come to an understanding. we have to ensure, always, that islamic finance must remains competitive. it must make sense. the maths must be right. exciting opportunities exist for new and emerging jurisdictions in islamic finance. for africa, islamic finance has tremendous opportunities to support the nation ’ s development and economic needs. i end my remarks with these words : “ actions speak louder than words ” thank you. bis central bankers ’ speeches