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

horizons for the future of insurance – augmenting protection with prevention lastly, it is also imperative to augment the future of insurance to include risk prevention. insurers and takaful operators have always played this role. for years, the industry has provided consumers with loss prevention advice for commercial lines. ways and demands on risk prevention, however, are evolving. we expect to see a collective shift in the role of the industry from loss reimbursement to loss control and prevention in the upcoming years. the future of augmenting protection with prevention can be distilled through three pillars : first, by creating awareness of current risk levels second, by suggesting a change in behaviour and third, by offering incentives for changes in behaviour the first two pillars are closely linked and is typically in the form of real - time risk mitigation as well as early warning systems. for instance, prevention triggers such as missed safety task notifications and water leakage alerts to activate emergency repair services can help prevent accidents. telematics can also connect insurers and farmers to data from weather systems for potential safety warnings. however, raising awareness of risky behaviour and how to address them are not enough. it is also fundamental to encourage people to instigate real and sustainable changes in behaviour. jonas salk, one of the first successful medical researchers to develop polio vaccines once said that " the reward for work well done is the opportunity to do more ". insurers and takaful operators can leverage consumers'perception of the value of rewards by nudging them to adopt safer and healthier behaviours. elements of 4 / 6 bis - central bankers'speeches gamification and behavioural economics can also be integrated – for example, a driving score leader board can motivate drivers to collect higher scores by adopting safer driving behaviours. we recognise that many of these successful models require tie ups and expertise beyond traditional business lines. to cater to these new digital realities, the bank has been proactive in ensuring our regulations are adapted regularly. revisions to our outsourcing and risk management in technology policies in recent years encourage various forms of digital partnerships to be explored, with a focus on understanding the nature of risks, having in place effective controls and being facilitative of the innovation. we continue to review the relevance and applicability of these policies to ensure they remain fit for purpose. for the industry, it is important for traditional players to continuously explore partnerships with various institutions such