ranging from basic trade finance products to digitally enabled supply chain 1 / 4 bis - central bankers'speeches finance. second, in sustainable finance. islamic finance can help bridge funding gaps estimated at usd1. 5 trillion annually until 2030, to achieve sustainable development goals in asian countries, equivalent to approximately 4 % of the region's gdp3. closer to home, our aspiration to achieve net zero emissions by 2050 requires an estimated total funding of usd100 billion4. efforts in value - based intermediation ( vbi ) including implementation of the sector guides of vbi impact assessment framework can catalyse growth in sustainable finance. third, in widening the intermediation capacity of islamic finance, we can look at expanding the use of blended finance and accessing more diverse sources of funds. application of social finance instruments in banking and takaful, complemented by partnerships with community - based stakeholders can open up new opportunities and build greater resilience among underserved segments such as microentrepreneurs and smes. ladies and gentlemen, anchored by the financial sector blueprint 2022 - 2026 that envisions " finance for all, for sustainability and for transformation ", malaysia is refreshing our efforts to sharpen and strengthen our proposition and capabilities as an international gateway for islamic finance. our immediate focus is on asia and oic economies. this vision is underpinned by malaysia's ecosystem strengths in islamic finance and capabilities to provide innovative solutions that meet regional and global shariah - compliant finance needs. the malaysia international islamic financial centre ( mifc ) vision is not new. while the aspiration to be an international islamic financial hub remains much alive, there is a need to evolve in response to global business shifts. when we started out, the focus was on international business ; international banking and finance, sukuk origination, wealth, and fund management, retakaful and human capital development. much has been achieved in all these areas. today, the mifc aspiration is a confluence of four dimensions a€ “ sustaining this vibrant marketplace, tapping global opportunities, innovation - led solutions and anchoring upon expertise that can also serve regional and global needs. with this, we see malaysia as having a conducive ecosystem where players can pilot and scale new solutions in the region. much of the establishment work has been done. with the maturing islamic finance ecosystem, it became timely for the industry to take the lead on mifc. the islamic economy

an efficient redress process is undertaken. awareness on consumer rights and responsibilities are created in the complaints management process with consumers encouraged to seek independent advice and ask questions on aspects of their policy that they do not understand. 3. 2019 key highlights honourable members, we usually conclude our review with the outlook for the next 12 months, but given the timing of this presentation, we can also report on the year that has just ended, though our 2019 report will be released in june 2020. 2019 was also a quiet year for the insurance industry in terms of the absence of major catastrophes, but there have been some major losses in the fire class, exposing some insurance entities to significant claims. the transfer of the workers compensation class to the accf has not impacted the profitability of general insurance companies in 2019. although the industry ’ s performance was expected to reflect the economic slowdown generally experienced through most of 2019, statistics for the first three ( 3 ) quarters of 2019 have shown otherwise. on a consolidated basis, the insurance industry continued to register improved profitability results, and stronger solvency positions. however, we expect that some major claims are yet to be reported when the annual 2019 statistics are confirmed, giving rise to claim payments by the general insurance industry in 2019. 4. conclusion and outlook for 2020 honourable chair and members of the standing committee, with respect to our priorities in the next 12 months, the reserve bank will continue to work on strengthening its supervision role including the review of existing supervision policies and the development of new guidelines in line with international supervisory developments and sound practices. a key policy development initiative that we worked on in 2019 and will continue to undertake in 2020 is the confirmation of the conduct regulator role of the reserve bank, in addition to its prudential regulator role. acknowledging the extreme importance of appropriate market conduct and culture, as we have witnessed in the recently completed royal commission in australia, the reserve bank has therefore initiated a review of the culture and conduct risk management frameworks of all our supervised institutions including the insurance companies and brokers, and will finalise a supervisory guidance on this in 2020. furthermore, we continued to test the revised solvency guidelines in 2018 and 2019 while awaiting the finalisation of the review of the insurance act. with the partnership of licensed entities, we continue to be challenged to ‘ think outside the box ’ and be part of the national solution to ensuring fiji ’ s resilience against the risk and effects of climate change, given the rapidly evolving developments in disaster risk management