##cive regulation, ready infrastructures and talent pool, malaysia offers a fertile ground for exploring and developing cutting - edge islamic finance technologies. malaysia can lead the way in shaping the future of islamic finance through innovative fintech solutions and key to this is having a long - term symbiotic relationship within the ecosystem. to conclude, i would like to congratulate the organisers and the sponsors for organising this summit. it is a strong exhibit of the industries'commitment to gather all the global fintech leaders, innovators, and the financial services community, in curating a resilient islamic fintech ecosystem moving forward. allow me to remind all of us to keep looking ahead and play an integral role to better serve the people and planet. the islamic golden age, with its legacy of innovation and enlightenment, reminds us of the potential for human progress when knowledge, diversity, and cultural exchange are embraced and celebrated. technological achievements of the times had a profound influence on the wider world, shaping the cause of human civilisation. in this modern finance world, we must also strive for excellence in our actions. as the world population is getting more technologically adept, it presents to us the opportunity to do good efficiently, to create more impact and values in finance and to better serve maqasid shariah. on this note, i wish everyone a beneficial and productive summit ahead. thank you. 1 compound annual growth rate 2 global islamic fintech report ( gift ) 2022, dinar standard and elipses 3 global islamic fintech report ( gift ) 2022, dinar standard and elipses 4 / 5 bis - central bankers'speeches 5 / 5 bis - central bankers'speeches

continue in deficit, but with a credible and improving track going forward. the recent budget confirmed this. the financial markets have seen this as very credible, and new zealand is generally rated very positively for its fiscal approach. this is shown in the following international estimates of financial fragility by the ubs, an index that includes public sector debt and private credit. new zealand is rated in the middle of the pack. household balance sheet – the household sector has been the most obvious source of imbalance in new zealand with balance sheets heavily skewed to housing, high debt ratios, and very low traditional savings via financial instruments. by comparison with other oecd countries new zealand households are very low savers, on average consuming around 9 percent more than they earned over the past decade, according to statistics new zealand estimates. figures like these may over - state kiwi households ’ vulnerability and there are other data that present a less worrying picture, but by any standards new zealand household balance sheets do not look healthy. this was one reason why we have had such high levels of the ocr over the last decade. based on our monetary policy statement, we forecast new zealand household savings to improve from a very poor position to one that has improved, but is still insignificant deficit. we believe that since the crisis, new zealanders have decided they are over - exposed to property assets and to high debt, and they are prepared to constrain consumption to improve their savings. but we are unclear how much rebalancing they contemplate, and for how long. in addition much will depend on how these extra savings are invested, and whether this is domestically or internationally. financial markets do not judge our savings balance directly, but rather through its funding implications and its contributions to the external balance. balance of trade – strong export prices for much of our primary products ( somewhat muffled by the strongish exchange rate ) have been yielding improved export returns. at the same time consumers, farmers and businesses are all moderating their demand for imports. the result has been a quick and significant improvement in the direction of trade, recording positive balances once again. however we forecast that only part of this improvement is permanent, as import growth will revive. were the new zealand dollar to drop improving our competitiveness, export prices would improve in local currency, and there would also be a positive supply response in some products. investment income – while the trade component in our balance of payments has improved, the other major component is far