change is the shift towards greater market orientation as markets are deregulated and liberalised. in addition, the more discerning consumers have heightened further competition resulting in a more competitive environment. the operating environment for businesses have therefore become more complicated with increased uncertainties in the economy and the financial markets. structural shifts are also taking place at the national level in most of the emerging economies. these include the demographic shifts which are transforming the workforce. the demographic structure has an increasing component that comprises a young population and a growing middle income segment. this trend is exemplified by consumers that have become more discerning, with higher expectations. this is also reinforced by increased longevity. the workforce is also progressively affected by the growing urbanisation which is becoming an important feature in most emerging economies. the international, regional and national financial landscape also continues to be significantly transformed. at the international level a growing number of new financial centres will emerge. bis central bankers ’ speeches there will also possibly be new international reserve currencies and a greater network of financial institutions that originate from an increasing number of emerging economies from different parts of the world. this will facilitate greater inter - linkages between financial systems, especially among the emerging economies. these evolving developments will result in an increased interconnectedness of financial markets with the consequence of increased contagion and interdependence. increasingly financial systems have also become prone to crisis. the recent global financial crisis has prompted the international community to respond with wide - ranging fundamental reforms that is also transforming the international financial system. at the regional level, the asian region has become more cohesive with regional financial integration intensifying to facilitate a more efficient allocation of financial resources in our region. at the national level, the landscape has also been significantly transformed to become more liberalised, more market oriented with greater adoption of technology. with more developed intermediaries and markets, the financial system has now become more complex, sophisticated and diversified. with the increased risks associated with these changes, equally significant has been the transformation of the regulatory and supervisory framework. these structural shifts are reshaping the demand for talent across the world. the success of businesses and the effectiveness of governments and policy makers critically depend on having the right talent. increasingly, talent has become the most important asset of an organisation. as job complexities intensify, talent with new competencies and higher skill sets including technical skills with digital capabilities will be required. developing skills for analytical and creative thinking skills will also be needed to promote

at the bank's end, we are committed to provide a conducive regulatory environment for innovation to take place. the financial sector blueprint 2022 - 2026 outlines our regulatory focus on fostering market dynamism. we are progressively reviewing relevant standards including the investment account policy document to enable the industry to advance unique, purposeful and innovative propositions – guided by the principles of parity, proportionality and neutrality. the bank is also embarking on a holistic review of the standards on shariah contracts to simplify the framework's design and policy approach to spur innovation while ensuring effective application of shariah principles as an important enabler of value - based finance. with a combination of the right mindset and approach, insha'allah, purposeful innovations in islamic finance can be accelerated and driven to greater heights. another prime area for innovation ( one that is close to my heart ) is social finance, which can be harnessed towards lifting vulnerable groups out of the poverty and low - income trap. the effort by the industry and various implementation partners to progressively integrate islamic social finance mechanisms as part of islamic finance solutions is commendable and very much welcomed. the itekad programme has since its inception in 2020 benefited over 3, 000 microentrepreneurs and traditionally excluded businesses by providing greater access to finance and value - added skills to elevate their financial well - being and business resilience. the network of implementation partners has grown to over 60 entities. to maintain this positive momentum, it is important for itekad to scale further, leverage on technology and expand the network of implementation partners, all while ensuring effective delivery of the programme that can be a life - changing opportunity for the beneficiaries. on this note, i wish to commend the industry's effort in continuing to enhance the mywakaf initiative with additional participation of islamic banks and state islamic religious councils under mywakaf 2. 0. with a sharper focus on community and economic empowerment and more coordinated monitoring mechanism, mywakaf has significant potential to drive socio - economic developments of the country. i am also pleased to note that mifc leadership council has set the demonstration of impactful innovation in islamic finance as one of its key priorities. this aligns well with the vision for malaysia's islamic finance marketplace to be knowledge - based and innovation - driven. i believe the mlc will continue to engage stakeholders widely as they refine