and ensure products and services offered remain relevant. that would entail understanding issues faced by society at large. some of the most critical issues confronting the economy and society all over the world include accessibility to affordable housing, quality of living standards, and better avenues to good healthcare and education. how could islamic finance and shariah scholars contribute towards solving some of the problems in the real world? how should islamic finance position itself to become the preferred solutions providers on issues faced by the real economy and society? third, start “ walking the talk ”. as scholars, you will have plenty of ideas about how to make the world a better place. i call on you to translate these ideas and proposed solutions into concrete actions. we have enough of polemics and preaching. you will likely need to work with others to make this happen. therein lie my earlier point that i alluded, that we need to create a culture of greater collaboration and respect between the world of academia, regulators and industry players. my hope is that applied research and the development islamic finance becomes mutually - reinforcing, a “ virtuous circle ”, where extensive research translates itself into great solutions which can then be used to propel islamic finance to a new level of excellence. but it will require us to strengthen the linkages in transforming research insights into practice. you can do your part in promoting this close association through active engagements with the industry or by being a member of working groups to look into specific areas with the regulatory authorities. conclusion i certainly hope you would find time to reflect on your past, and to think about what you could contribute for islamic finance and the ummah in the future. you were once isra scholarshipholders, but even as you enter a different phase of your career, you continue to remain life - long scholars. continue to pursue the love of knowledge, and use it to make the world a better place. let me conclude this remarks by quoting a hadith ; “ he who introduced some good practice in islam which was followed after him ( by people ), he would be assured of reward like one who followed it ”. ( narrated by sahih muslim ). 2 / 2 bis central bankers'speeches

##k now the one - stop platform for both individuals and smes to restructure debt and obtain financial advice. that said, it is equally important for policymakers to ensure that mechanisms for swift npl resolution remain appropriate, not only to prevent an accumulation of legacy npls in the banking sector but also to provide borrowers impacted by this pandemic an opportunity to bounce back once the crisis abates. such a balanced approach helps to preserve the value and productive capacity of borrowers in turn limiting long - term damage to the economy. for malaysia, work is underway to strengthen legislation which will expand the coverage of businesses that can benefit from court - sanctioned recovery mechanisms. this will help flatten the insolvency curve and avoid more permanent scarring, if npl cases were to spike. admittedly, this is an area where there are opportunities to do more and one where all of us can potentially learn from each other. concluding remarks let me conclude. looking ahead, we are cautiously optimistic that the tide may be finally turning in this crisis. however, we certainly can ’ t conclude that the covid - 19 pandemic is firmly behind us. we humbly admit that the virus has wrong footed us several times. the hallmark of good policymakers is to, as the saying goes, “ hope for the best, but prepare for the worst ”. our challenges may differ, but i believe for all of us attending this webinar, our end goal is the same – to successfully navigate the exit from this pandemic and effectively manage any potential surge in npls such that our financial sectors are able to continue to lend support to the recovery process while mitigating more permanent economic scarring. on that note, i wish everyone a day of engaging discussions and fruitful learning. 3 / 3 bis central bankers'speeches