are intensified in strengthening the vibrancy of the islamic financial markets via instrument diversification and providing regulatory clarity. these aim to widen the range and volume of shariah - compliant investable assets including to international investors. over the past half - decade, malaysia's sukuk market has grown about usd70 billion ( rm332. 3 billion ) or 35 % to an outstanding amount of usd267. 5 billion ( rm1. 27 trillion ). foreign participation in malaysia's sukuk market now stands at total investments of usd12. 6 billion ( rm59. 6 billion ). 3 building from this progress, the islamic financial market subcommittee ( ifmc ) set - up by the central bank has also been tasked to explore strategies to enhance foreign investors participation in domestic sukuk issuances. we look forward to welcoming increasing participation from around the globe in the times ahead. one key progress of the ifmc is in the area of hedging. this has led to a shariah advisory council ruling on the permissibility of anticipatory hedging, subject to specified conditions. this is aimed at further developing the islamic derivatives market, ensuring that it aligns with both shariah principles and prudent risk management practices. we are also establishing a stronger collaboration with the gcc and asian countries to advance mutual development in islamic finance. these efforts will strengthen malaysia's position to be the islamic finance gateway to the gcc and oic markets. global investors stand to benefit from investing in malaysia and participating in sustainable economic prospects this brings me to malaysia's broader growth prospects, and the investment opportunities it presents in the area of sustainability. the malaysian economy is projected to grow at 4 - 5 % in 2024, supported by robust domestic demand and an improvement in the external sector. the improving global economy together with the tech upcycle are benefitting our exports, especially since malaysia is a dominant player in the global semiconductor industry. in 2023 alone, a total of about usd70 billion ( rm329 billion ) investment was approved with foreign direct investment accounting for 57 %. almost 74 % of the projects approved between 2021 - 2023 have also been realised. 4 last year, malaysia's national energy transition roadmap ( netr ) and the new industrial masterplan ( nimp ) were introduced, solidifying further our focus on the sustainability agenda and our commitment to bolster the nation's manufacturing sector. these

stepping up our engagements with international investors, such as yourselves, to showcase the positive prospects of malaysia and that malaysia remains highly attractive for investment and business. thus, with the current ringgit undervaluation and ongoing and forthcoming investment opportunities, global investors stand to reap the benefits from participating in malaysia's growth prospects. ladies and gentlemen, malaysia looks forward to collaborating with other markets and international stakeholders, as the transition to a sustainable economy requires a global collective act. i trust this islamic finance symposium will provide us invaluable insights and outlooks of the market that will undoubtedly contribute to our roles within our respective domain. in may this year, malaysia will also be hosting a global forum focusing on applications of islamic economics and finance in shaping a more resilient, sustainable and equitable global economy. further details will be announced soon and all are welcome to join. continued intellectual discourses on pertinent issues and forward - looking ideas, will insyaallah, pave us for continuous improvement. on this note, i wish you all a productive discourse ahead. 1 source : icd - lseg islamic finance development report 2023. 2 refers to the number of countries with at least one type of islamic finance regulation. source : icd - lseg islamic finance development report 2023. 3 / 4 bis - central bankers'speeches 3 source : bnm fast and securities commission malaysia, data as of end december 2023. 4 source : mida, february 2024. 4 / 4 bis - central bankers'speeches