, respectively 1. as at end june 2015, total sukuk or islamic bond outstanding stood at usd313 billion with malaysia making up 55 % or usd172 billion of total market share 2. source : ifsb 3q2014. source : bloomberg, zawya. bis central bankers ’ speeches the increased participation of non - muslim jurisdictions also reflects the positive acceptance of islamic finance among the global community. sukuk has drawn strong interests as an attractive source of funding and a new asset class. uk, hong kong, luxembourg and south africa issued sovereign sukuk last year. with this leadership taken by the british government, uk became the first non - muslim country to issue sovereign sukuk of gbp200 million that attracted strong demand of more than 10 times. hong kong issued the second sovereign sukuk in 2015 following its successful inaugural issuance. the sovereign issuances are hoped to pave the way for corporate sukuk issuances particularly from these jurisdictions. another landmark transaction is the syndicated islamic financing facilities of gbp467 million for the battersea power station phase 3 project in london. the involvement of our malaysian players in some of these global transactions has encouraged cross - border business transactions and enhanced collaboration with players in other jurisdictions. despite the above, sukuk recorded a lower amount of new issuances of usd40 billion during the first half of 2015 due to a slowdown in the current global financial markets and still - low oil prices. malaysia remained the key jurisdiction for sukuk origination with issuances of usd19. 8 billion or 50 % of total market share. malaysia has evolved into a multicurrency sukuk issuance marketplace with issuances in us dollar, chinese renminbi, singapore dollar and japanese yen. our banks, islamic fund management companies and professional service providers, some of whom are with us today, have global capabilities and expertise in advising and managing cross - border financing and investments. the diverse range of institutional investors creates a strong demand for sukuk that efficiently channel funds and liquidity in the market. tesco, a uk - based company, opted for sukuk issuance rather than bond under its conventional and islamic mtn program due to the cost effectiveness of issuing the former. we welcome sukuk issuances by other foreign entities, leveraging on malaysia ’ s expertise and framework. new development in malaysia malaysia has promulgated the new islamic financial services act or

vulnerable, however, to setbacks in the recovery of the real economy. the upturn is still far from being self - sustaining. the coming year will show how far fading public - sector stimuli can be replaced by endogenous private sector activity – in germany ’ s case, this is typically generated by the interplay between net exports, capital expenditure and household consumption. it is still open to doubt, however, whether such a stylised or typical upswing will actually materialise this time round. hence, it would be premature to regard the financial crisis, and the economic crisis directly linked to it, as having already run their course. clearly, a protracted period of stagnation in the major economies would pose a substantial risk to financial stability. the detrimental, self - reinforcing feedback loop between an unprecedented and globally synchronous reduction in the level of real economic activity and an essentially dysfunctional financial system, which has been unravelling since the summer of this year, might then tighten again. it follows from this that exiting the broad - based stabilisation policies should be predicated on and calibrated to a sustained improvement in the underlying market conditions as well as in financial sector resilience. at the same time, it is important to bear in mind the implications which the highly unorthodox measures taken to support and stimulate the economy inevitably entail. they inherently carry considerable risks over the medium and long term. a prime example of such risks is ballooning government debt in many industrial countries. in addition to already acknowledged, explicit public debt, the bank rescue packages obviously impose an additional, implicit potential burden on the public sector. transparent and credible strategies are therefore crucial for unwinding and managing the fiscal – and, of course, monetary – policy support measures. should the policy - making process lose its credibility, this would be reflected in rising risk premiums and interest rates. higher interest rates, in turn, would tend to depress capital expenditure and, therefore, potential growth. in addition, they would further hamper the already onerous task of consolidating public finances, which is vital to ensure sustainable debt containment. it is therefore crucial to keep market participants ’ expectations of a stability - focused monetary policy as well as a sound fiscal policy firmly anchored. ii ongoing challenges the government and other public support measures have bought the financial system time to cope with losses and to prepare for potential financial strains lurking on the horizon. moreover, public - sector