, society and environment at large. moving forward, ‘ change of mindset ’ is eminent. while considering profit, financial institutions should not forgo the element of being socially and environmentally responsible. i believe setting the ‘ tone from the top ’ is key in this process. the organisation of today ’ s roundtable forum is indeed very apt. it serves as a networking effort while creating opportunities to exchange views, explore mutually beneficial opportunities, and most importantly, implement positive changes in the financial systems. it is not too far - fetched to envisage the generation of breakthrough thinking for future collaboration that is solution - driven ; practical ; and innovative. collective effort is also key to success and the industry should aim to work closely with other key stakeholders. these include government agencies, civil societies and the public to increase awareness and encourage more active participation in supporting further development and offerings of sustainable financial solutions in the market. strong technical know - how in dealing with the changing dynamics of the financial landscape and the arising risks is also essential for industry players to navigate itself in this journey. to end, i wish to reiterate that “ sustainability is indeed a journey, and one that is best navigated collectively ”. sustainable development can be best served by re - connecting finance and element of value creation that is reinforced by bringing benefit to society, environment and prosperity. on that note, i wish all of you a beneficial and productive session today. 1 around 30 least developed and other vulnerable countries are exposed to debt distress – limiting their ability to invest in the sustainable development goals ( sdgs ). 2 countries home to most people in the world and global growth in real wages is only 1. 8 % – the lowest since 2008 ( source : united nation ( 2019 ). financing for sustainable development report 2019 ) 3 air pollution was a cause of almost 5 million deaths worldwide in 2017 while 62 million people were affected by natural hazards in 2018, with 2 million needing to move elsewhere due to climate events ( source : ngfs ( 2019 ). a call for action : climate change as a source of financial risk ). 4 imam al - ghazali, al - mustasfa fi ` ilm al - usul, page 174. 5 islamic banking assets has grown to 31. 4 % ( rm916. 7 billion ) of total banking assets ( as at end 2018, compared to only 14. 1 % in 2008 ) 6 a blockchain is a digital ledger that holds any kind of information ( e

alongside sectoral experts. as a start, the focus is on renewable energy, efficient energy and primary commodity ( palm oil ). as the industry began to operationalise the vbi, the market has observed efforts to infuse key elements of vbi in the offerings and practices. these include the launch of the first working capital financing for women entrepreneurs this year. this collateral - free facility embeds financial literacy sessions and focus group discussions to help entrepreneurs in managing and growing their businesses more efficiently. other examples include the launch of an islamic index - based investment scheme embedding with environmental, social and governance ( esg ) principles, as well as a financing programme via matching fund platform between financial institution and public contributions, which aims to empower communities through entrepreneurship. the takaful industry is also taking steps to implement vbi. the industry has formed a vbi takaful task force to formulate the strategic roadmap for the takaful industry. several takaful operators, on their own, have also undertaken a comprehensive review of business strategies. this review has begun to shape changes in the corporate value intent and strategic direction of these takaful operators to be more aligned with vbi. additionally, some of these takaful operators are beginning to formulate more value - based protection solutions. role of technology in optimising potential of islamic finance one final point before i conclude – technology makes the impossible possible. recent financial technology advancements enable islamic finance industry players to deliver practical yet value - adding solutions. for instance, application of blockchain6 to address challenges7 in managing endowment fund ( waqf ). fintech is rapidly changing the facets of the global financial industry, reshaping expectations of consumers and businesses on financial services. there are untapped opportunities of fintech to develop financial solutions that can help drive islamic finance to deliver even greater, wider and deeper positive impact – particularly in realising its promise in risk - sharing and providing support for genuine and productive economic activities. technology can also widen access to and increase outreach of social finance instruments through digitisation of collection and disbursement of the proceeds. fintech startups such as launchgood and skolafund are already making their name in social impact initiatives, which is a promising start. conclusion financial institutions need to look beyond short - term profitability. it is imperative for financial 2 / 3 bis central bankers'speeches intermediaries to be seen fulfilling the needs of the economy