critical component in the global funding needs equation. the united nations recently revealed an annual investment shortfall for sdgs of about usd4 trillion for developing countries, an increase of usd1. 5 trillion from earlier reported in 20156. in capturing these opportunities, islamic finance can capitalise on them by offering attractive islamic fundraising instruments, such as regional syndication and sukuk to support global funding needs, and by promoting cross - border halal trade via tailored islamic trade finance solutions along with other full suite trade facilitation services. malaysia has a lot to offer. we are strongly committed to malaysia as an islamic financial centre, our mifc agenda. our islamic financial institutions have the capacity and capability, operating in a strong regulatory framework that can support all these in ringgit, regional as well as foreign currencies. domestically, efforts are continuously pursued to ensure our islamic financial market remains conducive while preserving market confidence. of all the building blocks we have developed, ensuring regulatory clarity and diversified instruments remain the most essential. for these reasons, we have issued exposure draft ( ed ) on islamic collateralised funding to enhance clarity to market participants and further improve islamic repo activities. the shariah advisory council ( sac ) has also provided the shariah ruling on the permissibility of anticipatory hedging which would enable islamic banks to dynamically enter into islamic profit rate swaps ( iprs ) and islamic cross currency swaps ( iccs ) without existing underlying exposure, subject to certain conditions. in a pioneering move, we also witnessed the inaugural issuance of islamic repo via fast in november last year. the effectiveness of these initiatives'rests on collaborative efforts. we emphasise the pivotal role of the islamic financial market subcommittee ( ifmc ) as a catalyst for central bank and industry - wide cooperation to identify key pain points and challenges that can be improved further. this year, the ifmc will help us explore and develop 4 / 5 bis - central bankers'speeches alternative instruments to tawarruq - based transactions, sustainability - linked islamic treasury products, and strategies to increase non - resident participation in the sukuk market. these efforts will further advance our islamic finance aspirations as envisioned in the financial sector blueprint 2022 - 2026. let me conclude. i remain ever confident in malaysia's growth potential, and i believe this view is shared by those present here today. the financial sector is ready to play its role, redefining the financial

developed immediately and implemented aggressively to establish the necessary systems to improve compliance with the law. overall, while the industry has done a commendable job, a lot more can be accomplished and it is in the industry ’ s interest to show improvements, as we enter into the next round of compliance assessment of individual companies. expectations on mamsb we have high hopes and expectations for the association. the establishment of this association is very timely for it to play a central role for the benefit of the industry. the association should spearhead and drive capacity building efforts that will support the objectives of promoting modernisation and elevating the standards of compliance and professionalism in the industry. firstly, the association is expected to take on an important role in instilling professional conduct and good business practices amongst the industry players. in this respect, the bank looks forward to a code of conduct for the industry to be established and implemented by the industry this year. the code of conduct should comprise a set of key principles and guidance for proper business practices that instil greater market discipline and confidence, and to create a culture of healthy competition within the industry. this should be complemented by a process that ensures that individuals responsible for managing money services business operations have the relevant knowledge and experience to meet the minimum professional standards set by the industry, and are able to offer quality services to the public. in relation to this, the association should consider implementing a certification or qualification process, for example, by conducting entrance examinations for its members sometime in the future. we also expect the association to play a proactive role to improve the image of the industry players and weed out the black sheep within the industry, through the effective implementation and enforcement of the code of conduct, and by working with the relevant authorities to help combat illicit transfers of funds and unauthorised activities. secondly, the association will also serve as the central platform to drive and implement development initiatives to enhance the capacity of the industry. the bank has high bis central bankers ’ speeches expectations for the association to play a key educational role to promote greater industry understanding on regulatory compliance and the latest industry trends, through holistic education and training program such as requirements under the relevant laws and best practices, risk management and consumer protection. properly structured, the training and development program would result in higher professional standards of conduct and should strengthened safeguards against possible abuses and contravention of the law. thirdly, as the collective voice of the industry, the association will provide the bridge for constructive