to our benefit. as financial institutions grow bigger and have greater international presence, the nature and extent of cyber risks will continue to expand. events like this summit help propel the cyber security agenda forward. it is my hope that the sharing of knowledge and experiences here will generate new ideas to stem threats to cyber security. with that, i wish you all a productive and fruitful experience for the next two days. thank you. bis central bankers ’ speeches

many idb member countries, studies have shown that economic development is constrained by the lack of access to finance, given that only about 30 percent of the adult population use formal financial intermediaries. greater outreach to small and medium enterprises ( smes ) and microenterprises can be achieved through the wider application of equity - based structures in financing for smes and islamic microfinance given their strong emphasis on promoting entrepreneurship and valuecreating activities. this contributes towards the overall objective of generating inclusive growth that enhances the prospects for job creation. integration with other financial products such as microtakaful and social welfare arrangements such as endowment ( waqf ) can also provide a total financial solution for the lower income groups and small businesses. risk - sharing in islamic finance also extends to the creation of a more equitable and just distribution of wealth. redistributive instruments such as obligatory alms giving ( zakat ), endowment ( waqf ) and charity ( sadaqah ) complement risk - sharing financing tools to form part of a comprehensive approach to address poverty and promote social justice within the community, aspects that are important in increasing the potential for a more balanced economic growth. another important dimension of risk - sharing that enhances financial inclusion lies in the potential for islamic finance to become a powerful tool that can enhance financial access for emerging economies, in particular the less developed countries that have been marginalised bis central bankers ’ speeches by modern finance. debt financing or risk - transfer activities are heavily dependent on conventional measures of financial and economic performance. in contrast, equity financing, with its risk - sharing elements, can provide the required financial solution that is not dependent on such conventional assessments. this will allow those countries which are less developed but have assets and resources to access finance. the strong emphasis on governance and risk management in risk - sharing contracts will also have an important role in catalysing broad - based improvements in standards of oversight and financial discipline in these countries as safeguards against irresponsible practices. taken together, these elements of islamic finance offer enormous potential for less developed countries, more so those that are rich in resources, to mobilise and channel economic resources to finance growth and development, and significantly raise standards of living for their communities. in the sukuk market, sukuk structured in profit and loss sharing partnerships ( musharakah ) represents one of the majority in global sukuk issuances and outstanding. the emergence of sukuk as an alternative