ranging from basic trade finance products to digitally enabled supply chain 1 / 4 bis - central bankers'speeches finance. second, in sustainable finance. islamic finance can help bridge funding gaps estimated at usd1. 5 trillion annually until 2030, to achieve sustainable development goals in asian countries, equivalent to approximately 4 % of the region's gdp3. closer to home, our aspiration to achieve net zero emissions by 2050 requires an estimated total funding of usd100 billion4. efforts in value - based intermediation ( vbi ) including implementation of the sector guides of vbi impact assessment framework can catalyse growth in sustainable finance. third, in widening the intermediation capacity of islamic finance, we can look at expanding the use of blended finance and accessing more diverse sources of funds. application of social finance instruments in banking and takaful, complemented by partnerships with community - based stakeholders can open up new opportunities and build greater resilience among underserved segments such as microentrepreneurs and smes. ladies and gentlemen, anchored by the financial sector blueprint 2022 - 2026 that envisions " finance for all, for sustainability and for transformation ", malaysia is refreshing our efforts to sharpen and strengthen our proposition and capabilities as an international gateway for islamic finance. our immediate focus is on asia and oic economies. this vision is underpinned by malaysia's ecosystem strengths in islamic finance and capabilities to provide innovative solutions that meet regional and global shariah - compliant finance needs. the malaysia international islamic financial centre ( mifc ) vision is not new. while the aspiration to be an international islamic financial hub remains much alive, there is a need to evolve in response to global business shifts. when we started out, the focus was on international business ; international banking and finance, sukuk origination, wealth, and fund management, retakaful and human capital development. much has been achieved in all these areas. today, the mifc aspiration is a confluence of four dimensions a€ “ sustaining this vibrant marketplace, tapping global opportunities, innovation - led solutions and anchoring upon expertise that can also serve regional and global needs. with this, we see malaysia as having a conducive ecosystem where players can pilot and scale new solutions in the region. much of the establishment work has been done. with the maturing islamic finance ecosystem, it became timely for the industry to take the lead on mifc. the islamic economy

adnan zaylani mohamad zahid : islamic finance - powering regional prosperity speech by mr adnan zaylani mohamad zahid, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the ifn asia forum 2023, kuala lumpur, 2 october 2023. * * * distinguished speakers and delegates, assalamu'alaikum and good morning to all. it is my pleasure to be here again at this year's ifn asia forum that brings together islamic finance professionals from around the world. today, we face many challenges but despite that, the imf has projected asia, as a region, to contribute around 70 % of global growth this year1. strong domestic demand, accommodative financial conditions and improved investment prospects are among the factors that present ample opportunities for market players, consumers and stakeholders seeking to grow and mainstream islamic finance, to optimise asia's growth potential. as a region that houses almost a quarter share ( 23 % ) of the total islamic finance assets worldwide, asia remains a dynamic region and a key contributor to global islamic finance and economic growth. against this backdrop, i wish to focus my remarks today on two important priorities for islamic finance to promote regional prosperity : first, is to harness islamic finance to play a stronger role in regional financial intermediation ; and second, to deepen and enhance vibrancy of islamic financial markets as a key component of the global islamic financial system. islamic finance as a key contributor in regional financial intermediation asia is increasingly becoming a focal point for global trade and investment. there are shared goals and multiple interdependencies among asia economies, as with the rest of the world. i see three key prospects for the islamic finance industry to galvanise efforts in growing its regional intermediation capabilities : first, in supporting halal trade and investments. the global halal supply chain has expanded in tandem with growing consumer demand for halal products worldwide. the halal food industry, for instance, is expected to grow exponentially to reach usd 4 trillion by 20282. asia is also becoming a preferred destination for reshoring of manufacturing hubs where halal goods including food, pharmaceuticals, cosmetics, and more are produced. the industry can capitalise on these growth opportunities to offer a diverse range of financial products and services. in malaysia, the use of islamic bank financing by halal certified companies have doubled between 2018 and 2021 with solutions