crisis in 2008 – 09. 1 now, some think we ’ ve entered a new period of “ deglobalization. ” others see it as a slowdown in globalization — a “ slowbalization. ” the enormous disruptions caused by the pandemic make the recent trend hard to discern, but there ’ s no question global trade growth has at least slowed ( chart 1 ). 1 s. aiyar, j. chen, c. h. ebeke, r. garcia - saltos, t. gudmundsson, a. ilyina, a. kangur, t. kunaratskul, s. l. rodriguez, m. ruta, t. schulze, g. soderberg and j. p. trevino, “ geoeconomic fragmentation and the future of multilateralism, ” international monetary fund staff discussion note no. 2023 / 001 ( january 2023 ). - 3that ’ s a big concern, especially for open economies like canada and the united kingdom. to some extent, a slowdown in global trade growth was inevitable. once tariffs were substantially reduced and most economies were participating in global markets, the potential to expand trade by lowering tariffs further and including more countries became more limited. but recent events have exacerbated this slowdown. new global tensions have added trade frictions between competing countries. public and political support for open trade is also waning, in part because the benefits have not been evenly shared. we ’ ve all benefited from a wider selection of goods and services at lower prices. but when lowcost importers undercut domestic producers, workers who lost their jobs lost more than they gained. with changing economics, new security threats, and waning support, global trade is being rewired, recast and redirected. trade is being rewired by shifting international economics. china is no longer the lowest - cost global supplier of consumer goods. production of many manufactured goods is moving elsewhere. as china moves up the value chain, it ’ s competing more directly with advanced economies. at the same time, the pandemic, russia ’ s invasion of ukraine, geopolitical conflict and climate change have all made supply chain resilience a greater priority, even at the cost of efficiency. trade policy is being recast to encompass national and economic security and to foster leadership in strategically important industries. trade and industrial policy are being used to make the supply

marzunisham omar : launch of association of islamic banking and financial institutions malaysia's integrity year 2023 speech by mr marzunisham omar, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the launch of association of islamic banking and financial institutions malaysia's ( aibim ) integrity year 2023, kuala lumpur, 14 february 2023. * * * assalamu'alaikum and a very good morning to distinguished guests. it is with great pleasure and gratitude to aibim that i am able to be with you today to speak on a topic that is close to my heart. integrity, as this audience is aware, is the cornerstone of any well - functioning financial system. throughout history, we have seen the damaging consequences from bank runs, financial market meltdowns and other financial shocks that occur when the public can no longer count on financial institutions to do the right thing in private. and yet, cases of corruption and financial mismanagement continue to abound. trust is central to banking. if we already know how badly things can go when trust breaks down, why is integrity – or rather, the lack thereof – still an issue in 2023? anybody here who has ever had to make a difficult life decision may understand why. integrity is not a given. it cannot be written or codified into existence. integrity requires continuous personal and institutional reflection of what our values are. above all, it demands of us the strongest form of ethical courage to stay true and consistent to these values, especially when it is much easier to do otherwise. the 2022 corruption perception index published by transparency international report showed that malaysia is ranked 61, compared to 51 in 2019. while malaysia has placed priority on addressing corruption and strengthening governance and integrity in recent times, for example through the national anti - corruption plan, it is imperative for all stakeholders to actively play their role in this very important endeavour. ladies and gentlemen, integrity holds an even more foundational place within islamic finance. upholding high standards of ethical behaviour and personal integrity at all times are not simply actions that guarantee good governance or financial stability. in our shared faith, they are virtuous ends within themselves. many verses of the quran and hadiths emphasise the importance of integrity. one such example is in sahih al - bukhari 7138, where the nabi muhammad s. a. w. said : " surely! every one of you is a guardian and