because by international standards the regional equity and bond markets are small and fragmented. we made some headway four years ago with the chiang mai initiative ( cmi ), which saw the expansion of existing multilateral currency swap arrangements to include all 10 asean members, as well as the conclusion of 16 bilateral swap arrangements, totalling us $ 36. 5b in combined facility. when the cmi was launched in may 2001, it was agreed that finance ministers should review the initiative 3 years after implementation. so it would be timely this year, for asean finance ministers together with our “ plus - 3 ” counterparts to consider what and how the review of the cmi could be done. we should also explore further avenues of cooperation. for example, we may develop greater linkages between stock exchanges in the region, or harmonise standards and conventions so as to make it easier for investors to operate across the capital markets in the region. in such initiatives, we do not have to wait for all asean members to be ready. once two or more asean members are ready to make the move, they can work together as pathfinders for the whole region. conclusion globalisation has presented many challenges to asean, but it has also created many opportunities. integrating our economies requires hard work, political will and often, tough decisions. asean is determined to overcome the challenges, and embrace globalisation to benefit the lives of our people. governments will need to lead the way, by implementing sound policies that foster development and growth. foreign investors too will play a key role, by supporting good policies and exploiting the full potential of our markets. once the people of asean are aware of the larger challenges that the region is facing, i believe they will support the agenda for economic cooperation which will improve their lives. on this note, let me now declare the 8th asean finance ministers meeting open. i wish you meaningful and fruitful discussions.

abdul rasheed ghaffour : opening remarks - world halal business conference 2021 opening remarks by mr abdul rasheed ghaffour, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the world halal business conference 2021, 9 september 2021. * * * assalamualaikum w. b. t and a very good afternoon to our distinguished guests and fellow audience. thank you to the halal development corporation ( hdc ) for inviting me to deliver the opening remarks today. i wish to congratulate hdc for organising this conference which i believe will be inspiring and enlightening. the timing of this event could not be better, echoing the pace of an ongoing global economic recovery. the theme of this conference, “ halal – the catalyst for universal economic recovery ” spells out the potential for this multi - trillion dollar industry to facilitate the rejuvenation of the global economy. within the global sphere, the prospect of the halal economy is huge. global consumption of halal goods and services is expected to grow at 3. 5 % annually to reach usd2. 4 trillion by 20241, largely driven by the fast - growing muslim population. another contributing factor is the rising trend on ethical consumerism that primarily considers the impact of consumption. this aligns with the practice of halalan - toyyiban that propagates good, pure, and wholesome elements in consumption. at a broader level, this is also relevant in addressing growing concerns on sustainability and climate change in halal production. these global trends on halal economy present an excellent narrative with enormous prospects for malaysia, given our forefront position in the global halal economy. ranked top in both islamic finance and islamic economy, these trends open up opportunities to marry both of these segments2. our domestic halal market is currently valued at approximately rm300 billion, contributing 7 % of the country ’ s gdp. this figure is projected to grow further to rm400 billion, to account for 11 % of gdp by 20303. we have observed the increasing prominence of islamic financial institutions in supporting the halal sector in recent years. although only 21. 9 % of malaysian halal - certified companies used islamic finance in 2018, the number of applications from this segment has doubled to 10, 800 in 2020, amounting to rm63 billion4. allow me to share some thoughts on three critical factors that contribute to this positive trend, which i believe will continue