##p flexibility to support the issuance of ringgit - denominated sukuk for use in malaysia, including providing ringgit financing to resident entities to further stimulate development projects in the country. meanwhile, the demand outlook for esg - focused investments remains strong. as of early 2024, global assets under management in sustainable investments have surpassed usd30 trillion and are projected to reach usd40 trillion by 20304, reflecting a significant increase and a growing interest in esg - focused investments. with sustainable investment assets growing at a compound annual growth rate ( cagr ) of approximately 15 - 20 % over the past decade, the asia - pacific region, while still developing compared to the u. s. and europe, is experiencing rapid growth. in 2023, esg sukuk made up 6. 2 % of the total sukuk issued, amounting to usd214. 9 billion – a 9 % increase year - on - year – demonstrating a strong upward trend in sustainable investments within the region. going forward, how can we scale up this ecosystem further. first, given the financing needs there is a need to ensure a continuous facilitation and supply of green sukuk issuances. to date, while we have the numbers, malaysia's share of green sukuk in terms of the size remains small, constituted only 7. 5 % of the global green sukuk issuances ( july 2024 : usd25 billion ) 5. furthermore, issuances were concentrated on renewable energy ( re ) and green real estate which made - up over 80 % of total green sukuk issuances up to 2023. as such, we need to expand and promote the use of green 2 / 4 bis - central bankers'speeches sukuk to finance a wider range of sectors within the green projects universe, such as waste management, resilient infrastructure, energy - efficient building construction, reforestation, protection against extreme events, sustainable agriculture, and biodiversity conservation. one potential catalyst that can be explored is the establishment of a green asset repository, which could also help accelerate the development and issuance of green sukuk, facilitating further progress in this area. second, to support this growth, government and regulatory backing through incentives and favourable regulatory treatment are essential. the 2025 budget is in the midst of development. this is the opportunity for the industry to formulate and present specific requests and proposals related to green initiatives to the government. additionally

their role as investment intermediaries in which the alternative modes of risk - sharing contracts can be applied for the investment account. this new categorisation of deposits under the new act has now been fully observed since mid2015 with the effective reclassification of deposits to either being islamic deposits or investment accounts. following this exercise, the proportion of investment accounts to total funding for islamic banks has increased from 7 percent in august to 10 percent as at december 2015, indicating a positive response towards this new product offering. this platform for the investment account is an evolutionary breakthrough that is uniquely designed for and driven by the industry. it will become a means by which both investors and enterprenenurs can experience and benefit from the new risk - rewards concepts embedded in the investment account. as an internet based investment platform, the iap provides convenience and facilitates greater access thus allowing for the efficient channelling of funds from investors to viable economic ventures and business activities. its robust risk management infrastructure, with a high degree of transparency and disclosure differentiates the iap from other technology - based fund - raising platforms. islamic banks in performing their intermediation role in the operationalisation of the investment accounts that are being offered on this platform, would rigorously undertake the credit assessment and bis central bankers ’ speeches screening of the listed ventures. the iap would also require ratings on the listed ventures by rating agencies reinforced by the requirement for such ventures to comply to the disclosure standards thus enabling investors to make informed decisions. integral to the platform is a mechanism for regular monitoring of the progress of the ventures, thus allowing for assessments to be undertaken by the sponsoring banks of any emerging risks associated with the ventures. the value proposition and benefits of the iap are multi - fold. it has the potential to spur the generation of new economic strengths through the promotion of entrepreneurship and job creation while also promoting greater financial inclusion and thus enhanced prospects for balanced growth. the iap enables investors to directly finance a broad range of economic activity of their choice, therefore diversifying their investment portfolio with exposures to various types of projects and industries that yield potential returns that are based on the performance of the underlying chosen ventures. for businesses, the iap provides a new source of funding for activities, with more competitive financing terms in a range of financing structures. ventures and entities of varying types, size and industries, including smes, listed firms and multinational companies can raise funds on this platform. given its greater visibility, the iap will also provide access to