##riah are the principles of ihsan and adil, hence, solutions should be tailored to commensurate with the current situation and challenges faced by customers, for example, the expansion of targeted repayment assistance to the broader society and businesses from the prolonged movement control order, or incorporation of the financial standing of customers in pricing recalibration for the restructuring and rescheduling of facilities, as well as schemes such as itekad and skim cakna. to further encourage innovation, the impetus for leaders and members of the institution can be put in place such as performance monitoring mechanisms and compensation frameworks that are tied to the sustainable development goals ( sdgs ) or vbi initiatives. thirdly, a collaborative mindset is a must for leaders to deliver holistic outcomes. to collectively advance the nation ’ s transition towards sustainable development, concerted efforts by many, across sectors are necessary to provide an enabling environment and address gaps that would otherwise hold back progress. among these include data gaps, and market awareness or incentives to encourage change within consumers. within the financial sector, coordination of data among fis could contribute to customisation of value - driven solutions for consumers, particularly the underserved. there is an abundance of data within the financial industry but a dearth in coordination. industry platforms such as vbi - cop and the jc3 could potentially play a central role to ‘ intermediate ’ the data. as a first step, conversations between the islamic banking and takaful operators to identify impact - driven and innovative financial solutions under vbi and vbit, can take place to facilitate respective outreach to the underserved or unbanked population. outside the financial sector, fis can embark on collaborations with organisations sharing similar sustainability aspirations including state religious authorities, waqf institutions, business industry associations and advocacy groups, or non - governmental organisations who are at the heart of the vulnerable communities. for example, fis can collaborate with government agencies and utility companies to support the consumers ’ shift to energy - efficient residential homes or vehicles. beyond the existing sustainable financial products offering preferential rates for the purchase of electric vehicles ( ev ) or green residential properties, more can be done to raise consumer awareness and to develop complementary infrastructure namely, charging stations. initiatives such as the development of the vbiaf sectoral guides which are now underway for the manufacturing, construction and infrastructure, as well as oil and gas sectors, is a step in the right direction to streamline the cross - sectoral

understanding of sustainability issues, thus allowing for better coordination of efforts to address sustainability risks throughout the value chain. in conclusion, it is our fervent hope that with sustainability, an innovative and collaborative mindset, we can come to develop value - driven solutions and discover new avenues for synergistic collaboration. i believe that the line - up of expert contributors for this programme will 2 / 3 bis central bankers'speeches be able to provide delegates with insightful perspectives on best practices to lead the transition to sustainability. the network built today among delegates can continue and be built upon for future collaborative initiatives, either through a local platform by ibfim or internationally, through cisl. to end my remarks, i would like to share this quote by winston churchill, “ i never worry about action, but only inaction. ” with that, i wish all of you a productive programme. thank you. 1 industries most and least impacted by covid - 19 from a probability of default perspective – september 2020 update 2 covid - 19 to add as many as 150 million extreme poor by 2021 3 / 3 bis central bankers'speeches