the non - lending roles more than ever, development financial institutions need to step up to promote new growth areas. they should perform a broader role to stimulate economic activity that would not otherwise take place. they could also improve the quality and scale of such activities. they can provide unique value propositions in terms of advisory and nurturing new growth sectors to become profitable and thus, attractive for private investors. i will highlight two successful examples. firstly, in the korean wave example, they were the first to spearhead investments in the film and music industry. at that time, commercial banks did not have the capability to assess the viability of the industry, nor accept the intangible assets offered as collateral. it was only much later, 1 / 4 bis central bankers'speeches when the industry recorded healthy profits that private investments followed. the success speaks for itself. between 2008 and 2011, private domestic and foreign investments in the culture content industry had quadrupled to more than usd 157 million. the second example is uganda ’ s first ever private bond issuance by a multinational mobile telecommunications company. the provision of a financial guarantee by a development financial institution helped to connect uganda ’ s poor and low income population in more than 20 rural communities by enabling access to telecommunication services. this culminated in the telecom industry that now provides 135, 000 jobs for ugandans and contributes 1. 4 % of its gdp. taking lessons from these examples, i believe that development financial institutions need to possess three key traits to promote and champion the new growth areas : a. first, they must have specific mandates to develop and prioritise niche segments identified to be of strategic and economic importance. these will give them legitimacy with funders and partners ; b. second, affiliations with government, ministries and agencies to facilitate the design of appropriate government support. this will enable them to take higher risks ; and c. third, a broader focus on socio - developmental goals allows risk - return trade - offs to take into account positive externalities for the economy. the lessons we learnt imply that leaders must recognise and align their priorities to steer their respective institutions to contribute more broadly and strategically to economic development. this will include playing a more active role in technical assistance, and serving as key repositories of specialist knowledge, resource aggregators for strategic development projects and credible advisers to the government. these ‘ additionalities ’ are important ingredients in ensuring the effectiveness of development financial institutions. strengthen accountability frameworks through performance standards that emphasise development additionalities while

a wide ranging spectrum of islamic financial products to meet the needs of businesses. these include : supply chain finance, which enables businesses particularly smes, to leverage on the creditworthiness of their anchor suppliers or buyers who are mainly mncs, to obtain financing at a more affordable rate which may not be possible through direct approach with banks ; coverage in takaful products at competitive prices, which for example include coverage for loss or damage to goods shipped on all types of conveyances from manufacturing to trading ; the investment account platform or iap, established by six islamic banks in 2016 as the world ’ s first islamic bank - intermediated fintech platform that offers more competitive financing terms and variations in financing structures for ventures. to date, the iap has supported eight ventures worth rm161. 3 million ; and sukuk as an alternative form of financing for businesses, such as green sukuk for green 1 / 3 bis central bankers'speeches businesses. to date, five green sukuk have been issued by malaysian solar companies to finance solar power projects, amounting to rm866. 8 million since july 2017. these are but a flavour of what islamic finance can offer and i am sure you will hear about many more today. national policy for nurturing smes at the national level, the government is indeed supportive of the role of islamic finance as an important tool to assist businesses and smes to flourish. developing islamic finance and the growth of smes are key national strategies, as reflected in the recent 2019 budget. the sme shariah - compliant financing scheme of rm1 billion was established to strengthen smes. smes can enjoy lower financing costs offered by this scheme with a 2 % reduction in financing rate. sukuk issuers also benefit from the three year extension of the double tax deduction for additional expenditure incurred for sukuk issued under ijarah and wakalah principles. other cost savings for sukuk issuers include reduction in professional fees relating to due diligence, drafting and preparation of prospectus ; and various fees charged by securities commission malaysia and bursa malaysia. islamic finance is anchored on sustainable values beyond profit the unique propositions of islamic finance are drawn from its underlying shariah principles that have universal applications, which fundamentally advocate the prevention of harm or attainment of benefits. all islamic finance transactions must reflect islamic values which are ethical and fair. any financial conduct or transaction relating to goods or services that are contrary to islamic principles are