system as one that goes beyond profits, to contribute meaningfully not only to the real economy, but also to the well - being of our planet and its people. it is my earnest hope that the value - based finance principles carry through beyond the islamic finance fraternity, extending a broader impact outreach throughout and propelling us towards a more enduring and purposeful financial system. to seize the opportunities that lie ahead for us in 2024 and beyond, we must come together, and each do our part in " propelling malaysia forward ". thank you and i wish you all a productive day ahead. 1 source : mifc estimate, data as of end 2022. 2 source : shariah equity market highlights ( as of 31 dec 2023 ) by bursa malaysia. 3 source : bnm data, as of q3 2023. 4 national energy transition roadmap, page 57 and prime minister's speech for the launch of the new industrial master plan 2030 ( nimp 2030 ) delivered on 1 september 2023, paragraph 22. 5 source : the state of the global islamic economy report 2023 / 2024 by dinar standard. 6 source : unctad's world investment report 2023. 5 / 5 bis - central bankers'speeches

down to 2 ( target2 and euro 1 ). to sum up, we should shortly be on the same footing as the united states in terms of the integration of large - value payment infrastructures. on the retail side, the situation is quite different. indeed, there are today in the eu, 15 multilateral clearing and settlement systems in euro, almost the same number than 10 years ago, and there is no clear sign for the time being that this number is going to fall significantly in the short to medium run. the market is therefore characterized by this multiplicity of national multilateral retail payment systems, coexisting with various other payment arrangements such as bilateral schemes, international card schemes or banking “ clubs ”. it is fair to say that significant steps towards integration have nevertheless been made since the introduction of the euro banknotes and coins. in 2002, the european banking community launched the sepa project, with the final objective that by 2010 “ all payments are treated as domestic as far as speed, security, convenience and cost are concerned ”. however, meeting this ambitious objective implies a significant evolution of the current retail infrastructures towards a pan european infrastructure, the so called peach, which will aim at reinforcing the global efficiency of payments in europe. the main achievement with regards to infrastructures until now has been the launch of step2, since it is the first infrastructure compliant with the peach requirements, as defined by the epc. but there is still a significant way to go since step2 handles low volumes, 170. 000 payments in may 2005, and can still not offer the same level of service as national achs. in that context, it must be seen as a positive prospect that most national retail payment systems are now preparing themselves to the implementation of sepa, through the spreading use of standardisation, which will allow the interoperability of infrastructures. in france for example, several banks have initiated the stet project in view of sepa. however, one should note that the idea of consolidating the retail systems platforms is for the time being not really at the forefront of market initiatives, even though consolidation is a source of cost savings and efficiency. why such a gap in the level of integration between large - value payment systems and retail payment systems? i see two main explanations. first, large value payment systems have benefited from the incentive of the adoption of the single monetary policy in the euro area, which made the creation of target mandatory. second, the integration