this has been reinforced by the dynamic pace of innovation in islamic finance that has widened the range of financial products and services. islamic finance has thus become an increasingly important channel for the efficient allocation of funds across borders and the diversification of risks. islamic finance : financial solutions for international business despite an increasingly more challenging environment, islamic finance has continued to expand its potential as a sustainable and stable form of financial intermediation. its emphasis on the close link between financial transactions and economic activity has positioned islamic finance to be well - anchored to serve the real economy. the adoption of profit - and risksharing, transparency and disclosure, and the universal ethical values of fairness which is implicitly embedded in the islamic financial system provides the internal checks and bis central bankers ’ speeches balances. embraced in its entirety, it enhances the prospects for sustainable economic growth and financial stability. the resilience of the islamic financial system is also further strengthened by the international prudential standards and best practices that have now been introduced. these include the standards issued by the islamic financial services board since 2002 in the areas of capital adequacy, risk management, governance, and the conduct of business and supervisory process. the industry is also guided by international accounting standards that have been developed by the accounting and auditing organisation for islamic financial institutions since its establishment in 1990. in enhancing liquidity management in the islamic financial system, the international islamic liquidity management corporation ( iilm ), which was established in 2010, is putting in place the mechanism that will facilitate effective liquidity management solutions through the periodic issuance of short - term shariah - compliant financial instruments. as the islamic financial system transitions to becoming more diversified and comprehensive, it provides the spectrum of financial solutions that meet the different needs of the economy. such financing products offered in islamic finance also include syndicated financing, equity financing and venture capital. there are also a wide range of investment and treasury instruments, as well as fund and wealth management products for the management of portfolios of businesses. in terms of takaful, there is also a broad range of products, including takaful coverage for physical properties and assets of businesses, as well as protection for employees. the growing significance of the international dimension of islamic finance in this recent decade has witnessed its increasing role in bridging economies through the mobilisation and channelling of funds to productive investment activities across borders. despite the challenging global environment and the increased uncertainties, the islamic finance industry has continued to experience

, is committed to supporting these efforts within our mandates for financial and monetary stability. on that note, i wish you productive discussions in the sessions ahead. we look forward to concrete outcomes from these discussions given the heavy and urgent responsibility we all bear to mitigate the devastating effects of climate change.