to mind : first, we must make best use of the resources which we are endowed with, such as to process commodities into chemicals and other derivatives to increase economic complexity. agriculture productivity can also increase by adopting modern farming. second, addressing climate change offers opportunities to attract investments and create high - quality jobs. the global economy needs usd23 trillion in green assets to meet the climate goals under the paris accord. 4 third, malaysia is among the best positioned within southeast asia to embrace the fourth industrial revolution. 5 malaysia already has one foot through the door in each of these opportunities ; we are major producers of petro - and oleo - chemicals, solar panels, as well as e & e components that will power future mobility. we must engage in serious conversations on moonshot strategies to build innovative industries and companies. only then can we set the foundation for a sustainable, dynamic and competitive malaysian economy. a society that is more inclusive economic growth does not necessarily go hand in hand with social progress, particularly if growth only enriches the few. thus, my second point is on improving social inclusivity. malaysia has made great strides in eradicating poverty. this is the result of numerous efforts to meet the needs of society ’ s most vulnerable, and to provide them with opportunities for upward social mobility. nevertheless, the covid - 19 crisis reminds us that shocks affect different segments unevenly, and this has clearly exposed gaps in our social protection system. it is therefore critical to accompany the transition to high income with efforts to close these gaps. the growing economic pie will provide the state with more capacity to deepen its social protection. we must use this space to future - proof the system to impending structural changes : malaysia will transition to an ‘ aged nation ’ status, with the old - age dependency ratio expected to increase to 16. 6 % by 2040. however, in a 2018 employees provident fund study, two out of three active contributors are projected to have insufficient retirement savings to meet a minimum pension of rm1, 000 per month. 2 / 4 bis central bankers'speeches the nature of work will evolve, as we transition to a more knowledge - based, service - based and gig - based economy. work arrangements are expected to become more flexible, and provisions must be made to ensure that workers remain adequately protected. notably, provisions for shorter and more flexible working hours may entice women to participate in the labour force. the third change is the displacement of certain jobs, as we

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