To my mind, the answers will invariably call attention to three imperatives – a rethinking of value; a rethinking of risk; and a rethinking of human capital. Allow me to briefly address these in turn. Key Message 1 – Rethinking value through a renewed focus on the fundamentals of Shariah First, rethinking value. The industry must elevate the fundamentals of Shariah to realise its full promise. The business models of Islamic financial institutions should be guided by the 1/4  BIS central bankers' speeches  overarching objectives of Shariah (Maqasid Shariah) – which are to preserve and advance the common interest of society at large, by preventing harm and maximising benefits. This is now more important than ever to steer growth and development on a more sustainable path. In Malaysia, the industry with the support of the Central Bank, is taking concrete steps to drive strategies aimed at increasing the positive impact of finance on society. This is outlined in a Strategy Paper on Value-based Intermediation (VBI), which was released in July last year. The commitment to adopt VBI is a significant step by the industry to clearly identify Islamic finance with sustainable practices, as it should. It has also set in motion initiatives that will raise the bar for processes, practices, offerings and conduct that promote sustainable businesses and communities. We expect that over time, the adoption of VBI will have a significant impact on business models of Islamic financial institutions, including the drivers of profitability and risks.
In ASEAN, we are expected to be more integrated as a region arising from economic and financial integration process. It is from this perspective that I would like to expound some ideas on what ought to be the immediate priorities for the industry and the Association. Creation of domestically strong businesses With the foundation laid solidly for the conduct of professional and efficient money services business in the industry, the aspiration is for the creation of a pool of domestically strong and vibrant businesses that are able to compete with the best and expand beyond the Malaysian shores. Such businesses would be characterised by the ability to deliver a strong value proposition; and are committed to offer excellent service to their customers. To achieve this goal, I would like to focus on 3 immediate priorities for the industry: •  Firstly, continuing to nurture a mindset change within individual companies to spur and sustain the progress of the industry;  •  Secondly, putting in place a comprehensive human capital development plan to support strategies for the further advancement; and  •  Thirdly, creating the right incentives and a strong reputation for the constant delivery of high quality and innovative money services. Mindset change We are seeing many positive changes now taking place in the industry. Sustaining this transformation will call for businesses to have a long-term strategic view, the perseverance, willingness and be agile enough to adjust to changes in the operating environment.