The El Niño phenomenon for example, affected many developing countries that are dependent upon agriculture and fishing, particularly those bordering the Pacific Ocean. Last year, it left millions of people hungry and in need of food aid; water shortages across Southeast Asia; and higher food prices globally. Closer to home, thousands have been displaced after the northern state of Penang was hit by the worst flood in more than 20 years. These are indications that despite progress made in regulating global emissions of greenhouse gases over the past decades, we need to do more to mitigate the adverse effects of climate change. Moving on to the second challenge – growing inequality. Globally, the benefits of economic growth have been uneven. In reality, not all members of society have fully benefitted from the growth. While some have gained, many have been dislocated – feeling that they have been left behind. Today, global inequality is at its highest since the 19th century. Recent studies show that the richest 1% now owns half of the world’s wealth combined. In stark comparison, 70% of the 1/5  BIS central bankers' speeches  world’s adult population holds only 3% of the global wealth. Globally, continued widening of the inequality gap would be detrimental to economic growth and social progress in the long-run. Inequality is a threat to growth if it leads to those in the low income segment suffering poor health and low productivity; and to struggle in obtaining quality education.
Abdul Rasheed Ghaffour: Islamic finance – building solutions for a sustainable future Speech by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 3rd Annual Symposium on Islamic Finance "Islamic Finance - Building Solutions for a Sustainable Future", Kuala Lumpur, 12 December 2017. * * * It is an honour for me to be here today at this 3rd Annual Symposium on Islamic Finance. We are gathered here to engage and affirm our vision towards realising the potential of Islamic finance in supporting the Sustainable Development Goals that form the new global development blueprint. Time is of the essence in meeting the goals and targets by 2030. We have to collectively strategise our actions to bring them to life. How we balance economic prosperity, social equity and environmental responsibility matters greatly to the world. It is without a doubt that we cannot have continued prosperity without sustainability. In my remarks this morning, I will touch on the current global economic environment and challenges facing the world that point to the need for us to promote fiscal, social and environmental sustainability. I will also discuss the imperatives that can strengthen the role of Islamic finance in promoting inclusive growth, reducing inequality and accelerating poverty reduction. The past 50 years has been a period of extraordinary global economic expansion. The world economy expanded sixfold and average per capita income nearly tripled.