Through a potentially much greater contribution from Islamic finance, progressed by our discussions and learnings today, we can better achieve the G20 Indonesian Presidency aim to "recover together, recover stronger". I would like to thank Zish Jooma, Amy Lee and Rupal Patel for their help in preparing the text and Arshadur Rahman, Timothy Rawlings and Christopher Worthington for their comments and contributions. 4/5  BIS - Central bankers' speeches  1 I am indebted to my colleague Andrew Hauser for this speech reference, which was  included in his December 2020 speech 'Why Islamic finance has an important role to play in supporting the recovery from Covid – and how the Bank of England's new Alternative Liquidity Facility can help', at the launch of the ALF. 2 International Energy Agency (2021), World Energy Outlook 2021 3 Glasgow Financial Alliance for Net Zero, GFANZ (2022), Financial Institution Net-zero  Transition Plans 4 Rahman, A. (2018) Chapter 9: The Case for GDP-linked sukuk. In Shiller, R, et al.,  Sovereign GDP-linked bonds: Rationale and design(pp. 79-88), CEPR Press, London. 5 Fitch Ratings (2022), Special Report: Global ESG Sukuk Market 6 Refinitiv (2022), Sukuk Perceptions and Forecast Study 2022: Navigating a New  Environment  5/5  BIS - Central bankers' speeches
Zeti Akhtar Aziz: Islamic finance in a challenging economy – moving forward Opening address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2nd International Shari’ah Research Academy for Islamic Finance (ISRA) Colloquium 2012 “Islamic finance in a challenging economy – moving forward”, Kuala Lumpur, 27 November 2012. *  *  *  Islamic finance has experienced its most rapid pace of development and growth in this decade, signifying its dynamism and resilience as a form of financial intermediation. This has taken place in a highly challenging international financial and economic environment. It is estimated that the global Islamic finance industry will remain on this growth trajectory, with the continued expansion of Islamic financial institutions, including in new jurisdictions, and with the growing significance of financial markets in the Islamic financial system. Increased liberalisation and greater foreign participation in the Islamic financial markets are reinforcing this trend and resulting in increased cross border financial flows. This is contributing to increased international financial and economic linkages between nations, particularly among emerging economies. During the recent global financial crisis and its aftermath, the international financial system has experienced a series of unprecedented financial meltdowns and disruptions. During this period, the Islamic financial industry has generally weathered these challenging financial and economic conditions. In relation to this, Islamic finance highlights the importance of basic banking and the need to have a clear separation from higher risk-taking activities.