These, among many other incidents, are growing evidence that climate change results in more frequent extreme weather events bringing destructive consequences along with them. While causing great upheaval, the pandemic and climate crisis provide an impetus for us to reset and reprioritise resources to re-steer our economies and financial systems to be more sustainable and inclusive. Islamic finance (IF) has large potential in this space. The concept of vicegerency on earth in the Quran, which asserts mankind’s responsibility to take on ownership over preservation of wealth and resources on earth, as well as the universal values of maqasid shariah resonates well with the principles of sustainability. As such, it is not surprising that Islamic financial institutions have stepped up to meet this challenge, evidenced through the Value-based Intermediation (VBI) initiative and practices by Islamic banks and takaful operators. Consequently, as sustainability becomes a global movement, IFIs are in a position and opportunity to take stewardship and influence financial developments, both within the financial groups, sector, and the wider community. Action-oriented leadership is key and to this, I would like to highlight three attributes that would complement the role of leaders assigned to this arduous task. Firstly, leaders must have the drive to cultivate a sustainability-focused culture within the organisation. For this, leaders must set that tone from the top and more importantly, walk the talk. A clear message that needs to resonate throughout the organisation is that the transition to sustainability is a transformational journey that will deliver long-term, sustainable outcomes.
Adnan Zaylani Mohamad Zahid: Leaders setting the direction for change Opening remarks by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Sustainability Leadership Programme for Financial Institutions, 14 July 2021. * * *  Introduction Good afternoon and a very warm welcome to all. Thank you to IBFIM and the University of Cambridge Institute for Sustainability Leadership (CISL) for this invitation to deliver the opening remarks. At the recent Joint Committee on Climate Change (JC3) Conference held last month, in his address, Sir David Attenborough somewhat laid down the gauntlet, in particular for us in the financial industry. “All of us, no matter who we are, have the responsibility to care for the planet. The future of all humanity now depends on us and on none more than you in the world of finance. You have the fate of the whole world in your hands.” With this in mind, it is quite apt that we are here, senior leaders in the industry, participating in this Sustainability Leadership Programme over the next two days. Over the past 18 months, many have felt the economic and social impact caused by the global health crisis. At the same time, the world has not been spared from natural catastrophes due to climate change. The latest being the mudslide in Atami, Japan. In Malaysia, more than 25,000 people were displaced from their homes due to severe flooding in several states between November 2020 and January 2021.