MAS has stepped up its monitoring of the cyber threat landscape and issued a number of advisories to financial institutions on: 9 / 15  BIS central bankers' speeches  ensuring their IT infrastructure is secure and resilient; adopting additional risk mitigating measures and precautions; staying vigilant against new types of cyber attacks; reminding staff working from home to observe cyber security; and advising customers of safeguards that they should take to protect themselves against phishing attacks and online scams. POSITIONING THE FINANCIAL SECTOR TO EMERGE STRONGER Let me now provide an update on the financial sector, which continues to do remarkably well. Last year, the financial services sector outperformed the overall economy, achieving value-added growth of 4.1%, compared to GDP growth of 0.7%. For the first half of this year, MAS estimates that financial services grew by about 5%, even faster than last year. This was mainly due to exceptionally strong growth in the first quarter, driven by offshore bank lending, re-insurance and life insurance activities. MAS expects growth in the sector to moderate during the second half due to weaker credit demand and lower interest rate margins. But the sector is not likely to contract. Last year, there was a net increase of about 4,900 [5] jobs in financial services and FinTech. So far this year, employment in financial services and FinTech has remained firm. Net jobs grew by 2,200 in the first quarter as banks continued to employ for roles such as business development, financial analysis, and software development.
The third imperative is to professionalise and modernise waqf management. For waqf to progress strongly, it requires a new character and a more modern image. In this regard, I would identify two priorities, namely professionalising those who are entrusted to manage waqf and putting in place proper governance framework. Let me elaborate. The management of waqf must be entrusted to experienced and knowledgeable experts with the highest integrity – that is, people with the right calibre, right competency and right character. The USD 37.1 billion Harvard Endowment is run by some of the best minds in finance, who determine the most optimal asset allocation strategies that deliver the best sustainable returns for the university. In 2017, the endowment contributed more than a third of Harvard’s operating revenue. Returns from the fund help to provide scholarships and to fund ground-breaking research. Surely we would like to see the same in our Malaysian universities. Acquiring such expertise and capability may take time. To expedite this, I would like to suggest that waqf authorities explore partnering or collaborating with experts from the private sector to commercialise or monetise waqf assets. In particular, partnerships with Islamic financial institutions can help waqf authorities develop waqf assets productively with the required financial expertise on board. A good example is the partnership between Majlis Agama Islam Wilayah Persekutuan and Lembaga Tabung Haji in developing Menara Bank Islam on a 1.2 acre waqf land in Kuala 3/4  BIS central bankers' speeches  Lumpur.