What this entails is the need for leaders to cultivate a transformative mindset that puts positive impact first in every aspect of the financial institution, including strategy development and operations. One area that is prime for disruption is data. Shared data infrastructure can help minimise reporting costs, especially in sectors where data is scarce – a dilemma that constantly plagues SDG financiers. Having better access to data means we can develop better metrics to track things that matter, eliminating the threat of impact washing. Towards this end, the Bank is working with industry players to explore enabling digital infrastructure for open data and to enhance impact-based disclosures. Thirdly, Islamic financial institutions should nurture the mindset of partnership. Having a supportive ecosystem as well as a wide network of trusted partners is key to bolster the effectiveness of value delivery. The iTEKAD programme is a good example. It is a blended financing programme which we piloted with the Islamic financial institutions since 2020 that fuses social finance funds with microfinancing and structured education and training provided by a group of implementation partners such as the State Islamic Religious Councils, government agencies, and NGOs, to empower low-income micro entrepreneurs. Over the next few years, the Bank intends to upscale the outreach and impact of iTEKAD as we mainstream social finance within the Malaysian financial system. I see merit to even scale this model at a global level to address financial inclusion matters at a larger scale, facilitated by complementary technologies.
For example, establish a shared infrastructure that enables more efficient tracking and monitoring of the performance and impact of the programme on the target segments. This would also enable financial institutions to better intermediate social impact funds to deliver the SDGs. Conclusion Achieving the SDGs is a collective effort – one that requires a whole-of-nation approach. Each of us, be it the financial institutions, the customers, the regulators, the government and funds providers play an important role in creating a better, safer and sustainable future. Indeed, such collective effort is equally warranted across geographical borders and governments. In Malaysia, we recognise this. Therefore, I welcome individuals or organisations that are passionate about SDG to collaborate with Malaysia and partner with global organisations such as UNDP to codevelop the areas mentioned by leveraging on Malaysia’s strengths to achieve SDG goals together. In addition, I would also like to invite such individuals and organisations to take part in the Royal Award for Islamic Finance Impact Challenge Prize 2022. This new initiative by Malaysia aims to reward innovative creations and solutions that strengthen the economic and social resilience of financially impacted communities globally through the application of Shariah principles. Applications are open until 25 March 2022. To end my speech, I wish you every success with today’s conference and I trust the event will generate interesting conclusions and concrete actions. Thank you.