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According to Sultan Nazrin, Islamic finance needs to address the lack of scale, volatility in Islamic equity markets and lower returns for Islamic investing. In his keynote speech at the Franklin Templeton 2018 Islamic Forum in Kuala Lumpur, he highlighted four key areas that need to be addressed. While the overall sukuk market has posted growth in recent years, the resilience of Islamic equities and funds cannot be taken for granted as most of them lack scale. Another issue to be addressed is the greater volatility seen lately in global Islamic-listed equity markets. Sultan Nazrin said that an unparalleled benchmark for governance must be established that balances financial and ethical considerations. He added that innovation represents a challenge and an opportunity for the industry, thus Islamic finance must embrace the modern era of disruption, with a continued strong focus on product innovation.