Richard Melson

June 2006

BIS Islamic Finance

http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance

Zeti Akhtar Aziz:

Islamic finance

(Central Bank Articles and Speeches)

15 Jun 2006

Zeti Akhtar Aziz: Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006. * * * Islamic finance has become one of the most...

Zeti Akhtar Aziz: Islamic finance

Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006.

* * *

Islamic finance has become one of the most dynamic growth areas in international finance.

While

Islamic finance has become an increasingly important form of financial intermediation in several countries, more recently, we have seen the international dimension gain significance.

The Malaysian

Islamic financial system is now well positioned to become internationally integrated with the

international Islamic financial system. The progress and development of the Islamic financial services

sector in Malaysia is evidenced by:

the rapid expansion in new and innovative Islamic financial products and services;

the enhanced competitive environment in which Islamic finance has developed;

the progressive development of the prudential, regulatory and supervisory framework for

Islamic financial institutions;

the active issuance of both corporate and sovereign Islamic financial instruments;

the progressive liberalisation for foreign participation; and

the strengthened financial and non-financial institutional infrastructure, including the

development of the domestic money and capital markets, and the establishment of

institutions to promote human resource development in Islamic finance to ensure the pool of

talent that is necessary to sustain the long term growth of the industry.

Our domestic Islamic financial system is one of the most developed, with its diversity of players and

financial products and services in Islamic banking, takaful and the Islamic capital market.

Today, we are witnessing the establishment of another dedicated Islamic banking subsidiary that will

contribute towards further strengthening the Islamic financial institutional infrastructure in Malaysia -

the launch of Affin Islamic Bank Berhad as an Islamic banking subsidiary of Affin Bank Berhad.

With the domestic Islamic financial infrastructure in place, the emphasis is now to become more

internationally integrated with the international Islamic financial system, thus increasing our economic

and financial linkages with other parts of the world. Our efforts are to position Malaysia as an

international Islamic financial centre and thus facilitate this international integration process. In this

regard, the establishment of an Islamic subsidiary also increases the opportunity for entering into

strategic partnerships with foreign interests, thereby increasing the potential for greater interface with

more extensive markets beyond our domestic borders.

On the domestic front, while tremendous progress has been achieved, much more needs to be done.

The Islamic financial industry needs to allocate more resources toward investment in research and

development to create more innovative products. Consumer awareness and consumer education also

needs to be enhanced to support the growth of the Islamic financial industry. In a financial

environment that is transitioning towards greater deregulation and towards more market-based rules, it

is important that the Islamic financial institutions inculcate a high level of confidence among

consumers not only on the Shariah-compliance aspects of the Islamic financial products offered, but

also on their business operations.

Concerted efforts by the industry to develop standardized documentation and features of Islamic

financial contracts would enhance the level of public understanding of the different types and concepts

of Islamic financial products. Islamic financial institutions also need to provide consumers with the

information that accurately represents the unique features, risks and returns associated with the

Islamic products and services. Enhanced financial literacy on Islamic financial products will facilitate

the process for consumers to make well-informed and effective decisions on their financial

transactions, with a clear understanding and appreciation of the unique characteristics and features of

Islamic finance and its real economic value.

Indeed, the strengthening of the range of Islamic products and services needs to be accompanied by

an improved market understanding of the Islamic financial products. This requires well trained staff

BIS Review 52/2006 1

who are equipped with the required skills and knowledge in Islamic finance that are able to provide

quality advice to the customers. Correct terminologies need to be used with an ability to highlight the

distinguishing features of the products and services. This is particularly important in a dual financial

environment where both conventional and Islamic financial system are operating in parallel.

The regulatory framework governing market practices by the Islamic financial institutions can also be

strengthened further to ensure its continued soundness. This will involve the implementation of the

prudential standards that have been issued by the Islamic Financial Services Board, the IFSB. Greater

transparency through the observance of minimum disclosure requirements needs to be adopted by the

industry. Good business practices need to be embedded in all aspects of Islamic financial operations,

not only as part of good governance and corporate social responsibility, but also as part of brand

building. Market efficiency in conducting Islamic business activities can also be enhanced further to

ensure its sustained competitiveness as an intermediation process.

As we are advancing into the third phase of the Financial Sector Master Plan, where the environment

will become increasingly more liberalised and dynamic, we now have to look beyond the 2010

strategies. A key feature of the new environment is increased competition. The benefit of this trend will

be to the consumers and businesses in terms of better prices, better range of products and services

that are of a higher quality. This in turn would contribute to the overall performance of the economy. To

be at the leading edge of competition, continuous efforts have to be intensified to enhance business

efficiency and innovation. In this regard, the Islamic subsidiaries, with their increased autonomy in

business operations, would be better positioned to determine their own business strategies and to

realise the vast growth potential in the Islamic financial industry. On this note, it is my pleasure to

congratulate the Affin Group on the occasion of the official launch of Affin Islamic Bank Berhad. I wish

Affin Islamic Bank Berhad every success in maximising the potential opportunities and contributing to

achieving its objectives.

Akhir kata, dengan lafaz Bismillahir Rahmanir Rahim, saya dengan sukacitanya merasmikan

pelancaran Affin Islamic Bank Berhad.

Terima kasih.

2 BIS Review 52/2006

Zeti Akhtar Aziz:

The International Centre for Education in Islamic Finance (Central Bank Articles and Speeches)

...Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of The International Centre For Education In Islamic Finance (INCEIF), Kuala...

http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance

27 Mar 2006

Zeti Akhtar Aziz:

The International Centre for Education in Islamic Finance (Central Bank Articles and Speeches)

...Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of The International Centre For Education In Islamic Finance (INCEIF), Kuala...

Zeti Akhtar Aziz:

The International Centre for Education in Islamic Finance

Governor's luncheon address by Dr Zeti Akhtar Aziz,

Governor of the Central Bank of Malaysia,

at the launching of:

The International Centre For Education In Islamic Finance (INCEIF), Kuala Lumpur,

23 March 2006.

* * *

It is my great pleasure and honour to welcome you to this luncheon in conjunction with the Meeting of

the 1440 Hijrah Vision Commission of the Islamic Development Bank (IDB) and the Launch of the

Vision Document that has taken place this morning for the transformation of the Islamic Development

Bank to become the premier catalyst for greater shared prosperity and development among the

ummah. We are most honoured today by the presence of Yang Amat Berhormat Dato Seri Abdullah

Ahmad Badawi. I would like to take this opportunity to congratulate the IDB for the successful launch

of the IDB 1440 Hijrah Vision. The Vision Document would serve as an important blue print for the

transformation of the IDB into a dynamic Development Bank that will contribute to the "comprehensive

human development", and thereby achieving prosperity for the ummah. We are also honoured today

by the presence of His Excellency Tun Dr. Mahathir bin Mohamad, Chairman of the Commission, and

His Excellency Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group.

Today, we are also taking the opportunity of this very auspicious occasion, with the grace of Allah, to

lay the foundations for another initiative, the launch of the International Centre for Education in Islamic

Finance, INCEIF.

The Islamic banking and financial services industry has experienced profound growth in this recent

decade. This growth is expected to accelerate further global expansion in demand for Shariahcompliant

financial products and services intensify. To sustain and support the future growth of the

industry, an important prerequisite is the development of the talent and expertise that is needed to

drive innovation and to raise the performance of the industry to greater heights.

The establishment of the International Centre for Education in Islamic Finance (INCEIF) represents an

investment in human capital to support the global development of the Islamic financial services

industry. Human intellectual capital plays a pivotal role in driving the performance and market

competitiveness of the industry. Going forward, it will be the defining factor. The fast pace of

innovation in global financial services in general and in the Islamic financial services sector in

particular, will demand new expertise and skills. Indeed, there will be an increase in demand for

adequately qualified professionals. In this environment, the creation of a substantial pool of talent and

expertise is thus indispensable for the future growth of Islamic finance. Strengthening research and

development capabilities is also important for enhancing the capacity for innovation to meet the

diverse requirements of the rapidly changing global economy.

The establishment of the International Centre for Education in Islamic Finance thus comes from the

recognition of this need to invest in human capital to advance the industry forward to greater heights.

Bank Negara Malaysia has allocated an endowment fund of RM500 million for this purpose. The

income from the endowment fund will be utilised to finance the operations of INCEIF. The objective of

INCEIF is to produce high-calibre practitioners and professionals in Islamic finance as well as

specialists and researchers in the disciplines of Islamic finance. INCEIF will leverage on the wealth of

experience of the Islamic finance industry, both in Malaysia and abroad, to provide its graduates with

value added insights and perspectives, in particular for their research programmes. Malaysia's

experience in Islamic finance for over more than two decades will also provide a training environment,

including for internships for developing Islamic finance professionals.

The required skill set in Islamic finance is unique. It needs to have the right blend of knowledge of

finance with the understanding of the Shariah as being central. The Shariah principles must be

embedded in every operational aspect of the Islamic financial institution, including in the design of

financial products and financing structures, financial contracts and their execution, liquidity and

balance sheet management, risk management as well as asset and wealth management. The

upholding of the Shariah principles must permeate from the highest level, including at the broad and

senior management levels. Sound policies and practices premised on Shariah principles will evolve

the Islamic financial system into a financial system that is distinctively ethical and that which promotes

economic justice.

BIS Review 22/2006 1

In meeting this objective of providing a total talent management solution for the Islamic financial

services industry, INCEIF will offer the world's first certification on Islamic finance, the Certified Islamic

Finance Professional (CIFP) programme. The CIFP modules to be offered has been designed by

renowned experts of their respective fields and have been developed in full consultation with local and

international industry players in order to ensure their relevance to the requirements of the industry.

Following the launch of the INCEIF today, the programme will be open for registration. Classes for the

first enrolment will commence in June 2006. INCEIF also offers post-graduate programmes in Islamic

finance that will include specialised Masters and Ph.D. programmes in the various Islamic finance

disciplines.

INCEIF will be governed by the INCEIF Governing Council and the Professional Development Panel.

The INCEIF Governing Council, comprising eminent local and international professors from the

academia and industry practitioners, will set the strategic direction and provide visionary global

insights on the learning needs of the Islamic financial services industry. The Professional Development

Panel, with vast experience in the Islamic finance industry and academia well represent the authority

in academic matters and will have the responsibility for establishing the academic policies of INCEIF

as well as the quality assurance of the CIFP and post-graduate programme modules. The academic

faculty will include permanent as well as regular visiting professors and scholars-in-residence.

INCEIF will also form strategic alliances with leading local and international learning institutions to

complement our pursuit to provide world-class knowledge for the benefit of the industry in particular,

and the ummah in general. It is our vision that INCEIF will one day be an international nucleus for

tertiary education in Islamic finance, training and research and provide a strong support in the

development of Islamic financial infrastructure.

With the grace of Allah, and with the support of the international Islamic financial community, it is our

hope that INCEIF will make a meaningful contribution to the future development of Islamic finance for

the benefit of the ummah.

In closing, once again, I would like to express our deepest appreciation to the Yang Amat Berhormat,

Dato' Seri Abdullah Haji Ahmad Badawi, Prime Minister of Malaysia for gracing this occasion and for

accepting to officiate the launch of INCEIF.

2 BIS Review 22/2006

Zeti Akhtar Aziz:

Towards the positioning of Islamic finance as an integrated component of the International Financial System (Central Bank Articles and Speeches)

...the positioning of Islamic finance as an integrated component of the International Financial System Opening speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia,

at the 5th Annual Islamic Finance Summit, London, 24...

30 Jan 2006

http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance

Zeti Akhtar Aziz:

Towards the positioning of Islamic finance as an integrated component of the International Financial System

Opening speech by Dr Zeti Akhtar Aziz,

Governor of the Central Bank of Malaysia, at the 5th Annual

Islamic Finance Summit, London, 24 January 2006.

* * *

It is my great pleasure to be here in London to speak at this

5th Annual Islamic Finance Summit organised by Euromoney.

Islamic finance has made significant breakthroughs to now gain a place in

today's challenging global environment with its international dimension now becoming increasingly

more significant. It has now evolved to become an integral part of the international financial system. As

this international financial integration process intensifies, it will not only increase the potential for

Islamic finance to contribute towards enhancing the prospects for more balanced global growth

through fostering greater trade and wealth creation, but also through facilitating greater diversification

of risks, it will contribute towards increased global financial stability.

Rapid Evolution of the Global Islamic Financial Services Industry

As recent as five years ago, the development of Islamic finance was still regarded as an infant industry

striving to prove its viability and competitiveness in the global financial environment. At that time, the

growth of Islamic finance was mainly organic and largely concentrated in countries where the Muslim

population was significant. Islamic finance was also for the most part governed by conventional

regulatory and accounting standards. In addition, the divergence of views on some of the outstanding issues called for greater harmonization.

Indeed, there was also some apprehension amongst the

regulatory authorities, consumers, business communities and investors on the future potential of Islamic finance.

Notwithstanding this, over the recent five years, there has been a rapid evolution and expansion of the industry.

Today, Islamic finance has been recognised as a viable and competitive form of financial

intermediation not only in Muslim countries but also outside the Muslim world and offering a wide range of financial products and services.

Licences are being issued to facilitate the establishment of

Islamic banks including in the industrial economies in Western jurisdictions. There are also an

increasing number of international conventional banking institutions offering Islamic financial products

and services through dedicated subsidiaries or branches as well as through window arrangements.

Inaddition, countries that have pockets of Muslim population,

in particular, in the Asian region are now

exploring the prospect of providing access to Islamic financial services to promote greater inclusion.

These trends have not only been in terms of numbers of Islamic financial institutions, but also in terms

of institutions with larger size of capital and a more established operational governance framework including risk management.

Islamic financial institutions that previously operated only in their own

domestic jurisdictions have also begun to venture abroad to tap new growth opportunities in other regions and forge greater cross-border linkages.

In the Islamic capital markets, there has been a growing interest in the issuance of Islamic sukuks by

both sovereigns and multinational corporations.

At the international level, the issuance of the first

sovereign global Islamic sukuk by the Government of Malaysia in 2002 has been followed by a series of other issues.

Corporations and multilateral development institutions have also embarked to issue

Islamic financial instruments resulting in an increase in the range of products in the international capital market. Islamic sukuks have now breached the USD15 billion mark.

The Islamic sukuks have

attracted a broad range of investors. In 2004, to deepen our capital market further, Malaysia liberalized

our exchange administration rules to allow multinational corporations and multilateral agencies to raise

ringgit denominated papers in our domestic bond market. Multilateral financial institutions including the

International Finance Corporation and the World Bank have since issued Islamic based ringgit denominated instruments.

We welcome the origination and issuance of Islamic financial instruments to

be issued in Malaysia.

The growth in Islamic asset and wealth management has also been phenomenal arising from the

diverse and innovative structures of Islamic investment funds, including Islamic hedge funds. It is

BIS Review 4/2006 1

estimated that more than 250 Shariah-compliant mutual funds are currently managing approximately

USD300 billion in assets. Shariah-compliant screening techniques have been able to improve risk-adjusted

returns on Islamic investment funds which in turn have led to its adoption in improving the

risk-adjusted returns of conventional equity funds.

Benchmark indices such as the Dow Jones IslamicMarket Indexes

and the Financial Times Stock Exchange Global Islamic Index Series in the

international equity market and the listing of Islamic financial instruments on international exchanges

have all contributed to enhance the depth of the Islamic financial markets as an attractive asset class

for investment.

On the regulatory front, the standardised international rules and regulations for the Islamic financial

institutions now being issued by the Islamic Financial Services Board (IFSB) will be important in effectively ensuring the stability and soundness of the system.

Two important standards, the standards

for capital adequacy and risk management have been approved by the Council of the IFSB in 2005.

The two standards have taken into account the aspects of risks associated with the different contracts

in Islamic banking business. Proper assignment of capital charge on profit-sharing arrangement and

the introduction of profit equalization and investment risk reserve are risk-mitigating elements to ensure the soundness in Islamic banking business.

The on-going work in the area of supervisory

review process, market discipline, corporate governance and transparency will complete the range of the prudential and supervisory standards of Islamic financial institutions.

The increased participation in

the IFSB from across the globe reflects the growing interest of the global financial community to be

involved, at the onset, in the development of regulatory standards in Islamic finance. In addition to

these developments, regulatory and legal reforms are also being undertaken in a number of

jurisdictions to accommodate the unique characteristics of Islamic financial transactions to support the progressive development of Islamic finance.

Following these institutional enhancements, the significant growth of Islamic financial markets and the development of the supporting financial infrastructure,

the international financial architecture for Islamic finance has been strengthened considerably.

Established international financial centers have

now included the development of Islamic finance as part of their agenda.

Also emerging on the

horizon are new Islamic financial centers in which innovative and competitive Islamic financial services industry is evolving.

With the supporting comprehensive Islamic financial infrastructure in place in

Malaysia and the diversity of Islamic financial players following the recent increased liberalization in

the Islamic finance sector, Malaysia is positioning itself as an international Islamic financial center.

Key Challenges Ahead

While Islamic finance has made significant strides, there are key challenges that needs to be

addressed for Islamic finance to sustain its development in the global financial system. My remarks will

focus on four of these challenges.

The development of robust Islamic financial system at the national level

Firstly, there is the challenge to develop a robust Islamic financial system at the national level. The level of development of Islamic finance across jurisdictions varies significantly.

While in some, Islamic

finance is at an advanced stage of development, in others, more meaningful progress is yet to be

made. To foster greater international linkages and cross-border transactions, the level of development

of Islamic finance needs to reach a certain threshold of development and sophistication. It requires the

development of a robust Islamic financial system which encompasses both the banking and the nonbank

Islamic financial intermediaries, the Islamic financial markets, offering the range of Islamic

financial products that is supported by a developed Islamic financial infrastructure.

The formulation of the ten-year masterplan for the Islamic financial services industry by the Islamic

Development Bank and the Islamic Financial Services Board, marks an important step in setting the

blueprint for leading the development of Islamic finance in a systematic and synchronized manner

across jurisdictions to achieve the common goal of a vibrant and comprehensive Islamic financial

services industry. Malaysia had five years ago launched our own Financial Sector Masterplan which

includes the strategic direction for the development of Islamic finance forward in Malaysia. It has now

culminated in the progress that Malaysia has achieved today.

2 BIS Review 4/2006

Malaysia has now evolved a comprehensive domestic Islamic financial system that is diversified in

terms of its institutions, markets and players. The strategy has been to institute the entire financial

system chain to ensure the smooth functioning of the system.

The initiatives include building the

required financial institutions including, the Islamic banking institutions, the takaful industry, the nonbanking

institutions and developing the Islamic money and capital markets. These respective

components have recently been progressively liberalized to become internationally more integrated.

The supporting financial infrastructure includes a robust regulatory and supervisory framework

reinforced by the legal and Shariah framework, the payment and settlement systems, the development

of the pool of talent and the mechanism for the liquidity operations of the Central Bank as part of its monetary policy.

The development of efficient and active international Islamic financial markets

The second challenge is to advance further the development of an efficient and active international

Islamic financial market. Well-developed international Islamic financial markets enhance the liquidity of

the instruments and risk management capacity of the players. This would promote the efficient

functioning of the markets and thus facilitate capital flows and thereby strengthen global integration.

Coordinated initiatives are therefore essential to foster the development of an efficient and vibrant

international Islamic financial market. Sustainable supply of sukuks on a regular basis needs to be

ensured. The participation of issuers including multilateral organizations, governments and

multinational corporations would contribute to this process. In Malaysia, the domestic bond market

now accounts for 80% of GDP. Of this, 44% of the papers are Islamic based.

A fundamental pre-requisite is to promote innovation in the development of a broader range of Islamic

financial market instruments. These include instruments with equity ownership features, Islamic assetbacked

securities, inclusion of permissible forms of credit enhancements as well as Shariah-compliant

risk mitigating instruments. The development of an Islamic derivatives market for hedging is required

for market-making activities to support the development of secondary markets. Research and

development therefore need to be intensified. The Shariah fund recently established by Malaysia is to

support research activities in these areas. This initiative is also to facilitate annual dialogues amongst

international Shariah scholars. It is to provide a platform for deliberation on the Shariah compatibility of

newly developed Islamic financial instruments and markets.

A further pre-requisite is to ensure sufficient availability of liquidity to support the intermediation of

funds in the Islamic financial system. The demand for central bank discount window operations is

inevitable. Central banks must therefore have sufficient Islamic financial instruments at its disposal to

manage the liquidity conditions in the Islamic financial system. This is an area that has yet to be fully

developed. In relation to this, Malaysia has developed Islamic monetary instruments that includes both

the government and our own Bank Negara Malaysia Islamic financial instruments. We have also a

dedicated clearing and settlement mechanism to ensure the smooth functioning of the Islamic financial

system. To add to the existing range of Islamic financial instruments, Bank Negara Malaysia will in

February this year issue an Ijarah paper to further meet the requirements of Islamic market players in

the domestic Islamic money market and also for the purpose of conducting monetary policy. Of equal

importance is having in place appropriate regulatory and legal framework to support the development

of Islamic financial instruments and markets to ensure investor protection, uphold market integrity in addition to containing systemic risks.

The adoption of IFSB standards

The third is to ensure the adoption of the IFSB standards. The standards on capital adequacy and risk

management that have now been approved by the Council of the Islamic Financial Services Board in

December in 2005 is scheduled for implementation in 2007. Islamic financial institutions must

therefore be equipped with the required capacity and infrastructure to capture the respective risk

weights and assign appropriate amount of regulatory capital at each of the different stages of the

Islamic financial transaction. The exclusion of risk-weighted assets funded by the profit-sharing

investment accounts from the calculation of regulatory capital requirement places critical emphasis on

a comprehensive infrastructure in the Islamic financial institutions to clearly segregate the restricted

and unrestricted profit-sharing investment accounts from the non-profit-sharing accounts and

shareholders funds and to track their respective flows in financing and investment transactions.

BIS Review 4/2006 3

Strategic investments in the state-of-the-art IT and risk management systems are integral to this process.

Supervisory authorities need to be equipped with the specialized skills necessary to have the right

assessments on the level of risks that the Islamic financial institutions are exposed to and the

effectiveness of the risk management infrastructure in the Islamic financial institutions in mitigating these risks.

The development of a sufficient pool of talent in Islamic finance

Finally, the development of a sufficient pool of appropriately skilled Islamic finance practitioners needs

to be accorded the highest priority. The required skill set in Islamic finance is unique. It needs to have

the right blend of knowledge of finance with the understanding of the Shariah as being central. The

Shariah principles must be embedded in each and every operational aspect of the Islamic financial

institution, including in the design of financial products and financing structures, financial contracts and

their execution, liquidity and balance sheet management, risk management as well as asset andwealth management.

The upholding of Shariah principles must permeate from the highest level,

including at the board and senior management levels, which provide the strategic direction for the

Islamic financial institution and to the operational levels. Sound policies and practices premised on

Shariah principles will evolve the Islamic financial system into a financial system that is distinctively

ethical and that which promotes economic justice.

To meet this objective of providing a total talent management solution for the global Islamic financial

services industry and to meet the educational needs of the different levels of Islamic finance

practitioners, including professionals and specialists in Islamic finance, Malaysia is establishing an

International Centre for Education in Islamic Finance (INCEIF). INCEIF will commence operations in

March this year and will offer professional certification programmes in Islamic finance. INCEIF will also

forge strategic alliances with domestic and foreign academic institutions to offer post-graduate programmes, namely Masters and Doctorates in Islamic Finance with specific areas of specialization.

A professional association for Islamic finance professionals will also be established for the alumni of INCEIF to keep abreast with the latest developments in Islamic finance.

Conclusion

Building the foundations on which Islamic finance has been able to advance forward has been vital to its viability, competitiveness and sustainability in this challenging global financial environment. With its integration into the international financial system, it would strengthen further the global economic andfinancial inter-linkages and in so doing would open new frontiers towards achieving more balanced global growth and greater shared global prosperity.

Thank you.

4 BIS Review 4/2006

Islamic finance: BIS

15 Aug 2005

R Basant Roi: The Mauritius Islamic Finance Forum - premier event in Islamic finance (Central Bank Articles and Speeches) /review/r050815b.pdf
R Basant Roi: The Mauritius Islamic Finance Forum - premier event in Islamic finance Address by Mr R Basant Roi, Governor of the Bank of Mauritius, at the premier event in Islamic finance, Grand Baie, 25-26 July 2005. * * * Hon. Deputy... 15 Jun 2006

Zeti Akhtar Aziz: Islamic finance (Central Bank Articles and Speeches) /review/r060615e.pdf
Zeti Akhtar Aziz: Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006. * * * Islamic finance has become one of the most... 25 Jun 2005

Zeti Akhtar Aziz: Islamic finance - promoting the competitive advantage (Central Bank Articles and Speeches) /review/r050624e.pdf
Zeti Akhtar Aziz: Islamic finance - promoting the competitive advantage Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Islamic Bankers’ Forum 2005: Islamic Finance - Promoting The Competitive... 22 Jul 2005

Zeti Akhtar Aziz: Fostering leadership role in Islamic finance (Central Bank Articles and Speeches) /review/r050722j.pdf
...leadership role in Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of Hong Leong Islamic Bank Berhad - "Fostering Leadership Role in Islamic Finance", Kuala Lumpur, 19 July... 27 Mar 2006

Zeti Akhtar Aziz: The International Centre for Education in Islamic Finance (Central Bank Articles and Speeches) /review/r060327b.pdf
...Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of The International Centre For Education In Islamic Finance (INCEIF), Kuala... 30 Jan 2006

Zeti Akhtar Aziz: Towards the positioning of Islamic finance as an integrated component of the International Financial System (Central Bank Articles and Speeches) /review/r060130f.pdf
...the positioning of Islamic finance as an integrated component of the International Financial System Opening speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 5th Annual Islamic Finance Summit, London, 24... 31 Aug 2004

Zeti Akhtar Aziz: Current issues and developments in Islamic banking and finance (Central Bank Articles and Speeches) /review/r040831d.pdf
...Aziz: Current issues and developments in Islamic banking and finance Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI’s Conference on Developing Islamic Banking and Capital Market: "New... 13 Oct 2003

Zeti Akhtar Aziz: Islamic finance - dynamic industry in a rapidly changing global environment (Central Bank Articles and Speeches) /review/r031013d.pdf
...1 Zeti Akhtar Aziz: Islamic finance - dynamic industry in a rapidly changing global environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2nd International Islamic Finance Conference,... 13 Oct 2004

Zeti Akhtar Aziz: Sustaining Islamic banking and finance growth through effective dissemination of information (Central Bank Articles and Speeches) /review/r041013c.pdf
...Aziz: Sustaining Islamic banking and finance growth through effective dissemination of information Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launching of the Islamic Banking and Takaful... 21 Nov 2002

Zeti Akhtar Aziz: Islamic banking and finance /review/r021115f.pdf
BIS Review 64/2002 1 Zeti Akhtar Aziz: Islamic banking and finance Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the inauguration of the Islamic Financial Services Board, Kuala Lumpur, 3 November...

Islamic Finance: BIS

June 17, 2006