Another factor promoting enhanced cross-border flows relates to the issue of recognising Shariah interpretations in the offerings of cross-border products. The current efforts have already resulted in greater harmonisation amongst jurisdictions on the specific Shariah practices relating to Islamic finance. In our pursuit to promote understanding, greater engagements and intellectual discourse among the Shariah scholars in the region have been fostered through regional Shariah Dialogues. These dialogues have been highly constructive. In this Conference, the deliberations on Shariah during the Specialised Workshops and the engagements between Shariah advisors, would continue this process to enhance greater appreciation and understanding of our respective Shariah practices. 2  BIS central bankers’ speeches  The development of human capital in Islamic finance is another key thrust in our efforts to develop capacity in supporting cross-border Islamic finance business. The collaboration between Malaysia and Indonesia in promoting partnerships in Islamic finance education are already taking place to expand the pool of talent and technical expertise in Islamic finance. Strategic partnerships between the International Centre for Education in Islamic Finance (INCEIF) and 7 Indonesian universities have allowed for the exchange of academic resources for the offering of specialised programmes in Islamic finance. These crossfertilisation efforts are encouraging future collaboration between specialised training institutions from both countries which would certainly enrich the Islamic finance industry. Conclusion Izinkan saya untuk mengakhiri ucapan saya. Kewangan Islam kini telah berkembang pesat di serata dunia dan menjadi komponen yang semakin penting dalam sistem kewangan antarabangsa dan merupakan pengantaraan penting bagi transaksi rentas sempadan.

The Spanish economy faces considerable challenges, which I have reviewed today. But the most pressing task undoubtedly lies in our labour market, the workings of which evidence singular traits compared with those of other countries. In times of crisis such as the present, these traits lead to the adjustment coming about essentially through job destruction and, even in boom times, the unemployment rate holds at an unjustifiably high level. To reduce such high unemployment and to rapidly generate jobs again, we must draw our institutional and legal framework closer to the models of the other developed countries, which allow for greater flexibility in the use of the labour factor with a greater degree of worker protection. In fact, within the euro, the key variable for the recovery of the Spanish economy is competitiveness. And without a far-reaching reform of these institutions, it will be very difficult for the Spanish economy to promptly attain a reasonable rate of sustained growth. On 10 June the government approved a Decree-Law providing for some improvement to the regulation of collective bargaining. Foreseeably, in its passage through Parliament, greater powers will be extended to workers and employers so that, in mutual agreement, they may decide what they believe is most suitable to enhance the productivity and competitiveness of their companies. The positive effects of this greater flexibility in the labour market would be reinforced if, moreover, measures were taken to increase competition in the markets for goods and services.