In addition, a legal fraternity that is competent in both Shariah and civil laws is also important. Finally, in a dual banking system, the tax legislation should accord neutrality in treatment between Islamic and conventional banking products. Sixth, the development of a comprehensive Shariah framework is a fundamental part of the process. Each institution offering Islamic products will need to establish a Shariah advisory committee to ensure that all Islamic transactions, products and operations are Shariah-compliant. Shariah decisions need to be made transparent to promote greater understanding and the acceptance of such decisions. Seventh, the importance of a robust and effective regulatory and supervisory framework cannot be over-emphasised. While the financial regulation and supervision of Islamic banking institutions would be similar, the areas such as capital adequacy, the liquidity framework have to take into account the unique risk characteristics of the Islamic banking models that accord the Shariah requirements. Sound corporate governance, transparency, accountability, disclosure, market discipline, risk management and consumer protection are common issues that need to be addressed. In a dual banking system, it is important that opportunities for regulatory arbitrage in banking practices should be eliminated. Eighth, research and development is important to incorporate core Islamic values into banking products and business models. Research and development, and leveraging on the advances in information and communication technology are also critical in ensuring performance and a more equitable distribution of profits and wealth among all stakeholders.

To this end, we must reinforce our capacities and our understanding of economic and financial developments and their relation to policy tools, in order to properly respond to potential risks. This may be done by improving our current knowledge of past shocks, development, and the implications of potential shocks. Experience has shown that this knowledge is comprehensive only when it is the result of a rigorous and competent research process. Last but not least, we have to continue our policy efforts to strengthen the relationship between researchers and policy makers. I believe that these efforts can increase both from research and from the end users of the research 2/3  BIS central bankers' speeches  product. Ladies and Gentlemen! The research papers to be presented in this workshop reflect the serious thoughts and discussions of expert researchers on major issues. These include not only the work of the Bank of Albania, but also the work done in other central banks and academia. The topics cover a wide range of very useful issues. I hope that the research presented at today’s workshop will spark vigorous debate and allow the sharing of diverse opinions that will help each other improve and strengthen your work form a different perspective. I invite you all and the Bank of Albania’s researchers to use this activity to learn something new, and as a platform to strengthen the cooperation for your own and your institutions’ benefit. I would like to end my speech by wishing you a productive and successful workshop!