Policy configuration will need to be pragmatic and premised on the risk that is being managed. Indeed, macroprudential policies have been found to be effective in managing financial cycles and associated risks, such as excessive credit growth and asset price inflation. Nevertheless, sizeable shifts in capital flows could cause disorderly financial market conditions and excessive exchange rate movements. In pursuit of preserving stability, policymakers must therefore be able to avail ourselves to a broad range of policy toolkit. Globalisation of Human Capital Lastly, I will briefly touch on what globalisation means for the average person in today’s economy. Being skilled alone is no longer a guarantee of employment. With offshoring of jobs, workers are now competing in a fluid workplace, against a global workforce. A job that is available locally today can be effortlessly transferred to a different country tomorrow. Essentially, the increasingly dynamic nature of work underscores the importance for workers to constantly adapt, re-skill and up-skill. A global workforce also means that borders no longer limit the search for preferred jobs. In fact, globally, 258 million people, almost the size of Indonesia’s entire population, are living in a country that is not of their origin. Another aspect is the intensification of globalisation of information. Technology has brought the world into the palm of our hands. Last year, 3 in every 4 persons were active on a social media platform. In fact, if Facebook were a country, with 1.5 billion active users, it would be the largest country in the world today.

Communication and direct interface with these key stakeholders will advance towards effective dissemination of information to promote greater awareness and appreciation on Islamic finance to create a more literate society on the virtues and benefits of Islamic banking and finance. The organising of KLIIFEX 2006 has some embedded key values and essence that need to be strengthened moving forward. The most significant is the strong alliance among the players within the industry as well as with the relevant institutions including educational, training and research institutions, knowledge centres and other professional bodies in promoting the development of the industry. Islamic finance will achieve greater heights with the collaborative efforts of all relevant parties, especially those outside the industry. The existence of these networks and linkages is a catalyst towards strengthening the landscape for future innovations and advancements in Islamic banking and finance at the domestic and international fronts. The second essence of KLIIFEX 2006 is the involvement of international players, particularly with the participation of foreign exhibitors in this year's event. As the cross border trades and international Islamic finance activities intensify, strong interlinkages among the domestic and international players are crucial. Leveraging on the significant inroads and growing global recognition enjoyed by Malaysian players, this event will accord opportunities for the players to understand each other's strength and capabilities that would lead to more strategic alliance in the area of Islamic finance. This is certainly relevant in our effort to enhance the position of Malaysia as an international Islamic financial centre (MIFC).