The legislation also provides for the resolution of Islamic financial institutions to be in line with distinctive elements of the relevant Islamic contracts, thus improving the legal and procedural aspects for the orderly resolution of Islamic financial institutions. Another important area of priority is to achieve the further harmonization and mutual recognition of Shariah interpretations across jurisdictions. The progressive harmonization will be a major driving force for the internationalization of the Islamic financial system. The reduced uncertainty from differences in Shariah interpretations will also contribute to safeguarding financial stability. The continuous and constructive engagement amongst scholars, regulators and practitioners within and across the regions will pave the way for greater understanding and mutual respect for the Shariah views. This also needs to be supported by in-depth research and greater transparency on Shariah rulings and resolutions. The International Shari’ah Research Academy for Islamic Finance (ISRA), through its Shariah research undertakings and activities in promoting constant engagement among international scholars, has been at the forefront in driving progressive harmonization of Shariah at the regional and international levels. Its annually organized Muzakarah Cendekiawan Shari’ah Nusantara has emerged as an important platform for greater consensus to be forged among the Shariah scholars in the Nusantara. Finally, is the imperative for a robust liquidity management infrastructure for Islamic finance, both at the national and international levels. This is vital not only to ensure the resilience and stability of the Islamic financial system but also to reduce the cost of intermediation.

It is all about their perseverance and resilience and how they have defied all expectations. The issue before us is the source of their energy to persevere and their courage to stay the course when it all appears to be hopeless. In the business of central banking we are increasingly being confronted by such extreme conditions. Building resilience is therefore key. I have described central banking as being an unfinished business because there are always new challenges on the horizon, endless demands emerging from an ever changing and more complex environment and great expectations that the Central Bank will provide the solutions to resolve the financial and economic problems that confront us. The Central Bank is also at the forefront in the management of any financial and economic crisis – a phenomenon that continues to plague the world with increasing frequency. The Central Bank can be described as a high impact organisation. Its decisions or indecisions, its action or inaction will have major and far reaching repercussions and consequences on the economic well being of the public at large and the entire spectrum of businesses. The responsibility and accountability is therefore immense. Our business is about bringing value and benefits to our citizens. In an environment of greater transparency and enhanced communication there is also greater awareness of the prevailing circumstances. This has produced higher expectations for the delivery of results. Energy is derived from this very sense of meaning of what responsibility brings.