In particular, the Financial Stability Board has claimed that the problems of misconduct in some financial institutions have the potential to create systemic risks, considering the scale of the associated fines and sanctions which could run into the millions and also the negative impact on confidence. This is a serious threat that must be properly addressed. The banking business is about trust; if confidence in the financial institutions and markets is lost, the potential for finance to serve the real economy and foster growth will be undermined. In response to this threat, a new area of FSB-coordinated work has been set up. An action plan has been launched which, among other measures, explores the pivotal role played by compensation structures and, more generally, corporate governance frameworks in preventing and mitigating bad practice. The FSB is examining whether the reforms already in place, mainly as a result of principles and standards issued by the OECD, the Basel Committee and the FSB itself, have proven effective or if, on the contrary, more preventive measures are required. 5. Closing remarks  Let me conclude. Back in 2009 the FSB and other standard-setting bodies (such as the Basel Committee) received a mandate from the G20 to restore the resilience of the financial markets and make future financial crises less frequent and costly. Most of the agreed postcrisis measures are now in place and have already begun to deliver benefits in terms of bank resilience and financial stability. The Basel Committee intends to finalise the Basel III framework in 2016.

Usaha bersepadu di peringkat industri juga perlu dalam pembangunan sumber insan dan dalam merangka pendekatan yang lebih berkesan untuk memasuki pasaran global. Semangat "takaful", iaitu saling bantu-membantu, perlu diperkukuhkan untuk menjadi teras kepada usaha kita membangunkan Malaysia sebagai pusat kewangan Islam antarabangsa yang unggul. It is indeed a pleasure to be here today to commemorate the official launch of "Commerce Takaful Berhad". It was almost a year ago, in April 2005, that we witnessed the emergence of its related company - "Commerce Tijari Bank Berhad". Commerce Tijari has since developed into a new, emerging provider of Islamic banking and financial solutions that successfully leveraged on its strong group structure, thereby contributing towards spurring the growth of the Islamic financial services industry in the country. Alhamdulillah, today, the setting up of Commerce Takaful Berhad is another significant milestone reflecting the Group's strong commitment towards providing a complete range of Shariah-compliant financial solutions, covering Islamic banking and takaful and the capital market, that is competitive, comprehensive and tailor-made to meet the demands of the consumers. For the takaful industry in Malaysia, the emergence of Commerce Takaful Berhad in the Islamic financial landscape is indeed timely. This is particularly so in our efforts to further strengthen the institutional infrastructure of our takaful industry by increasing the diversity and strength of players in the Islamic financial system. These players will be the driving force, accelerating the expansion of takaful business, not only in Malaysia but regionally as well as globally.