For example, there could be a committee for global exchange rate issues, in which the large currency blocs are represented; another committee focused on poverty issues, where poor countries and major donor countries have a high representation; and a committee for crisis resolution, in which creditors have a strong position, etc. Reforms in this direction could also increase the efficiency of the Executive Board. It could also imply that a small increase in the number of chairs would be manageable. The problem that a number of countries would end up outside some of the discussions, should not be exaggerated particularly if the consequence of total changes is that IMF gets a more central role in the international discussion than today. To the extent that the problem remain, it should be possible to manage through a high degree of openness. 4. The role of the Executive Board should be stronger and more clearly defined in relation to the IMF’s management. The current principle whereby the IMF’s managing director is both chairman of the Board and responsible for executing the Board’s decisions is open to question. With a more clear division of responsibilities, the IMF management could be more effective and, in practice, possibly stronger. It is also vital that the Board is represented at a high enough level with full confidence from the capital level in order for the Board to be able to become an effective arena for central policy discussions. 5. The IMFC could be reinforced.

Today, we are paving the way for closer collaboration between INCEIF and the institutions of higher learning in Malaysia to realise our common objective of developing the pool of expertise in Islamic finance. This collaborative move, would establish a network of mutual co-operation and collaboration that would strengthen the efforts between the institutions of higher learning in the areas of curriculum development, research, training, exchange of ideas and information, and resources in Islamic finance. This partnership in connecting the knowledge communities in Malaysia needs to be developed and maintained on a long-term basis. Entering into strategic alliances with institutions of higher learning, Islamic financial institutions and other organisations would create greater synergy, which may bring about new approaches, new technologies and new areas of specialization. Collaborative efforts between INCEIF and institutions of higher learning in particular, would strengthen the ability to leverage on the respective institutions' expertise in research. The introduction of new research findings in Islamic financial engineering could pave the way for increased innovation of new products. This would contribute towards broadening and deepening Islamic financial markets and thus strengthen the overall development of the Islamic financial industry. In addition, active collaboration between academic researchers and the practitioners will enable the practical application of research findings. BIS Review 125/2006  1  One of the strategic steps that INCEIF has initiated is the forging into strategic alliances with the five takaful operators to collaborate in promoting and undertaking research, development, training and education in Islamic finance.