With Shariah scholars at the forefront of multi-disciplinary knowledge, the Shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. Closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. It is the way forward. It is the way to ensure that the Islamic finance industry continues to be able to deliver on the intended objectives of Shariah. 1/2  BIS central bankers' speeches  Transparency of Shariah rule-making My second point relates to the importance of transparency of Shariah reasoning and credibility of Shariah rulings. This will encourage a deeper understanding of Shariah requirements and outcomes beyond a compliance mindset. Pronouncing a clear and comprehensive hukum is certainly not easy; Shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. It is equally important that Shariah rulings are well-understood by everyone. This calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. Platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other’s experiences. Best practices in Shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of Shariah advisory authorities globally.

Connectivity among centralised Shariah advisory authorities The final point is on increasing connectivity among centralised Shariah advisory authorities to promote mutual respect and knowledge-sharing. Islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. Differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many Islamic societies. While achieving consensus is ideal – full appreciation of differences in circumstances and considerations is equally important and necessary. I have observed over the years that the implementation of Islamic finance varies from one jurisdiction to another. Rightly so, this reflects the different stages of development and diversity in local customs, market conventions and cultural norms. I believe through frequent and constructive dialogue, Shariah boards and advisory authorities will become more appreciative of the many differences in business and economic environment – that lead to different Shariah interpretations. Concerted efforts to cultivate greater understanding of the variations in fiqh interpretations and approaches to Islamic finance development are positive steps towards harmonisation that can deliver certainty of Shariah implementation in the global Islamic financial system. This roundtable meeting organised today is just a starting point of a long journey. It is my hope that this meeting offers a productive networking opportunity for all of us to identify common issues; explore mutually beneficial opportunities; and implement positive changes in our financial systems.