Even controversial issues that were long blocking international negotiations, as the Doha agenda, received a new momentum in the G20 communiqué. So far, as you all know, significant progress has been achieved in terms of recognition of the causes of the crises, including development of unsound risk management practices and excessive leverage, in a time regulators in many jurisdictions failed to perceive the build up of unbalances in individual institutions and financial markets in general. At the same time, each country in one way or another has taken actions to provide liquidity and unfreeze credit markets, and when necessary – particularly in mature economies – to stimulate the economy, strengthen the capital basis of financial institutions and tackle regulatory deficiencies. That said, authorities in Washington committed to implement reforms that will strengthen financial markets and regulatory regimes. An important novelty is the recognition that financial markets are global in scope, so that enhanced international cooperation among regulators is needed in a globalized world. Commitment to reform the multilateral institutions to increase their legitimacy and effectiveness has also progressed, granting a larger weight in their decision bodies to emerging economies, as well as expanding the representativeness of the Financial Stability Forum and of the Basel Committee on Banking Supervision. The IMF and the expanded Financial Stability Forum are called to increase efforts in crisis prevention and responses.

Zeti Akhtar Aziz: Islamic finance - dynamic industry in a rapidly changing global environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2nd International Islamic Finance Conference, Dubai, UAE, 22 September 2003. *  *  *  Bismillahirrahmanirrahim “The Islamic financial industry is ascending to prominence in an environment that is highly competitive and constantly subject to the forces of change. The industry has made significant progress, with the essential fundamentals underpinning financial infrastructure to support its sound expansion in place. The challenge before us is to bring the industry to its next stage of development and reinforce the robustness of the industry in a more challenging environment. Of importance is the need to evolve the strategies that need to be adopted to build key strengths and enhance institutional capacity in the industry. Indeed, collaborative efforts need to be intensified on the global front and integration accelerated. As the decade unfolds, insha-Allah, the Islamic financial industry will evolve into an increasingly dynamic and vibrant industry” It is my honour and pleasure to be here today at this Second International Islamic Finance Conference, organised by the Islamic Development Bank and the General Council of Islamic Banks and Financial Institutions. Globalization and financial liberalization have brought profound changes to our domestic and international financial landscape. These changes have been accompanied by an accelerating pace of financial liberalisation, driven by advances in technology. The advancements in information and communication technology have removed barriers in the market place.