It is no secret that, when a country surpasses a threshold per capita income of around $ 2,500, it provides a new impetus to policymakers, key stakeholders and the people as a whole, to launch into a new phase of development. Thereafter, the process of development takes place more smoothly and naturally. This is due to several reasons. First, at the new levels of income, a society naturally attains certain standards, including stronger business ethics, better behavioral patterns and wider national integration. Second, at the new levels of income, people are able to plan their investments better, as they can look beyond matching their income with the cost for basics. This includes not only financial investments, but also includes investments in skill and knowledge, upgrading and investing on physical health, both of which boost factor accumulation with less effort. Third, as income levels increase, even a lower growth rate means a higher increase in income in absolute terms. But, moving towards that magical number is not going to be easy. In today’s trying conditions, it would be even more difficult than in the past when many of the old established advanced nations crossed the magical mark. As we know, many of today’s advanced nations passed that threshold under very different conditions than what the emerging economies are facing today.

Another factor promoting enhanced cross-border flows relates to the issue of recognising Shariah interpretations in the offerings of cross-border products. The current efforts have already resulted in greater harmonisation amongst jurisdictions on the specific Shariah practices relating to Islamic finance. In our pursuit to promote understanding, greater engagements and intellectual discourse among the Shariah scholars in the region have been fostered through regional Shariah Dialogues. These dialogues have been highly constructive. In this Conference, the deliberations on Shariah during the Specialised Workshops and the engagements between Shariah advisors, would continue this process to enhance greater appreciation and understanding of our respective Shariah practices. 2  BIS central bankers’ speeches  The development of human capital in Islamic finance is another key thrust in our efforts to develop capacity in supporting cross-border Islamic finance business. The collaboration between Malaysia and Indonesia in promoting partnerships in Islamic finance education are already taking place to expand the pool of talent and technical expertise in Islamic finance. Strategic partnerships between the International Centre for Education in Islamic Finance (INCEIF) and 7 Indonesian universities have allowed for the exchange of academic resources for the offering of specialised programmes in Islamic finance. These crossfertilisation efforts are encouraging future collaboration between specialised training institutions from both countries which would certainly enrich the Islamic finance industry. Conclusion Izinkan saya untuk mengakhiri ucapan saya. Kewangan Islam kini telah berkembang pesat di serata dunia dan menjadi komponen yang semakin penting dalam sistem kewangan antarabangsa dan merupakan pengantaraan penting bagi transaksi rentas sempadan.