Therefore, AFI has an important role in leading the way in gathering examples of best practices based on specific country experience, in the area of financial inclusion and its relation to financial stability and consumer protection objectives. AFI is therefore also a key platform that brings together policymakers, financial service providers, telecommunication and technology industries to have greater awareness on the trends that can support the advancement of financial inclusion. Additionally, AFI’s engagement with international organisations is also key given the implications of their initiatives on financial inclusion. Conclusion Let me conclude. There is now greater appreciation that the level and quality of financial inclusion will have a significant impact on the prospect for balanced and sustainable growth. AFI has demonstrated its important role in leading the way for greater financial inclusion in the world economy. AFI is unique because its membership covers practitioners from developing and emerging economies, who can share approaches that can be customised to a respective country’s unique circumstances. We begin this two day global policy forum, with our vision firmly focussed on our long-term goal of universal access to quality financial services which will provide our communities with the chance to change. This Global Forum and AFI provides an unparalleled opportunity that brings together strategy, knowledge, expertise and best practices from across the AFI membership. This provides us with the real potential to make a difference in financial and economic inclusion and thus with the potential to transform lives. Thank you. 4  BIS central bankers’ speeches

The players in the Islamic financial industry must therefore, have in place robust risk management practices and system. In this regard, the establishment of the Islamic Financial Services Board has been timely. The IFSB has the important mandate of developing the prudential standards in accordance with the unique features of the Islamic financial institutions. Given that the IFSB and the existing standard setting body embraced common objectives, l do not see any difficulty in integrating the international standards with the Islamic prudential standards. This will contribute towards the development of a robust and resilient Islamic financial system that can effectively preserve financial stability and contribute to balanced growth and development. This will also facilitate the integration of the Islamic financial system as a viable component of the global financial system. Over the years, the Islamic financial industry has adopted the adaptation approach in the formulation of Islamic financial products and services. Although there are Islamic financial instruments that are distinct from the conventional financial instruments, the numbers are still few. In most instances, the Islamic financial products are repackaged along the features of the conventional financial products, while eliminating the elements that are not in-compliance with the Shariah. While this adaptation can continue, the downside risk is that Islamic financial instruments will always have to “catch-up” with the pace of product development in the conventional system. Efforts should therefore be intensified to develop new financial products that embodied the virtues of Islamic banking. This would evolve Islamic financial instruments into distinct, innovative and cutting-edge products.