To date, the number of Islamic financial institutions worldwide has increased to more than 300, spanning more than 75 countries both in the Muslim and non-Muslim countries. 1 The expansion of the inter-linkages among intermediaries and markets across regions would contribute towards a more efficient allocation of financial resources across borders and thus contribute to enhancing global growth prospects. The fifth dimension that has seen significant change is in the development of human capital in Islamic finance. It has been a vital development that has been key in ensuring an adequate supply of talent and expertise for further expansion and development of the Islamic financial services industry. High caliber professionals that have the combined knowledge and understanding of the Shariah with the necessary skills in finance 2 are now in great demand. Recognising this, several major institutions of higher learning are offering more focussed and structured programmes in Islamic finance. The establishment of the International Centre for Education in Islamic Finance (INCEIF) in Malaysia in 2006 represents a structured investment in human capital development to support the global development of Islamic financial services industry. It is envisioned that INCEIF will act as a professional certification body as well as an education centre for specialised post-graduate programmes in Islamic finance. Distinctive features of Islamic finance While Islamic finance has continued to evolve, the distinct features remain fundamental. Islamic finance is required to operate in accordance with the rules of Shariah from which it derives its unique characteristics.

Adnan Zaylani Mohamad Zahid: Keynote address - Islamic Financial Market Forum Keynote address by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Standard Chartered's Islamic Financial Market Forum, Kuala Lumpur, 14 March 2023. *** CEOs, distinguished guests, ladies and gentlemen. Assalamualaikum w.b.t and a very good morning. The Financial Sector Blueprint 2022–2026 sets out what BNM's development priorities are for the financial sector over the next five years. In its third iteration, Islamic finance remains a top priority. One of the thrusts, "Advancing value-based finance through Islamic finance leadership" is aimed at spurring growth that is progressive, sustainable and inclusive. This also intends to strengthen Malaysia's value proposition as an international gateway for Islamic finance which will be a reaffirmation of the "Malaysia as an Islamic Financial Centre (MIFC)" agenda. Since its inception in 2006, the MIFC agenda of "Internationalisation of Islamic finance" has offered a platform for Malaysia to position itself as a centre for the offering of Islamic financial products and services in international currencies to the global and domestic financial community. Many of our early initiatives and efforts were to build the foundations and to create the necessary critical mass for participating financial players, which would increase the scale of activity and financial services offered. Malaysia aimed to attract global players as well as to enhance the capacity and capabilities of the domestic financial institutions.