2  BIS Review 25/2003  Kielland’s description of a financial crisis and the consequences were realistic. There was speculation then and there is speculation today, but in other kinds of financial instruments than at that time. The 1899 banking crisis in Kristiania was the most serious of the regional crises. The crisis was particular to Norway, following in the wake of the strong property boom and the subsequent crash in summer 1899. The next two banking crises, in 1920-1928 and 1988-1992, were far more severe than the earlier crises. There were particular reasons for each of the last three crises, but they also have much in common: 2 Asset prices rose quickly prior to crises. Each cyclical upswing had its speculation objects. Property prices and share prices for property companies rose to a very high level in the last half of the 1890s. Share prices, particularly in shipping and whaling, rose dramatically during the First World War, then fell markedly afterwards. In the 1980s, prices for dwellings and commercial property increased rapidly. Households and enterprises increased their debt more than their nominal income in the periods of expansion before the crises. High debt made them more vulnerable to loss of income or increases in real interest rates. The debt burden increased less in the 1890s and during the First World War due to a strong increase in nominal income. Under the gold standard, however, periods of growth in nominal income were normally followed by periods with a fall in nominal income.

Communication and direct interface with these key stakeholders will advance towards effective dissemination of information to promote greater awareness and appreciation on Islamic finance to create a more literate society on the virtues and benefits of Islamic banking and finance. The organising of KLIIFEX 2006 has some embedded key values and essence that need to be strengthened moving forward. The most significant is the strong alliance among the players within the industry as well as with the relevant institutions including educational, training and research institutions, knowledge centres and other professional bodies in promoting the development of the industry. Islamic finance will achieve greater heights with the collaborative efforts of all relevant parties, especially those outside the industry. The existence of these networks and linkages is a catalyst towards strengthening the landscape for future innovations and advancements in Islamic banking and finance at the domestic and international fronts. The second essence of KLIIFEX 2006 is the involvement of international players, particularly with the participation of foreign exhibitors in this year's event. As the cross border trades and international Islamic finance activities intensify, strong interlinkages among the domestic and international players are crucial. Leveraging on the significant inroads and growing global recognition enjoyed by Malaysian players, this event will accord opportunities for the players to understand each other's strength and capabilities that would lead to more strategic alliance in the area of Islamic finance. This is certainly relevant in our effort to enhance the position of Malaysia as an international Islamic financial centre (MIFC).