For the Islamic financial services industry, there are several areas of common interest that the industry associations can contribute to strengthen corporate governance In the international scene, AAOIFI has made contributions towards improved quality of financial statements and reporting methodology of the Islamic institutions via issuing accounting and auditing standards for Islamic financial institutions. Standards and code of ethics have also been issued to govern the conduct of the accountant and auditors of the Islamic institutions. Undoubtedly, the efforts by AAOIFI has assisted to accelerate the pace of transparency and corporate governance of the Islamic financial institutions in the international environment. Needless to say that the role of Islamic Financial Services Board is crucial in enhancing the level of transparency and quality of corporate governance of the Islamic financial institutions. The Islamic Financial Services Board through the promulgation of the international prudential standards on corporate governance that are consistent with Shariah principles will have a prominent role in promoting prudent, transparent and robust development of Islamic financial services. Conclusion Good governance is, essentially participatory, transparent and accountable. These elements are embedded in Islam and therefore an integral part of the governance framework of the Islamic financial institutions. Consequentially, effective Islamic governance framework requires involvement of all stakeholders - the government, the industry associations, the shareholders, the directors, the management and other persons relevant to the business such as auditors, accountants, lawyers and Shariah advisors - to responsibly complement each other in providing checks and balances, and in strengthening the corporate governance practices.

We want to assess to what extent and under what conditions it could improve the efficiency and security of settlement of financial assets transactions, while preserving the fundamental role of central bank money in the smooth and safe execution of these transactions. The Banque de France also takes an active part in the work conducted by the Eurosystem under the aegis of the ECB in relation to a digital retail euro. The challenge is to assess whether and how a digital central bank euro is needed. As we do when analysing market developments, our analysis encompasses all the potential impacts of such innovation. We need to ensure that we 2/3  BIS central bankers' speeches  do not compromise more general public objectives such as monetary and financial stability, organise coexistence with other forms of public money and commercial banks, and promote innovation and efficiency in the financial system. Naturally, our experiment is not limited to questions of digital central bank money. As part of our observation on the development of crypto-assets, we plan to participate in market experiments to help define the role of supervisors in this ecosystem. I’ll stop there to give way to the two round tables of this webinar. The two themes chosen are: “Crypto-assets, risks and regulation” and “Crypto-assets, what will become a standard?”. They seem to me to be two very complementary ways of addressing the issues that I have highlighted. I am sure that the cross-section of American and European views will add to the debate.