This underscores the importance of capacity building by industry players in research and development, and re-engineering of business processes in search of operational excellence and enhanced customer service delivery. A strong culture of excellence is therefore vital: one that is embedded into all levels of the organization; one that fosters and rewards innovation and service quality. Increasingly, highly-skilled individuals will be needed to be able to deliver high value-added products and services, adopt advanced business practices, and have the necessary competencies to build consumer confidence and trust. It is, therefore, crucial for the industry to continuously invest in human intellectual capital to create the pool of talent, skills and expertise that will drive the performance of the industry. To meet this demand, specialised training organisations have been established. They include the International Centre for Leadership in Finance (ICLIF), which is now in its 3 rd year of operation, and the recently-launched International Centre for Education in Islamic Finance (INCEIF). The programmes carried out by the Malaysian Insurance Institute (MII) have also been reviewed to meet the evolving demands of the financial sector. As we move towards the final phase of the Financial Sector Master Plan and into a more competitive landscape, we require robust financial institutions that are resilient, effective and well positioned to serve the nation. In particular, to achieve a financial sector that will effectively facilitate and support sustainable economic growth and transformation.

Zeti Akhtar Aziz: Financial stability – regional and global cooperation Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 8th Islamic Financial Services Board Summit Luxembourg, Panel Session 2 “Financial Stability: Regional and Global Cooperation”, Luxembourg, 12 May 2011. *  *  *  It is now more than three years since the onset of the global financial crisis. Yet, its repercussions continue to reverberate across the world. Efforts to return the global economy on a sustainable growth trajectory have been challenged by risks and uncertainties that continue to prevail in many parts of the world. Most of all, this crisis has demonstrated the greater degree of international interdependence arising from the increased international financial and economic integration. Global financial stability has therefore become a shared responsibility. In today’s more interconnected financial systems and stronger economic interlinkages, the enormous challenge in securing effective and efficient functioning financial systems and financial stability will demand for unprecedented collective action and international cooperation. It is my pleasure to be here in Luxembourg on this occasion of the 8th IFSB Summit on “Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance”. I am honoured to speak on the scope for international collaboration and cooperation in Islamic finance in our collective endeavor to safeguard financial stability. The internationalisation of Islamic finance and its increased role in the international financial system Since the turn of the millennium, the internationalisation of Islamic finance has accelerated.