The programme offers wide ranging topics for Islamic finance and caters to the needs of a group of central bankers, regulators and Government officials. We wish to thank the Central Bank of the Republic of Turkey for their support for making this training initiative possible. Before I end my remarks, I would like to take this opportunity to re-emphasise our commitment to strengthen strategic collaboration with Turkey. With me is a delegation of the Malaysian financial institutions, investment institutions and professional firms ready to explore, engage and leverage on each other’s market opportunities. There is much that can be done by both sides to jointly explore and realise the potential for mutual benefits. I strongly believe that today’s event will end on a positive note, with both Turkish and Malaysian delegation able to identify on the next steps. It is our fervent hope that the business and financial community of both countries would establish regular contacts to further strengthen collaborative network and to follow through on some of the understandings reached today. I take this opportunity to offer for the next follow meeting or seminar to be held in Malaysia. It is always useful to see first-hand the opportunities and prospect that Malaysia has to offer. I wish to thank you all for your participation in making this event a success and to His Excellency Tun Dr. Mahathir Mohamad and the panel of speakers for the ideas, pointers and suggestions that you would share to make this event a successful one.

This imperative translates into the need and demand for more Islamic microfinancial products. In emerging as a new market niche, Islamic microfinance would meet the differentiated demands of low income communities and provide support to entrepreneurial activities. Its strong value proposition reinforced by financial inclusion would  2  BIS central bankers’ speeches  result in significant potential to uplift the economic performance and development. Furthermore, Islamic microfinance, if supported by microtakaful, has the potential to provide a more comprehensive, sustainable and accessible financing and protection solution for the lower income groups and small businesses. Access to financial products and services enhances the potential to thrive and to generate growth and employment. Investment in talent development and research activities for this purpose can thus contribute towards evolving a more inclusive Islamic financial system. This is also within the paradigms of development and welfare in the Islamic context, as the Islamic finance model is also designed to be relevant to social welfare and economic development of not only the under-privileged communities, but also of contributing towards intensifying the progress of low income countries in the world. Thirdly, is for the effective dissemination of information to facilitate the standardisation and harmonisation process in Islamic finance. Several developments in this recent decade have facilitated standardisation and harmonisation in Islamic finance. The extensive engagement related to setting the prudential standards for Islamic finance by the Islamic Financial Services Board (IFSB) has facilitated consistent implementation of regulatory and supervisory standards.