this has been reinforced by the dynamic pace of innovation in islamic finance that has widened the range of financial products and services. islamic finance has thus become an increasingly important channel for the efficient allocation of funds across borders and the diversification of risks. islamic finance : financial solutions for international business despite an increasingly more challenging environment, islamic finance has continued to expand its potential as a sustainable and stable form of financial intermediation. its emphasis on the close link between financial transactions and economic activity has positioned islamic finance to be well - anchored to serve the real economy. the adoption of profit - and risksharing, transparency and disclosure, and the universal ethical values of fairness which is implicitly embedded in the islamic financial system provides the internal checks and bis central bankers ’ speeches balances. embraced in its entirety, it enhances the prospects for sustainable economic growth and financial stability. the resilience of the islamic financial system is also further strengthened by the international prudential standards and best practices that have now been introduced. these include the standards issued by the islamic financial services board since 2002 in the areas of capital adequacy, risk management, governance, and the conduct of business and supervisory process. the industry is also guided by international accounting standards that have been developed by the accounting and auditing organisation for islamic financial institutions since its establishment in 1990. in enhancing liquidity management in the islamic financial system, the international islamic liquidity management corporation ( iilm ), which was established in 2010, is putting in place the mechanism that will facilitate effective liquidity management solutions through the periodic issuance of short - term shariah - compliant financial instruments. as the islamic financial system transitions to becoming more diversified and comprehensive, it provides the spectrum of financial solutions that meet the different needs of the economy. such financing products offered in islamic finance also include syndicated financing, equity financing and venture capital. there are also a wide range of investment and treasury instruments, as well as fund and wealth management products for the management of portfolios of businesses. in terms of takaful, there is also a broad range of products, including takaful coverage for physical properties and assets of businesses, as well as protection for employees. the growing significance of the international dimension of islamic finance in this recent decade has witnessed its increasing role in bridging economies through the mobilisation and channelling of funds to productive investment activities across borders. despite the challenging global environment and the increased uncertainties, the islamic finance industry has continued to experience

elizabeth a duke : opening remarks at the public hearing on potential revisions to the home mortgage disclosure act opening remarks by ms elizabeth a duke, member of the board of governors of the federal reserve system, at the public hearing on potential revisions to the home mortgage disclosure act, atlanta, 15 july 2010. * * * on behalf of the board of governors of the federal reserve system, i ’ d like to welcome the participants to today ’ s hearing. i ’ d also like to express my appreciation to president lockhart and our colleagues at the federal reserve bank of atlanta for hosting us today. i am pleased to be here at the first in a series of public hearings regarding changes to the home mortgage disclosure act ( hmda ). the board has scheduled these hearings to assess the adequacy of the current mortgage data requirements and examine the need to collect additional data from lenders. i would point out that since we began planning these hearings, changes to the hmda data requirements have been included in the regulatory reform bill currently being considered by the congress. we look forward to hearing your comments regarding the implementation of the changes specified in that legislation, as well as changes you might recommend based on your experience. the proposed legislation also would transfer authority for hmda rulemaking from the board of governors to the new consumer financial protection bureau ( cfpb ). all information gleaned from these hearings will inform our rulewriting work. when rulemaking authority transfers to the cfpb, be assured that we will hand over the most current thinking about changes to regulation c. over the course of four public hearings, held throughout the country, we will hear from key players in the home mortgage market : lenders and other market participants, academics and researchers, consumer advocacy and community development organizations, data experts, regulators, and other public officials. although they play different roles, all share a common goal : to ensure that the mortgage market is responsible, transparent, efficient, and serves the needs of consumers and market participants alike. clearly, the recent mortgage crisis has highlighted the potential ramifications of a mortgage market that is not functioning well. data do not create the market, but they do help us understand what is happening in the market. hmda data cannot solve all market problems, but the time is ripe for reviewing and revising the data elements, standards, and reporting formats. with the benefit of hindsight, we can now answer the question : do policymakers have adequate and reliable data sufficient to assess market