levels within the organisation, and the effects of incentive structures on behaviour. with the digital revolution, there will be an increasing need for the industry to come together to set standards for novel areas of practice. already now there is much buzz about the use of artificial intelligence and big data in finance. this creates opportunities for innovation, efficiency and growth, but also new risks, challenges and – without a doubt – difficult ethical questions on lines that should be drawn to prevent unfair, systematic, discrimination against specific groups, ( for instance as a result of algorithmic programs ) the inappropriate use of personal data and excessive volatilities from high - frequency trading. as the industry navigates these issues, a shared commitment to a common set of values has never been more critical to build trust – with customers, with employees, with other financial institutions, and with the public at large. there are compelling economic, not just social or moral, reasons to do so. it encourages healthy competition, more efficient and sustainable markets, and consistently high levels of performance over the long term. the fspb, however, cannot achieve this alone. deliberate and sustained efforts by the industry will be needed to engage, to communicate, to educate and to internalise these shared values. by pooling inputs across the industry, richer worked examples can be developed to shed light on how ethical principles should apply in practice. the consequences of misconduct should also be clear and unambiguous to firmly entrench behavioural norms – both within individual financial institutions and at an industry level. as you are aware, moves in this direction are already being taken with the requirement financial institutions to capture and share information on employee misconduct to inform hiring decisions beginning from july this year. the bank on its part will continue to provide a credible deterrent against misconduct through enforcement actions. with the enactment of the financial services act 2013, the bank has not hesitated to use wider enforcement powers that include stiff administrative penalties provided under the financial services act to bring institutions to book for serious conduct breaches, and barring individuals from holding senior roles in financial institutions. we will continue to pursue investigations and enforcement actions into serious conduct breaches to the full extent of powers provided under laws administered by the bank. beyond the limits of the bank ’ s powers, the bank 2 / 3 bis central bankers'speeches maintains close cooperation with other authorities to facilitate investigations and enforcement actions. conclusion building trust is not easy. it takes hard work, a determination to do the right thing and confidence to

9, 000 staff with the islamic financial institutions. they are also reinforced by the workforce of domestic and foreign conventional financial institutions. this expertise that resides in malaysia allows for the development of innovative products so as to ensure that the product design and structure, as well as the risk management aspects that are being rigorously addressed. there is also positive response from the local and foreign financial institutions to establish international islamic bank, international takaful operator, as well as international currency business unit to undertake international currency business in islamic finance in malaysia. to date, eight financial institutions have been granted approval to set up such international currency business units in malaysia. commercial banks and investment banks licensed under the banking and financial institutions act 1989 ( bafia ) are allowed to establish international currency business units to carry out islamic banking business under their existing entities. to enhance the delivery system to facilitate their establishment, an " executive green lane " has been accorded to expedite applications by expatriates for long - term employment passes with multiple entry visas. in addition, the foreign investment committee rules are also relaxed further to allow for 100 percent foreign equity ownership in these financial institutions. the mifc portal has also been launched as the primary source of comprehensive online information on the latest initiatives and developments, and enables convenient access to application forms, procedures and guidelines related to entrance and participation in the mifc. this portal, is now accessible online at www. mifc. com. the large gathering of practitioners here for these two days to discuss the wide ranging matters that relate to issuers and investors will contribute to enhancing the collective understanding and expanding the boundaries of our knowledge on the opportunities in the sukuk market and the potential that the malaysian sukuk market provides and its linkages with other international islamic financial systems. this would facilitate greater cross border flows and not only contributing to enhancing greater international economic and financial integration, and thus to the global growth, but also towards financial stability of the international financial system. on this note, i wish you a successful conference. supplementary information : the mifc secretariat is pleased to announce that the mifc portal has been launched as a key communication platform to strengthen the global identity and branding of malaysia as an international islamic financial centre, or mifc. the development of the mifc portal is an important initiative to promote awareness and global outreach of the mifc. the mifc portal provides comprehensive information on the latest initiatives, incentives and developments in the mifc. in addition, the mifc portal enables convenient