framework to ensure the soundness and stability of the islamic financial system. we have also invested in human capital development to ensure a deep pool of talent and expertise to support the development of islamic finance. for this purpose, malaysia has established the international centre of education in islamic finance ( inceif ) and the international shariah research academy ( isra ) to support advanced education and research in islamic finance. with this now more developed islamic financial services industry in malaysia that includes the advanced development of islamic financial institutions and markets, more aggressive liberalisation initiatives have been made in this sector to strengthen our interlinkages with financial markets in other parts of the world. this has also been reinforced by the further liberalisation of the capital account of the balance of payments and the implementation of tax neutrality measures. these initiatives are aimed at supporting the strengthening of trade and cross border investment activities through islamic finance. concluding remarks let me conclude my remarks on these three major trends occurring in the world economy and the international financial system. asia ’ s role in the global economy, the international regulatory reform agenda and the development and expansion of islamic finance is likely to have a growing influence on the global economy and financial system going forward. as we participate in this rapidly evolving environment, these new trends need to be taken into account in creating a global economic and financial order that is profoundly better than the one we have today. thank you.

zeti akhtar aziz : beyond the global crisis – implications for asia ’ s future welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the adb - bnm - ec joint conference : " beyond the global crisis : a new asian growth model? ", kuala lumpur, 19 october 2009. * * * bank negara malaysia is pleased to co - organise this conference together with the european commission and the asian development bank to discuss “ beyond the global crisis and its implications for the future of asia ”. it is my honour and great pleasure to welcome you to this conference. this current global economic and financial crisis presents us with a time to reflect on strategies that will promote sustainable long - term solutions in a future where the economic and financial environment is going to be fundamentally different. although the global economy has since begun to stabilize with signs of recovery, and indeed while an apocalypse has been averted, the road to a full global economic recovery will likely be long and arduous. the re - thinking by the global community on the wide ranging issues that are now confronting the world is taking place on several fronts. in the aftermath of the crisis, the configuration of the world economy will be transformed as changes in the pattern of global demand take place, as demands for greater efficiency and lower costs occur, as actions are taken for a reduced role of government in the economy, as new regulatory regimes are being introduced, and as efforts are being undertaken to enhance our capacity to manage systemic financial crisis. many of these changes will involve cross border arrangements and collaboration. we are all stakeholders with interest in what the post - recovery world will look like. indeed, the issue of new economic models in the context of these developments is relevant not just to asia but also for other parts of the world. we have seen how within the short period of less than a decade, the rapid escalation of debt - driven consumption in north america led to chronic financial and economic imbalances that has resulted in a significant economic dislocation on a global scale. several lessons can be drawn from these developments. the asian economic model for the future needs to be redefined if the economic progress is to be sustained, taking into account the global changes that are taking place. asia's success which has been described as a “ miracle ” has been well documented. it has been acknowledged that “ the miracle ” is not the result of any one single factor but rather, a confluence of