subject matter experts and key stakeholders over the next two days. it is my hope that the outcome statement will at least identify 5 practical and easily implementable suggestions and the statement will be adopted by all participants, and provide us with a clear way forward to execute and deliver the recommendations on “ proportionality in practice ” that make it a reality and make a difference for the 2 billion individuals that remain unbanked. bis central bankers ’ speeches finally, i would like to also convey my sincere appreciation to our co - host, the alliance for financial inclusion and toronto center, for all their contributions to this symposium. bis central bankers ’ speeches

zeti akhtar aziz : the new islamic finance landscape keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the islamic financial intelligence summit ( ifis ) 2011 “ the new islamic finance landscape ”, kuala lumpur, 15 november 2011. * * * this decade has witnessed dramatic changes in the islamic financial landscape. as a dynamic industry, islamic finance is responding to the forces of change emanating from the changing requirements of the real economy, the changing pattern and pace of globalisation and the wide spread financial reforms being undertaken at both the international and national levels. this transformation of the islamic financial system is also taking place during the most challenging of times as the world enters the fifth year of the global financial crisis. a central aspect of the new islamic financial landscape is also the increased focus on financial stability to enhance further its potential as a form of financial intermediation in an increasingly more challenging environment. it is my great pleasure to join this islamic financial intelligence summit organised by “ the banker ” held this year in kuala lumpur, in association with bank negara malaysia to speak on the subject on the “ new islamic financial landscape ”. this event which is being held for the first time outside london brings together practitioners from the financial community from different parts of the world. while the focus of this summit will be on islamic finance, it is inevitable that the discussions today will touch on the recent developments in europe, given the potential impact it may have on the rest of the world and the need to implement strategies and policies for coping with the consequences of these developments. while the financial solutions being implemented in managing the crisis and the measures being introduced to mitigate the impact of the crisis by the rest of the world is important, it can only provide temporary relief. it is the structural policies and reforms that are more challenging to undertake that will ensure fundamental financial stability and a long lasting self sustaining economic recovery. my remarks today will focus on the changes in the islamic financial landscape and its increased potential to contribute to sustainable growth, increased international connectivity following the increased pace of internationalisation of islamic finance and new developments to achieve financial stability in the islamic financial system. the changing financial landscape and the accelerated expansion in islamic finance have also resulted in changes in the nature of the supporting ancillary services, including education that is being provided for the business and financial sectors. islamic finance and fostering sustainable growth as the islamic financial system evolves to become more diversified and more comprehensive to meet the changing