zamani abdul ghani : research and development in the financial services industry in malaysia speech by mr zamani abdul ghani, deputy governor of the central bank of malaysia, at the malaysian launch ceremony of the ibbm - university of nottingham financial services research forum, kuala lumpur, 23 june 2006. * * * i would like, first of all, to thank the organisers for inviting me to participate in the launch today of the ibbm - university of nottingham financial services research forum today. this forum represents an important strategic platform for financial services providers, regulators and the academia to collaborate in joint research in financial services - related areas, and to share the findings among its members. in fact, we have among us today representatives from universities in malaysia as well as malaysian conventional and islamic financial institutions. indeed, this is a highly commendable alliance, as the benefits will be reaped by all members. let me take this opportunity to congratulate ibbm for being the first institution outside europe to participate in the university of nottingham financial services research forum. ladies and gentlemen, today's event marks yet another important milestone for the financial services industry in malaysia. the ibbm - university of nottingham financial services research forum will pave the way in the intercontinental dialogue and research initiatives in the financial services industry. this collaborative effort is a positive development as it supports the government's initiative towards a knowledge - based economy, in which joint research between the academia and the industry is encouraged. this working partnership paves the way for the financial services industry and the academia in malaysia to work with the university of nottingham, one of the top ten universities in the united kingdom. the combination of academic excellence from the university of nottingham and in - depth market knowledge of the financial services industry will spur greater innovation in financial services, leading to higher value added products and services. all of us can agree that the university of nottingham is not new to us, as it is among the first foreign universities to establish a campus in malaysia. it is also known as the university of choice by many malaysians for its academic excellence and its forte in research. the university has also produced many prominent malaysian leaders including the deputy prime minister, yab dato'seri najib tun abdul razak. ladies and gentlemen, top - tier financial institutions are known for their commitment in research and development to enhance innovation, especially in process and product innovation to drive competition. in the process, such financial players will be able to better position themselves

at the bank's end, we are committed to provide a conducive regulatory environment for innovation to take place. the financial sector blueprint 2022 - 2026 outlines our regulatory focus on fostering market dynamism. we are progressively reviewing relevant standards including the investment account policy document to enable the industry to advance unique, purposeful and innovative propositions – guided by the principles of parity, proportionality and neutrality. the bank is also embarking on a holistic review of the standards on shariah contracts to simplify the framework's design and policy approach to spur innovation while ensuring effective application of shariah principles as an important enabler of value - based finance. with a combination of the right mindset and approach, insha'allah, purposeful innovations in islamic finance can be accelerated and driven to greater heights. another prime area for innovation ( one that is close to my heart ) is social finance, which can be harnessed towards lifting vulnerable groups out of the poverty and low - income trap. the effort by the industry and various implementation partners to progressively integrate islamic social finance mechanisms as part of islamic finance solutions is commendable and very much welcomed. the itekad programme has since its inception in 2020 benefited over 3, 000 microentrepreneurs and traditionally excluded businesses by providing greater access to finance and value - added skills to elevate their financial well - being and business resilience. the network of implementation partners has grown to over 60 entities. to maintain this positive momentum, it is important for itekad to scale further, leverage on technology and expand the network of implementation partners, all while ensuring effective delivery of the programme that can be a life - changing opportunity for the beneficiaries. on this note, i wish to commend the industry's effort in continuing to enhance the mywakaf initiative with additional participation of islamic banks and state islamic religious councils under mywakaf 2. 0. with a sharper focus on community and economic empowerment and more coordinated monitoring mechanism, mywakaf has significant potential to drive socio - economic developments of the country. i am also pleased to note that mifc leadership council has set the demonstration of impactful innovation in islamic finance as one of its key priorities. this aligns well with the vision for malaysia's islamic finance marketplace to be knowledge - based and innovation - driven. i believe the mlc will continue to engage stakeholders widely as they refine