cases, the court can also draw on these comprehensive and transparent shariah standards as basis in arriving at a court ruling. the adoption of the standards by learning institutions will pave the way for greater understanding and acceptance of these standards as a global starting point of reference for the islamic finance community. as we launch the educator ’ s manual, which is the first of 14 series of manuals, i would like to share my thoughts on our approach in developing the shariah standards, and would also like to emphasise the importance of embracing diversity and mutual respect in shariah interpretations. i shall deliberate on two additional areas that stakeholders need to consider to maximise the benefits of having the manual ; reconfiguration of academic programmes and strategising talent deployment. the future growth of islamic finance, especially cross border, is very much dependent on the harmonisation and mutual recognition of shariah views and rulings across the globe. it is critical if cross border trades are to be strengthened. numerous efforts are being pursued to narrow the opinion gaps between scholars through symposiums, roundtables as well as bilateral dialogues. however, narrowing of shariah opinions is preferable but not critical. the fact is, differences in views and opinions among scholars are a historical fact, and an accepted facet in the area of shariah, particularly in matters relating to fiqh muamalat ( jurisprudence ). in fact, my own view is that great islamic civilisation of yesteryears was possible and the envy of many because of our diversity, tolerance and mutual respect of each other's view. in the context of the shariah standards, the dynamic process of its development involves the act of harmonising the differences and embracing diversity. we respect views of others which are different from ours by looking into the wisdom of earlier scholars from all recognised schools of thought ( mazhabs ). we are also willing to arrive at new rulings where it is appropriate. this broadens the reference scope for shariah scholars to have an enriching debate on the best application of shariah in contemporary finance, based on the customs, legal and operational framework of each market. this is an important principle, as it increases the depth of fiqh research that leads to greater understanding of practices in muamalat through the times while recognising the influence of local tradition, as well as domestic business practices. the act of balancing the authenticity and practicality of

some use technology maliciously, many more use it for a good cause. only by embracing this advancement, and by working together with tech - players, can we synergise and fully reap the benefits for the economy. in response to these technological shifts, ‘ regtech ’ developments ought to be a high priority for global financial regulators. an end goal is to balance the risks and opportunities within the technological sphere. equally important here are the complementary roles of governments and industries in sharing information, so that we can holistically mitigate various aspects of security threats. the catalytic role of behavioural analytics and big data further provides us with tools to address threats channelled through the financial system. in order to adapt to the borderless nature of globalisation, international cooperation is vitally important. beyond the financial sector, we must prepare our human capital for the future. close collaboration between public and private sectors is critical to ensure that displaced workers are adequately retrained and equipped with new skills. those dislocated should not feel sidelined. we can address labour displacement by investing in education, skills re - training and increasing women ’ s participation in the workforce. we need to take a hard look at the current landscape of social safety nets, and draw best practices – both those tried and tested, and practices that can best respond to new challenges and needs of society. conclusion looking ahead, globalisation will likely work if we widen the horizon that touches positively on all segments of society. negative spill - overs are likely unavoidable. but it is incumbent upon us to formulate policies and give greater attention to those most adversely impacted by this process. kofi annan compared globalisation to gravity. with weightlessness, astronauts experience intense dizziness and lose their sense of orientation. without gravitational pull, their bones weaken, ligaments deteriorate and muscles atrophy. the same can be said about the force of globalisation – without it, economies weaken, relationships deteriorate and growth atrophies. globalisation is slowly but surely solidifying our shared future as one global nation of states. it is our collective responsibility to strengthen and sustain the state of this nation for the benefit of future generations. 4 / 5 bis central bankers'speeches let me end here by thanking the eminent speakers and participants for being here, and i look forward to hearing your views. i hope that you will also take some time during your stay here to enjoy the diversity of our country. thank