applied. making sound strategic decisions under uncertainty requires a different approach. in this case, understanding the range of possibilities and the ability to perform under different circumstances becomes important. knowledge and speed becomes the essence in this new environment. the speed of access to knowledge therefore needs to be continuously enhanced. smart partnerships becomes highly relevant in this new economic order. tremendous benefit can be gained from collaboration and partnerships. such collaborations in this new economy needs to extend across borders. distinct efforts need to be made to prepare for this new economic age. the strategies have to be developmental. high fliers that do not develop capabilities will not be equipped for the long - term. investment, therefore, has to be made for the future. among the key strategies will be the continuous investment in building the capabilities and capacity, setting the performance standards and promoting strategic alliances. this has to be achieved with a clarity of the goals. this is particularly important in an environment of intense short - term pressures. the rapid changes that are taking place in our environment thus demands new skills and ability to manage new challenges and capitalise on the new opportunities. indeed, the role of leadership has changed. leaders not only must able to see the new emerging opportunities, but also to be able to deal with the high level of unpredictability. the industry leaders need to be visionary and comprehend future trends, chart strategic directions and adapt to change. effective leaders in this era, will be those who are continuous learners, who are on the cutting edge of excellence, and who have the humility to recognise the need to reinvent themselves and inspire their organization to adapt to the new environment. the investment in human capital development is thus important for future survival. human capital development has become of strategic importance and is integral to the success of an organisation. this needs to occur at all levels of the organisation. senior executives need to take the lead and devote a considerable amount of their time to this initiative. human resource development functions is integral to the talent management process and in supporting the human capital management strategy. let me conclude my remarks. the inclusion of women into mainstream economic activity is no longer an option, but a prerequisite for sustained economic development. the strive therefore has to be to provide the enabling environment and to set the standards so that the new multi - polar world will be a more inclusive one. thank you for your attention.

zamani abdul ghani : malaysia ’ s role as an international islamic financial centre keynote address by mr zamani abdul ghani, deputy governor of the central bank of malaysia, at the international takaful summit 2007 " mainstreaming islamic finance : malaysia as international islamic financial centre ", london, 1 november 2007. * i. * * introduction i am indeed pleased to be invited to this international takaful summit 2007 hosted by the islamic banking and finance institute of malaysia ( ibfim ). the occasion of this forum is indeed an excellent opportunity for the regulators, industry practitioners and investors to discuss recent developments and key issues in islamic finance, particularly on takaful. it would also serve as an excellent platform in providing greater awareness on the innovative products and services available in the takaful and retakaful market. ibfim has certainly played an important role in harnessing the critical talent needs of the islamic financial industry, not only in malaysia, but has extended its role internationally as evidenced by this inaugural summit in europe. this summit also signifies an important strategic shift in our promotional approach for the takaful and retakaful industry. this shift is towards a more active initiative to heighten competitive elements and to draw greater foreign participation in this industry where malaysia has a strong edge, and we are positive that this industry will grow stronger with a win - win partnership with the right partners. my remarks today will dwell on three areas. the first is to share with you selected major developments in the malaysian islamic finance industry that signify the vast potential for continued strong growth of islamic banking and takaful in malaysia. i will then endeavour to provide some highlights on how malaysia has strengthen its position as a preferred platform for global takaful and retakaful activities, within a broader aspiration for malaysia to be one of the key international islamic financial centres. finally, i will present some areas in the development of global islamic finance, including takaful and retakaful, where malaysia can play a major role. ii. significant developments in malaysian economy and islamic financial industry a decade after the asian financial crisis, the malaysian economy including its financial system is at its strongest position. with this growth, malaysia has greater economic flexibility to shift to new areas of growth and thus sustain the development momentum. economic growth has been achieved with relative price stability, low unemployment and strong external balances. the level of savings remains high at 37 percent as a percentage to the gdp while the level of external reserves remains