1. 4 % in 2005, 1. 6 % in 2006, 1. 8 % in 2007 and 2. 14 % in 2008. with 1, 470 branch offices spread over the country, the amount of financing provided by the industry has grown from a mere rp 5. 5 trillion ( usd 458 million ) in 2003 to rp 28 trillion ( usd 2. 3 billion ) in 2007 and rp 38 trillion ( usd 3. 2 billion ) in 2008. the industry has also shown its commitment to support micro and small - scale businesses with microcredit financing ( kur ). by the end of 2008, total microcredit extended by sharia banks reached rp 326 billion ( usd 27 million ). as a whole, the islamic banking sector has grown at a compounded annual growth rate ( cagr ) of over 46 % in the last five years. notwithstanding, the industry is expected to acquire a 15 % market share of the total national banking system by 2015. with reference to the capital market, the first corporate sukuk was issued in early 2002, followed by tens of corporate sukuk issued over the subsequent years. islamic capital market development was marked by its inclusion in the national master plan in 2005. as of december 2008, there were 22 corporate islamic bonds issued under mudharabah and ijarah contracts totaling rp 4. 78 trillion ( equivalent to usd 434. 5 million ), or approximately 2. 7 % of total bonds issued. furthermore, there are currently 36 issuers of islamic mutual funds, consisting of equity funds, fixed income funds and balanced funds. net asset value ( nav ) totals rp1. 8 trillion ( usd163. 64 million ), approximately 3. 5 % of total nav for mutual funds. those promising sharia financial institutions are inextricably tied to strong political will from the stakeholders. in june 2008, the islamic banking industry in indonesia gained new momentum as parliament passed a new islamic banking act. in april of the same year, parliament also enacted a new bill concerning islamic bonds. the promulgation of these two laws has provided a firm legal foundation for islamic banking in the country, thus promoting the advancement of islamic banking and finance. in august last year the government successfully issued state sukuk and then in february of this year retail state sukuk were issued. surely, this has contributed significantly to further catalyze the development of a wide - based retail secondary market for investment

sethaput suthiwartnarueput : central banking amidst shifting ground welcome remarks by dr sethaput suthiwartnarueput, governor of the bank of thailand, at the bis - bot conference on " central banking amidst shifting ground ", bangkok, 2 december 2022. * * * governors, distinguished guests, ladies and gentlemen. it is a pleasure and great honor for me to be welcoming so many distinguished members of the central bank community to thailand. thank you for making the journey here from near and afar. let me also extend a warm welcome to speakers and panelists joining us on - line today. we truly appreciate your participation in the conference. i would like to also express my sincere appreciation to the bis for helping usorganize and host this event. during a period where the world is grappling with challenges that threaten to pull us apart, the bis has continued to serve as a cornerstone of central bank and regulatory cooperation acting to pull us together. indeed we are all here together in large part due to the convening powers of the bis. this year marks the 80th anniversary of the bank of thailand. this conference is an opportune moment for us to take stock and reflect on how far we have come and chart the way forward. in light of the rapid and seismic changes we have experienced, such reflection is needed more so now than ever. today, central banks are facing a triple challenge from : i ) a rapidly changing economic backdrop that has transformed the nature of the underlying policy challenge ; ii ) shifting conceptual frameworks needed to guide policy ; and iii ) emerging institutional pressure points on policy mandates and central bank independence. in other words, what needs to be done has changed, how to do it has become unclear, and why it should be done is subject to greater scrutiny. for central banks tasked with maintainingeconomic and financial stability, it is as if the ground is literally shifting beneath our feet. hence the theme of the conference today : " central banking amidst shifting ground ". we are exceptionally fortunate to have such a distinguished list of speakers and panelists with us to share their insights and experiences on these issues. to set the stage, let me elaborate on the three key fault lines that central banks will have to navigate at this critical juncture. a rapidly changing economic backdrop the first fault line, reflecting the rapidly changing economic backdrop, is palpable. inflation has returned with a vengeance, catching everyone by surprise. the strong post - pande