aware, it places emphasis on the enforcement of standards for capital adequacy, effective risk management practices, liquidity management, greater financial disclosure and governance, reinforced by a strong shariah and legal framework. among the important initiatives of the ifsb is also the establishment of the international islamic liquidity management corporation ( iilm ) in 2010 which has changed the landscape for liquidity management in the international islamic financial system, particularly in strengthening the cross - border liquidity arrangements among the islamic financial institutions. a further initiative during the same year was the introduction of the islamic financial stability forum ( ifsf ), set up in 2010 to further solidify the global efforts in areas that will contribute towards safeguarding financial stability. deliberations on wide ranging issues that pertain to risks to financial stability in the islamic financial system have taken place at this forum. greater awareness on issues relating to regulation and supervision of islamic finance have also been raised at international meetings, conferences, seminars, workshops and other dialogues that have been organised by the ifsb in many countries across several continents. bis central bankers ’ speeches the initiatives and milestones achieved by the ifsb have indeed paved the way for jurisdictions across the globe to build a solid foundation for the progressive growth of islamic finance that is underpinned with stability. additionally, the early recognition by the ifsb of the increasing interconnectivity in a financial system, the ifsb, unlike other prudential standard setting bodies, has advanced its mission through the development of prudential standards for a broader coverage that includes the banking, capital market and insurance or takaful sectors. the prudential standards issued by the ifsb takes into account the specificities of islamic finance and the dynamics of the various shariah contracts used in the wide ranging products offered by islamic financial institutions. it is within this context that islamic financial institutions are able to perform its role more effectively as financial intermediaries that are differentiated from its conventional counterparts. with greater readiness, islamic financial institutions can strategically position themselves to further realise the true value proposition of islamic finance, particularly as a financial regime that places emphasis on risk - sharing and that further strengthens the link of finance to the real economy. of importance, industry players will be better positioned to ride the evolutionary waves of financial innovation that is prevalent in islamic finance in order to enable greater offerings of risk - sharing products to customers and businesses. in malaysia, islamic banks now have the potential to be better able to pursue their role

zamani abdul ghani : strenthening vigilance during turbulent times keynote address by mr zamani abdul ghani, deputy governor of the central bank of malaysia, at the international financial crime and terrorism financing conference 2009, kuala lumpur, 16 april 2009. * * * it is a pleasure to welcome all of you to this conference in particular, and to malaysia and kuala lumpur as well. today marks the inaugural of an international conference on financial crimes and terrorism financing, organized by the compliance officers networking group in malaysia, or cong in short. let me take this opportunity, first of all, to thank the members of the organising committee. this committee comprises of staff of members of the institute of bankers malaysia, the securities industry development centre, ( sidc ), and the malaysian institute of insurance, as well as staff of the anti - money laundering unit of the royal malaysia police. members of the cong, deserve a special commendation for the efforts taken to conceptualise and make this conference a reality. despite being the first conference of its kind to be organized in malaysia, and the challenges encountered while organising this conference, we see today a room filled to capacity. i have the honour of being the chairman of malaysia's national coordination committee to counter money laundering or the ncc, which comprised of 15 government ministries and agencies. on behalf of the ncc, i would also like to say " tahniah " or congratulations to the cong and the co - organisers. indeed, the spirit of " acting for greater good " is clearly manifested by all those who are involved in the organisation of this conference. we are also very pleased in having participants as well as experts and resource persons of multilateral agencies from as many as 12 different countries. the attendance of so many participants and experts from the domestic and the international community for this conference speaks volumes for the importance of this subject and the universal relevance of the issues to be deliberated in this conference. i would like to extend my heartfelt appreciation to the speakers and moderators who had make their way to kuala lumpur from all around the globe ; it is indeed an honour to have all of you here to speak at this important conference. our thanks to those international multilateral institutions in working with longestablished domestic and regional organisations in participating or organising regional conferences on topical issues. on a few occasion, we have observed some multilateral institutions upstaging these regional bodies. this is not beneficial nor the right thing to do. it is better