klibor which has no direct correlation with the changes in the rental rate. actively promote the role of the market players the islamic financial services industry is expected to benefit from the recent increase in the number of players following the launching of islamic subsidiaries, the issuance of foreign islamic banking licences and the measures to issue additional takaful licences. the entrance of these players will contribute to an active participation in both the primary and secondary markets for islamic financial instruments. ladies and gentlemen, i hope this seminar will crystallize positive ideas to pave the way and contribute towards the development of a more vibrant and dynamic islamic financial system. i wish to take this opportunity to thank the speakers for accepting our invitation to share their invaluable knowledge and experiences in this seminar. the participation by researchers and practitioners in the islamic financial system is also important. on this note, i wish you all a successful seminar.

intermediaries alike, the bank developed dedicated webpages for investors interested in the developments of the malaysian financial market. there are continuous updates on what is new in our markets, and important updates on foreign exchange administration rules that market participants may use as a point of reference in their ringgit dealings. many of these initiatives focus on increasing efficiency, access and transparency. however, the reality is that markets will always be imperfect. in the 1970s through to the 1990s, we were told that financial markets can be relied upon to be efficient, that prices will reflect all available public information and hence appropriately reflect the fundamentals of an instrument or asset. regulators were asked to leave markets alone. liberalisation and deregulation were the two key themes and policy push on emerging markets that would enable the development of liquid financial markets. then in the 1990s, the asian financial crisis happened. together with liberalisation and deregulation came excessive speculation and destabilising capital flows. the costs of adopting developed market policy approaches to developing and emerging markets proved high. in dealing with the crisis, we rolled back selected liberalisation initiatives and deinternationalised the ringgit. the latter enabled ringgit trading to be brought back onshore and protected it from the laissez faire offshore markets that were prone to such volatility and risks. this non - internationalisation policy remained intact through the years. yet markets found a way to circumvent it through the non - deliverable forward market. the 2016 enforcement reaffirmed the ringgit non - internationalisation and remains a strong prudential safeguard against excessive volatility and external risks. based on our experience and understanding of the market and its imperfections, there will always thus be a need for rules, regulations and the regulator to see to that market imperfections are not exploited or lead to instability, and that markets continue to be ‘ fit for purpose ’ or serve their functions. in emerging markets, the industry also needs to come together to work for continued development. only then will we be able to continue progressively growing in a stable and healthy environment. charting the upcoming financial sector blueprint while we see continued growth, a greater understanding of what is to come is key to maintain such momentum. the operating landscape we are entering is expected to be equally challenging and heightened with unknown risks. global growth outlook is forecasted to remain subdued, with slow growth expected from advanced economies and this may inhibit advancement in emerging economies. financial market conditions are expected