, we need to play a more pro - active role in strengthening our own organizations, we need to prepare ourselves for difficult periods, we need to also contribute towards the development of the environment in which we operate, the markets and the financial infrastructure and finally and importantly we also need to invest in people, in their skills, to enhance our organisational capacity to bring about institutional development so as to enhance our respective organizational effectiveness. leadership is an integral part of this process. our investment in iclif hopes in some part to contribute to achieving these goals. alumni members, distinguished guests, ladies and gentlemen, it is now my privilege and pleasure to officially launch iclif alumni association and iclif leadership competency model.

finance has influenced a new global pattern of trade and financial flows. islamic finance serves as an important channel for more efficient allocation of funds across borders and diversification of risks. it has facilitated stronger financial and economic ties between asia and middle east. the sukuk market in particular, has become an important avenue for international fund raising and investment activities that generate significant crossborder flows. the sukuk market has experienced tremendous growth in the recent few years from an outstanding amount of usd33 billion in 2006 to usd180 billion as at end 2011. malaysia is now evolving to become a major multi - currency bond and sukuk market. important in this development are the initiatives that have been taken to strengthen the institutional and international infrastructure of islamic finance. most important is the emphasis being given to the development of the international financial infrastructure relating to financial stability. the accounting and auditing organisation for islamic financial institutions ( aaoifi ) was established in 1990 and in 2002, the islamic financial services board ( ifsb ) was established as the international prudential standard setting body for the islamic finance industry in the areas of risk management, capital adequacy, governance, conduct of business and supervisory process. from ten members at its inception, the ifsb is now a 189 strong member institution comprising mainly regulatory and supervisory authorities. a more recent initiative is the establishment of the islamic financial stability forum ( ifsf ) as a platform for greater engagement between the regulatory authorities in the islamic financial system and promoting more effective cross - border cooperation. efforts now is focused on putting in place arrangements for enhancing liquidity management in the islamic financial system. the international islamic liquidity management corporation ( iilm ) was therefore established in 2010 as a collaborative effort between 12 central banks and two multilateral organizations to facilitate effective liquidity management solutions through the periodic issuance of short - term shariah - compliant financial instruments. let me now conclude my remarks. this decade has been a defining moment for asia, characterized by rapid global expansion and increased internationalisation. among the bis central bankers ’ speeches important trends are the significant actions taken by many emerging economies in asia towards increased liberalisation as well initiatives toward strengthening of cross - border linkages. moving forward, it is essential for us to continue to establish strong collaboration given the dynamic nature of the economies and financial markets today. as the new decade beckons the prospects for new opportunities, our ability to capitalize on these opportunities and realize its potential will be increasingly determined by our capability and capacity