own access to the interbank market in china, will offer these liquidity facilities via the renminbi / ringgit foreign exchange market, and the renminbi money and repurchase markets in the malaysian interbank market ; ii. second, non - resident financial institutions that meet the prudential requirements will be permitted to offer ringgit trade financing, in collaboration with resident financial institutions. in this regard banks in china will also be allowed to provide ringgit trade financing in china ; and iii. finally, in recognition of the growing significance of regionally active financial institutions and the increased financial inter - linkages between our two economies as well as in mutual recognition and acceptance of each others ’ securities, bank negara malaysia and the people ’ s bank of china has today signed a memorandum of understanding to establish a cross - border collateral arrangement that will enable financial institutions access to the central bank ’ s liquidity facilities. let me now conclude my remarks. the most pressuring challenge for the world economy is to achieve a sustained and inclusive economic growth. beyond the short - term volatility in the international financial markets, the prospects of the asian region are well anchored on solid fundamentals, and underpinned by our economic and policy flexibility and years of reforms. collectively, the asian region will be an important growth center in the world economy contributing to global stability. china in particular has been successful in rebalancing its economy amidst structural adjustments and reforms that brings its economy to a sustainable growth trajectory. with the progressive move by china towards the internationalisation of their financial system in the years to come, there will be increased interconnectedness of the chinese financial system with the rest of the region and the world and consequently, a wider role of the renminbi as it continues to grow in importance in international trade and financing activity. it would be inevitable that the renminbi will become an important reserve currency in the international financial system. against this development, the opening of the bank negara malaysia ’ s beijing representative office builds on the deep ties that has already been forged and signifies our confidence and commitment to this future. the beijing office will also serve as a key point for the chinese financial community to engage malaysia and understand the opportunities available in our countries. finally, i would like to express our great appreciation to the people ’ s bank of china for their approval and support for the bank ’ s representative office. bis central bankers ’ speeches

##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences