zeti akhtar aziz : internationalisation of islamic finance – bridging economies welcoming address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the global islamic finance forum 2012, kuala lumpur, 19 september 2012. * * * this is a decade of profound change in the global financial landscape. the world is also being confronted by the repercussions of the ongoing global financial crisis. despite this more challenging global financial and economic environment, islamic finance has continued to remain on its growth trajectory. for islamic finance, it has been a defining period. its rapid growth and the intensification of its internationalisation in this decade is now enhancing its role in strengthening international economic linkages between different parts of the world. it is my great pleasure and honour to welcome you this morning to this third global islamic finance forum ( giff ) 2012. first of all, let me express our gratitude to the honourable deputy prime minister of the republic of turkey, his excellency mr. ali babacan for accepting our invitation to deliver the public lecture at our gathering here today. we are most honoured by your presence and we immensely look forward to your address. islamic finance : fostering global linkages in this new era, in which the international dimension of islamic finance has gained significance, islamic finance has continued to demonstrate its viability and competitiveness in this more liberalised and globalised financial environment. the total islamic financial assets size now has surpassed us $ 1 trillion – following unabated growth from the mid - 1990s. there are now more than 600 islamic financial institutions operating in more than 75 countries. increasingly, existing islamic banking institutions are expanding their operations with presence in new jurisdictions. this is resulting in increased cross border financial flows. there has also been increased international participation in islamic financial markets. since the late 1990s the sukuk market has emerged as an important form of intermediation in islamic finance. it has been instrumental in the financing structures for infrastructure projects, investments in the utilities sectors, in particular for water and power projects, and in the services sector, in education, healthcare and transportation. islamic finance essentially offers clear value propositions to both global issuers and investors. for issuers, there is access to new sources of funds and liquidity. and in introducing a new asset class, investors gain from portfolio diversification and new investment opportunities that are aligned to productive investment activities. internationalisation of islamic finance : mutually - reinforcing benefits islamic finance draws its

zeti akhtar aziz : growth and development of the world economy welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the official opening of the world bank group knowledge and research hub in malaysia, sasana kijang, kuala lumpur, 28 march 2016. * * * it is my great honour to welcome the distinguished senior leadership of the world bank group, dr axel van trotsenburg, vice president of development finance ; and dr kaushik basu, chief economist and senior vice president, to the master lecture on'shared prosperity'by dr kaushik basu. the lecture is held in conjunction with the official opening of the world bank group knowledge and research hub in sasana kijang later this afternoon. as we meet today, the global economy is confronted with an immensely challenging environment. a slower than anticipated growth in several major economies, the sharp decline in commodity and energy prices, the significant shifts in global liquidity, and the heightened geopolitical tensions are having far reaching and widespread implications. going forward, the challenge for both the advanced and emerging economies is to lift growth trajectories and search for sustainable growth factors that can rebuild economic fundamentals, address structural vulnerabilities and forge new sources of growth. key is the " sustainability " and strengthening of the growth and development of the world economy. an important aspect in this process is that economic growth and development, no matter how stellar, will begin to fade when inequality sets in and when income disparities widen. experience has also shown that financial crisis and economic recession entrenches the cycle of poverty. during a financial crisis, the poor lose their income by several times more compared with the average household. we saw this happen during the recent global financial crisis, and we also saw how many that were displaced suffered " hysteresis " thus deeply affecting their income prospects. we also risk facing a severe setback in our fight against poverty. in the more recent years, the international community has accorded greater attention to addressing this agenda and to achieving more balanced and inclusive growth. malaysia, while achieving growth and progress since the 1960s has always given attention for it to be a shared prosperity. given the role of the financial system in facilitating this, bank negara malaysia has always given priority to the financial inclusion agenda to not only bring the underserved segments of society into the financial mainstream but to promote a more effective participation