##ting with the increasing forces of financial liberalisation, globalisation, technological advancement, intensified competition, bis central bankers ’ speeches financial innovation and the internationalisation of islamic finance. cumulatively, these developments necessitate greater prudential regulation and supervisory oversight to ensure a resilient and sustainable financial system. the role of the ifsb remains instrumental and paramount as we face a time of increasing uncertainties. continuous and stronger support for the ifsb, particularly from its members including in actively providing feedback on its consultative papers and in the participation in ifsb related events, supported by the existing collaboration and cooperation among the regulators would collectively strengthen the potential for the ifsb to manage its journey ahead. greater concerted efforts by members to consistently adopt and implement the prudential standards issued by the ifsb will not only contribute towards preserving financial stability but it will also enhance regulatory harmonisation across jurisdictions. these efforts will indeed place us on a path to realising our quest and shared aspirations for a more resilient and sound global islamic financial system. it is also timely for the ifsb to elevate its level of engagement and connectivity with other international standard setting bodies. this would enable the framework for financial stability in the context of islamic finance to interface with the arrangements that exists for the conventional financial system, therefore avoiding any fragmentation in the global regulatory framework. malaysia, as the host of the ifsb will continue to be committed to support its development and its potential as a prudential standardsetting body in the international financial system. on that note, i wish you a productive session today and look forward to the constructive outcomes of this engagement. bis central bankers ’ speeches

segments of society and contributes effectively and positively to the economic growth and development of the nation ; and c. thirdly, we will continue to ensure that financial stability and consumer trust and confidence are preserved at all times. conclusion these are the cornerstones of the central bank ’ s role and functions and the adoption of any policies, past or future, will continue to have an unbreakable link to these objectives. finance has come a long way - from serving the basic societal needs to save and borrow at its infancy to its role today as the backbone of the global economy. in ancient days, kings and rulers look to astronomers, magicians and soothsayers to tell them about the future. the greeks for example, consulted the oracle at delphi before embarking on major decisions. the world today is much wiser i hope, and we no longer believe that the future can be predicted with absolute certainty. what finance and technology can bring for the future of human kind is so exciting that it can go beyond containment. yet if left on its own, the outcome can be perilous. resisting them, however, is not an option. while we embrace them as they synthesise and evolve, we also need to shape and control them such that they would not lead us to face extreme financial market fragilities and devastation. in the words of nassim taleb, we need to make ourselves “ antifragile ” – not only able to withstand shocks, disruptions and volatility but able to position ourselves to take advantage of it. but i always like the quote by peter drucker, “ the best way to predict the future, is to create it. ” 5 / 5 bis central bankers'speeches