includes the banking and takaful industries, and the islamic money and capital markets – a matrix which mutually reinforces the integrity and stability of the islamic financial system. this is supported by the financial infrastructure, the legal and regulatory framework and the expertise to contribute to the growth of islamic finance. malaysia ’ s achievements in developing the sukuk market allow me to share the malaysian experience in developing the sukuk market. the malaysian islamic bond market has made significant progress since the first sukuk issue in 1990 by a multinational corporation operating in malaysia. the development of the market involved initiatives to facilitate an efficient issuance process, the price discovery process, the broadening of the investor base, the establishment of a benchmark yield, the liquidity in the secondary market and the strengthening of the regulatory framework. these initiatives have been reinforced by the legal and shariah framework and the supporting financial infrastructure including the settlement and bond information system. following the development of a robust and vibrant domestic market, initiatives have now been taken to raise the significance of the international dimension of our islamic financial system. this has included wide ranging liberalization measures including bringing in new islamic finance foreign players into our system through the issue of new licences and allowing for greater levels of foreign interest in our domestic financial institutions. the liberalisation has also involved the potential for greater foreign participation in our domestic financial markets. in 2002, malaysia achieved a further significant milestone when the malaysian government issued the first global sovereign sukuk, raising usd600 million. with this issuance, it became an international benchmark for the issuance of global sukuk. the sukuk issue was listed on the luxembourg stock exchange, labuan international financial stock exchange and bahrain stock exchange. there has since been further sovereign issues in the global capital market. in 2006, the malaysian market saw the launch of a sukuk using concepts such as mudha - rabah, mu - sya - rakah and ijarah. the issuers included malaysia's government - linked companies. a landmark example was the usd750 million exchangeable sukuk musyarakah by khazanah, the government's investment corporation for the purpose of selling a stake in telekom malaysia. it marked the world's first issue of its kind, incorporating full convertibility features common to conventional equity - linked transactions. following these developments, the malaysian sukuk market has attracted a wide range of lead arrangers. in

year. during the period under analysis, exports in value continued their upward bis central bankers ’ speeches trend having started since 2010 q1 and expanded by 45. 4 % y - o - y. however, following a speeded - up growth over the first two months of the year, our export growth rates were significantly mitigated in march. during the same period, imports grew by 15. 9 % y - o - y. the division of imports according to their final use highlights the rapid growth of imports of intermediate and capital goods. the outlook of these trends may be associated with expanded current account and trade deficits in the country. the bank of albania is very attentive to this development, since it significantly conditions the external balances of albanian economy and the foreign exchange market. monetary expansion during 2011 q1 was in line with economic agents ’ money demand, marking a steady year - over - year growth of roughly 11 %. the 6. 2 % y - o - y growth of real money supply remained close to historical lows. moderate growth rates of m3 aggregate and other monetary indicators are in line with so - far assessments of existence of contained monetary inflation pressures. this trend is also supported by developments of currency outside banks. this indicator continued to fall y - o - y, and together with the shift of deposit structure to longer maturity terms, it indicates economic agents ’ lower preference for liquidity. in march, the annual broad money expansion was supported by increased private sector credit, which rebounded in line with its seasonal trend path. the upward contribution of private sector ’ s demand for money has offset the gradual decline in net foreign assets. public sector ’ s demand for money has been upward, supportive to the government ’ s more active stance over the first quarter of the year. in annual terms, the private sector loan portfolio grew by 11. 5 % from 10. 3 % in february. business loan remains the main contributor to expanding the private sector lending. in the meantime, in march, household loans also showed positive signs. overall, financial markets performed positively during the first four months of 2011. the information transmitted from financial markets shows agents ’ anchored inflation expectations. key interest rate rise at end - march is passed - through to short - term money market interest rates, leading to a slight flattening of t - bill yield slope. in deposit market, interest rates continued to fall, reflecting also the correction of their high rates having been marked after 2008. the foreign exchange market has