are grounded in the core principles of shariah, which strive towards ihsan, or'the pursuit of excellence ', by upholding the highest standard across all aspects of business. this entails conducting operations with 1 / 3 bis - central bankers'speeches fairness and transparency, maintaining robust shariah governance, and embracing equitable practices such as risk - sharing. embedding the value of'inclusive and efficient distribution of wealth'as a central business objective can profoundly motivate islamic financial institutions to actively recalibrate their efforts, fostering more equitable allocation of financial resources for productive and sustainable endeavours. the space for innovation in islamic finance is vast, and i believe many in this room would agree that islamic finance has not yet been fully leveraged as a transformative tool to address global financial needs. the challenges presented can serve as a catalyst for islamic financial institutions to provide alternative solutions to debt - based instruments. with a diversity of shariah contracts and instruments at our disposal, tailored solutions can be crafted to cater to varying needs of different societal segments and nature related projects. islamic finance offers the unique capability to " blend finance ", amalgamating different capital forms like philanthropic and risk capital, thereby broadening its intermediation function beyond mere credit provisioning and risk transfer. in addition, waqf structure can also be harnessed to fund large - scale social projects, showcasing the potential for impactful financing within islamic finance. technological advancements will be another dimension that can unlock the distinctiveness of islamic finance, thereby creating unique value propositions to financial consumers. leveraging on blockchain technology that can enhance transparency and security in financial transaction, the use of smart contracts can automate shariah - compliant agreements and ensure compliance with islamic principles while reducing transaction costs and settlement times. these developments necessitate regulators, with the support of ifsb, to adopt an agile and forward - thinking approach to ensure that the existing regulatory framework strikes the right balance between managing potential risks and facilitating developmental initiatives. importance of robust ecosystem to withstand challenges and advance innovation ladies and gentlemen, drawing from malaysia's experience, we recognise the importance of establishing a robust ecosystem to support islamic financial business and operations. this entails developing a comprehensive legal and regulatory framework alongside relevant market instruments and infrastructures to ensure the well - functioning of islamic financial sector amidst dynamic market conditions. adopting globally recognised prudential standards, such as standards issued by the islamic financial services board ( ifsb

ben s bernanke : the importance of financial education welcoming remarks by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the greater washington jump $ tart coalition financial education event, washington dc, 25 april 2007. * * * good morning. i am pleased to be able to be here today, at the greater washington jump $ tart coalition's inaugural event, to celebrate financial literacy month 2007 and to say a few words about the importance of financial education. i join other jump $ tart partners as well as professionals from the fields of banking, finance, government, and law who will be speaking to nearly 2, 000 public high school students about financial literacy. it is a special privilege to be with the students here today, the juniors and seniors of washington's own woodrow wilson high school. you are ambassadors of your school and indeed of washington, our nation's capital. i know that this is a school committed to academic excellence. as you think about the time, not so far away now, when you will leave wilson high, i hope that you will resolve to keep, throughout your life, the habits of learning and of thinking for yourself that you have gained in your years here. as you think about your future, don't forget the importance of financial literacy. although financial matters are probably not at the front of your minds today, the day will come when you will be responsible for managing your own or your family's budget or when you will find that you need to save to get the things you want – a college education, a new car, or even your own home. to achieve these personal goals and to build financial security, you will need to understand the fundamentals of budgeting, banking, saving, and investment. it is also essential that you know how to use – properly and responsibly – the many types of credit that will be at your disposal, such as credit cards. later this morning, my colleagues from the federal reserve will be talking with you about how to manage your credit. because credit has become such an integral part of our economy, and because there are so many sources and forms of credit available, much more financial sophistication is required today than when i attended high school. as a parent of two young adults myself, i believe that helping young people become financially literate is critical for their future economic well - being and should be a high priority for educators. in