systematic cooperation between business lines and markets across the group to deliver profitable growth. likewise, singapore ’ s insurance market must continue to be underpinned by the strong partnership between industry, academia, and government. research, talent development and market infrastructure are areas where active collaboration is a critical success factor. conclusion the commitment of key industry players such as allianz has been instrumental in establishing singapore as a leading insurance market. on this happy occasion, we are also pleased to announce that singapore has been chosen to host the geneva association general assembly in 2015. the general assembly will bring together global ceos and other stakeholders in the insurance industry over a two - day conference to discuss industry trends. this is only the second time it will be hosted in asia, after japan in 2009. in closing, i thank allianz for growing with singapore. i am confident your strong presence in singapore will serve you well as you continue to extend your asian footprint. once again, congratulations, and a very good evening to all of you. thank you. bis central bankers ’ speeches

the efficiency of islamic financial institutions in managing liquidity at both national and across borders, a liquidity management task force was established by the islamic financial services board ( ifsb ) and the islamic development bank ( idb ) early this year to develop a liquidity management framework. integral to the efforts in the development of islamic finance, is also the strengthening of the regulatory and supervisory framework. the ifsb which was established in 2002 has been instrumental in developing and issuing global prudential standards and guiding principles for the industry. the ifsb has also contributed to the harmonisation in the development of islamic finance across different jurisdictions. apart from the implementation of these prudential standards, there is also a need to ensure the supervisory and legal infrastructure remains relevant to the rapidly changing islamic financial landscape. in malaysia, these efforts are also supported by a comprehensive financial safety net that includes a deposit insurance scheme and a resolution mechanism, so that not only are depositors protected, but it also allows for prompt, effective and least cost resolution of the financial system that can facilitate recapitalization of islamic financial institutions as well as institute programme to remove troubled assets from the books of financial institutions. greater collective effort by international community to strengthen global financial stability in the reform of the international financial architecture, the g20 has launched an ambitious agenda to reform financial regulations, which include key main areas namely, ( 1 ) the strengthening of international frameworks for prudential regulation, ( 2 ) the review of the scope of regulation, ( 3 ) the revision of accounting standards ; and ( 4 ) more effective oversight of the credit rating agencies as well as strengthening risk management. 1 these areas should declaration on strengthening the financial system by leaders of the g20, london 2 april 2009. also be looked at in islamic finance, which has also to deal with additional issues of harmonised regulation. the g20 has agreed to establish a new global financial stability board, with a wider group of developed and emerging countries as part of the new international financial architecture. it will be responsible for coordinating banking regulation, developing regulatory and supervisory standards, preparing early warning reports and exchanging information with supervisors. it is important that this forum gives due recognition to islamic finance given its increasing importance in the international financial system and its potential role in contributing to global financial stability. in the islamic financial industry, the ifsb is at the forefront of international efforts to increase regulatory cooperation, and encourage common rules and enhanced monitoring of international financial risks. the ifsb and the idb