encik adnan zaylani mohamad zahid : islamic finance - future trend keynote address by mr encik adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the 13th kuala lumpur islamic finance forum 2016 ( kliff ) " islamic finance - future trend ", kuala lumpur, 21 november 2016. * * * it is my pleasure ; and an honour to be given the opportunity to speak at this forum today. since the first introduction of kliff, more than a decade ago the event has gained recognition as a prestigious annual gathering for industry experts and key players in islamic finance. i therefore wish to congratulate the organisers for its success in organising this event and maintaining its momentum. this year, in line with the chosen theme deliberations in the forum will revolve around strategies to elevate islamic finance to the next level. as we are now at an important crossroads in islamic finance, its continued dynamism in the journey ahead, requires the industry to strategically respond to the changing requirements of the global economy. my remarks today centres on the future trend of islamic finance. in charting our growth for the industry, i will reflect on our achievements ; and offer some thoughts on key areas that can accelerate the industry forward. i would then deliberate on the key underpinnings for the industry to successfully meet the intended objectives, in my conclusion. islamic finance with a growth rate of between 10 to 12 % annually in the past decade is gaining prominence at many fronts, including its ability to meet the unique demands of the modern economy. the sukuk market in particular, has produced a dynamic stream of cutting edge products with an appeal that transcends beyond borders and beliefs. it has a wide geographical spread, with global sukuk outstanding domiciled in over 20 countries, and an investor base that spans from europe to the middle east and asia, thus allowing greater diversification of exposures and risks. malaysia, with a consistent global sukuk market share of more than 50 %, over the last 10 years, has sustained its position as the market leader. in the last few years, we have witnessed increasing sovereign sukuk issuances by non - muslim jurisdictions to meet the varying motivations of its issuers. in 2015, at least 13 jurisdictions have tapped the global sovereign sukuk market. issuances by the united kingdom and hong kong

momentum towards becoming an influential organisation that embodies the very best of islamic finance professionals. on this note, we commend the industry ’ s effort to put the professionalisation agenda of the islamic finance work force as utmost priority, through the signing of joint commitments between association of islamic banking institutions malaysia ( aibim ), malaysian takaful association ( mta ), association of development finance institutions of malaysia ( adfim ) with ciif in 2018. to reinforce the knowledge and values of islamic finance among islamic finance practitioners, i am told that a full professional programme called chartered professional in islamic finance or cpif, is due to be completed and launched by middle of the year 2020. the year 2020 which is now on the horizon, will mark the completion of the financial sector blueprint. we will have another one. with the industry where it is today, i think it is time for the industry to gradually take the reins of talent development and maximise the potential of the talent institutions established for the benefit of islamic finance. in a number of these talent institutions, the bank will take a step back, passing the baton for the industry to take over and provide the leadership. after all, we should expect the industry to know what is required to deliver their 1 / 3 bis central bankers'speeches financial services. nonetheless, the bank would continue to have a vested interest, in particular as the quality of talent will always have a direct bearing on the output and consequently financial stability and development. in other words, we do expect the industry to take talent development forward. ethics and professionalism at the core of islamic finance when it comes to ethics, we tend to take for granted that islamic finance is ethical. but there are many sceptics out there make the case that the practitioners appear to act similar to their conventional counterparts or rivals. in particular, they act out of self - interest or greed often at the expense of others. it is time to put this to rest. one can just take islamic ethics as they are, and act as one say and as one mean. however, we should build on this, infuse it with a creed of professionalism that will provide its practitioners with not only a clear set of principles, but a sense of vocation to do what is right and to strive for the greater good and the betterment of the society to truly achieve the aspirations of maqasid al - shariah. let me share some further thoughts on this. in