€10 – more than nine months ahead of the launch. this should allow sufficient time for the machines to be adapted by 25 november. in addition, the ecb and the national central banks will conduct an information campaign addressing everyone who handles banknotes so that they will be able to recognise the new note and its security features. the new €20 note is the third denomination in the europa series that is gradually replacing the original euro banknotes introduced in 2002. it will be followed, over time, by new versions of the €50, €100, €200 and €500 notes. thank you for your attention. i now have the pleasure of signing the new €20 banknote. bis central bankers ’ speeches

and judgements. this has led to both a lack of homogeneity for some products, and a lack of certainty by clients about the cross - border acceptability of shari ’ a rulings. additionally, there is a continuing need for high quality human resources within the industry. it has been growing so fast that it has been difficult for institutions to find enough skilled or qualified staff. in recognition of this need the cbb established a special waqf fund in 2006 to finance and publish research and to support training workshops and other educational initiatives. we have also been working with the bahrain institute of banking and finance to develop new courses on islamic finance. despite the importance we attach to each of these challenges, there are three in particular that i would like to highlight today. the first concerns corporate governance. all financial institutions – whether conventional or islamic – need high standards of corporate governance as they are entrusted with other people ’ s money. however, this need is particularly great in islamic financial institutions due to several issues that are specific to their business model. decisions on profit distribution, for example, require the careful balancing of the interests of multiple stakeholder groups – not just shareholders, as in conventional banks, but the interests of holders of investment accounts as well. investment account holders are exposed to many of the same risks as shareholders, but lack the same control rights – such as the ability to vote for board members – that are attached to equity ownership. balancing these different stakeholder interests requires the adoption of strong corporate governance practices, and the standards developed both by aaoifi and by the islamic financial services board are vital components of the solution. the second issue concerns islamic banks ’ ability to manage their liquidity. at the cbb we are in the process of developing an islamic sukuk liquidity instrument. this will be a repurchase agreement which will enable financial institutions, both conventional and islamic, to access short term liquidity against government of bahrain ijara sukuk issued by the cbb. we have also encouraged the iifm to develop contracts and documents that can be used for conducting transactions through commodity murabahas. even so, there is a continuing need for more depth and liquidity in sharia - compliant money markets and the cbb intends to remain at the forefront of such initiatives. the final challenge is to ensure that the industry ’ s undoubted success does not turn into complacency. the sensational growth of the industry in recent years combined with