in the increase of cross border flows in the international islamic financial system. the increased information flow would allow for the raising of funds in different jurisdictions and for the investor base to be broadened further. liberalisation has also brought greater foreign institutional presence in national jurisdictions resulting in diversity of players in the islamic financial systems. cumulatively, these developments have strengthened further the international financial linkages between different jurisdictions and have contributed towards the more efficient allocation of resources across borders. this recent global financial crisis has highlighted the risks associated with financial globalisation. equally important in the process of internationalisation is therefore the quality of this financial globalization in islamic finance. let me touch on two aspects of the financial globalisation of islamic finance. firstly, that islamic finance has been more inclusive in terms of its outreach to not only the participation from the developed world but also from the emerging world, particularly from asia and the middle - east. this leads to diversification and avoids risk arising from over concentration in particular jurisdiction. moreover, with the relatively better growth prospects in the emerging world, strengthening the economic and financial inter - linkages among the emerging world would mutually reinforce these prospects. the increasing role of islamic finance in bringing together different parts of the emerging world, and enhancing its links with the developed world would facilitate further this globalisation process. the second aspect relates to the current increased global engagement by the international community to drive the financial reform agenda. as part of this process, it is important for this engagement to be extended to the prudential standard setting entities for islamic finance as islamic finance becomes a growing component of the international financial system. while there needs to be recognition of the prudential standards that have been issued by the islamic financial services board, there also needs to be awareness by the international community of the implications of the new standards that is being introduced on the islamic financial system. this is important given the common interest of global financial stability. let me conclude by saying that today ’ s launch of the islamic finance gateway by thomson reuters marks another important milestone in the international development of islamic finance. such a comprehensive information and trading portal for foreign and domestic participation in the islamic financial system will contribute towards its efficiency and effectiveness as a form of financial intermediation. on this note, i wish to congratulate thomson reuters on the occasion of the official global launch of this islamic finance gateway.

organisation, the performance management process demands the highest level of excellence and the ability to produce the desired results within the specified time frame. transformed organisations involve a shift from task based activities to becoming result oriented with clear focus on the mandate and the key performance indicators. to incentivise such a performance driven organisation, recognition of performance and the reward system in place needs to be highly differentiated. for many countries this is yet to be put in place. the organisational transformation also needs to place value on life - long learning, knowledge management and opportunities for greater work life balance. opportunities for learning are vital for capability development. finally, new governance structures also are keys to ensure the rigour of how decisions are made in the organisation and that there are sufficient checks bis central bankers ’ speeches and balances to ensure the best decisions are made and the highest level of credibility and integrity are achieved. challenges while the opportunities are immense for women in the public sector, yet few rise to leadership positions. while there is still a glass ceiling, as we advance forward into the future, the foundations are already in place for women to advance forward into leadership positions. the challenge is to recognise continuous reinvention that is needed – to acquire new knowledge, new skills, new experience so as to be able to have the new capabilities to deal with the new challenges. for a woman who is a mother, wife and daughter, the sacrifice involved is great. the challenge will be to achieve a balance so that work performance is not being adhered at all cost. support systems at the work place and at home is vital. equally important is time management, stress management and people management. finally, more so in the public sector – as the pressures come from several fronts given the far reaching and wide spread implications of the actions taken, leadership positions require a high level of courage and endurance. having strategic focus and energies aligned to achieving the results reinforces the ability to cope under such pressures. conclusion let me conclude my remarks. the demands that leadership in the public sector entails is immense. such leadership is about delivering results and making a difference in the lives of others. to achieve this, there needs to be a conscious need to reinvent ourselves to be able to rise to the imperatives of duty to the nation. this reinvention involves leadership, institutional and organisational capabilities to respond to the changes in the environment. it is with these transformations that we are set to successfully lead. while women are a growing force in the talent pool