: population, participation and productivity. i'll go through each in turn. population as the governor noted in a speech a few years ago, australia's population is growing faster than in almost any other oecd economy ( lowe 2014 ). that has remained true over the past couple of years. the rate of natural increase is higher than many other countries, but most of the difference is the large contribution from immigration. http : / / www. rba. gov. au / speeches / 2017 / sp - ag - 2017 - 11 - 15. html 9 / 16 16 / 11 / 2017 where is the growth going to come from? | speeches | rba of course, just adding more people and growing the economy to keep pace wouldn't boost our living standards. [ 5 ] but there are two reasons why we should not assume that this is all that happens. firstly, recent migrants have a different profile to the incumbent australian population. they are generally younger, and the youngest age group are significantly more likely to have non - school qualifications ( graph 5 ). this is possibly because so many recent migrants initially arrive on student visas and then stay. in line with that, service exports in the form of education have grown rapidly over the past few decades. older migrants are on average less likely to have such a qualification than existing residents in the same age groups, but they are a small fraction of all migrants. the average education level of newly arrived australians is actually higher than that of existing residents, precisely because they are younger. so australia's migration program is structured in a way that, in principle at least, it can grow the economy while raising average living standards. graph 5 secondly, increasing economic scale is not neutral. there is more to it than just getting bigger. this is the lesson of what is sometimes called new economic geography : scale economies arise from product differentiation ( fujita, krugman and venables 1999 ). bigger, denser cities are more productive. perhaps more importantly, larger population centres allow more variety in the goods and services produced. fujita and thisse ( 2002 ) quote adam smith making the same point ( smith 1776, p 17 ). http : / / www. rba. gov. au / speeches / 2017 / sp - ag - 2017 - 11 - 15. html 10 / 16 16 / 11 / 2017 ‘ where is the growth going to come from? | speeches | rba there are some sorts of industry, even of

clients on the parameters of shariah requirements and legal rules, which helps in the design and developing the documentation of the products. litigation experts with sound understanding of shariah requirements can reason better in courts. certification programs and targeted seminars such as today ’ s will be important in equipping legal practitioners with a solid understanding of both applied shariah knowledge and the necessary legal expertise. in conclusion, the world of modern finance is in need of anchoring principles to ensure that intermediation serves rather than enslaves the real economy. islamic finance, ingrained with the values of socio - economic justice and the spirit of cooperation, has the potential to provide an answer to this quest. already, it is gaining much traction around the globe. “ for malaysia to remain a central part of this solution ”, we must build on our experience and continue to promoting legal certainty for islamic finance – especially in importing and applying shariah requirements to the malaysian law. i certainly believe we can. i wish you all the best in your interesting discussions on dispute resolution today, and also in the days to come. 4 / 4 bis central bankers'speeches