any for an art exhibition. this is the first time that i have had the distinct pleasure of launching an exhibition here at the gallery, and i am thrilled and honoured for it to be on this particular theme. 2 / 3 bis central bankers'speeches i am grateful to all who have taken the time to be here today – to share an appreciation of not just the artistic works exhibited, but also their message. i would like to thank in particular all the artists, dato ’ dino of the wwf and the team from the bank negara malaysia museum and art gallery who worked to put this exhibition together. 3 / 3 bis central bankers'speeches

in islamic finance ( inceif ) in malaysia in 2006 represents a structured investment in human capital development to support the global development of islamic financial services industry. it is envisioned that inceif will act as a professional certification body as well as an education centre for specialised post - graduate programmes in islamic finance. distinctive features of islamic finance while islamic finance has continued to evolve, the distinct features remain fundamental. islamic finance is required to operate in accordance with the rules of shariah from which it derives its unique characteristics. the shariah injunctions require that the islamic financial transaction be supported by an underlying economic activity. this requires that the financial transaction must be accompanied by a genuine trade and business related activity. based on this arrangement, interest - based transactions are prohibited. islam encourages business and trade activities that generate a fair and legitimate profit. in islamic finance, there is therefore always a close link between the financial and productive flows. this intrinsic principle contributes towards insulating the islamic financial system from potential risks of financial stress resulting from excess leverage and speculative financial activities. a further fundamental principle of islamic finance is the risk and profit sharing feature of islamic financial transactions. this could involve an arrangement whereby the islamic financial institution shares profit with the investor in a mudarabah contract or in a musyarakah contract, both parties share in the profit or loss. these arrangements involve an explicit sharing of the risks by the islamic financial institution and the investor, thus requiring sources : islamic finance news, islamic financial services board & national authorities. the trend is now to have both " shariah savvy financial practitioner " and " financial savvy shariah scholars ". the islamic financial institution to appropriately manage the risks associated with the transaction. it entails the appropriate due diligence and the integrating of the risks associated with the investment activity into the financial transaction. the real activity is thus expected to generate sufficient wealth to compensate for the risks. it is from this profit and risk sharing feature of islamic financial transactions that a high level of disclosure and transparency is required. this represents a basic tenet underlying all islamic financial transactions. there is an inherent obligation to meet the appropriate standards of transparency. the accountabilities of the respective parties involved in the transaction are also clearly defined in the contract. these disclosures also allow the market to assign the appropriate risk premiums to the respective companies thereby enhancing the potential for market discipline to take effect. these intrinsic features as required by the shariah injunctions provide