as multilateral development banks ( mdbs ). for this reason, it is not surprising if central banks and other regulatory bodies put their attention to enhance zakat and awqaf system. one of the areas to be improved is the regulatory aspect, which includes zakat core principles to provide reference for the establishment of zakat system in the oic member countries. financial deepening program in many countries should also promote product innovation and enhancement to give a wider access to broader segments of people, which is in line with the program of islamic development bank, african development bank, asian development bank and the world bank. this in turn will bring substantial benefits to support national poverty alleciation program. distinguished guests, ladies and gentlemen, please allow me to close my speech by expressing my appreciation and sincere gratitude to all speakers and participants for the willingness to join this event. i also would like wish you all a fruitful discussion and deliberation in this important event. as i mentioned before, i believe that with the support of internationally reputable academics and market players, we can reach significant outcomes to promote zakat and awqaf system. finally, i am delighted to officially open “ the 3rd international conference on inclusive islamic financial sector development ”, enjoy the discussion and the rest of session at bank indonesia museum in the evening. thank you very much, wassalamualaykum warahmatullah wabarakatuh. bis central bankers ’ speeches

in - hand to design a better institutional arrangement, tools and instruments to promote effective monetary and macro - prudential policy. in line with that, it is also agreeable that the high level committee of the islamic financial services board ( ifsb ) members called for the islamic financial system to strengthen regulatory and liquidity infrastructures as well as building a healthy and beneficial linkage to the real sectors. bis central bankers ’ speeches excellencies, ladies and gentlemen, besides all the advances in monetary and macro - prudential policies to strengthen financial stability, we are at the stance that structural policies is also crucial in supporting financial system resillience. lesson from the 1997 / 1998 crises, we learned that micro and small enterprises were relatively resistant to economic shocks, giving significant contribution to financial and economy recovery. hence, structural policies need to be promoted to advance wealth distribution to more people, particularly low - income class. in regard to this concept, islamic social sector that covers zakat and awqaf systems can play very important role in accelerating economic development and supporting financial stability. in indonesia, as studied by bank indonesia ’ s researchers in 2012, total of all zakat potential from various sources is approximately rp217 trillion or equivalent to usd22. 6 billion. this number is equal to 3. 4 % of indonesia ’ s 2010 gross domestic product ( gdp ). however, the realisation of those potential zakat is still below our expectation. recent data recorded only rp2. 7 trillion or 1. 2 % of total zakat potential has been received. this is our home - work to explore ways to boost this number. unlike the other commercial sources of fund, the zakat funds would never cause unnecessary burden to the economy since the type of the funds is not commercially claimable, and hence, no excessive social cost will occur. the same also goes to the awqaf sector where, as a matter of fact, more people are endowed with low cost assets. again, potential benefits from those assets has not been materialized yet, because most of the assets are still poorly managed. based on data from indonesian awqaf board, awqaf land has now reached not less than four billions of meter square, a very significant source if we can optimized them. with this huge potential of zakat and awqaf land, we can expect a significant drive to economic development. i personally believe that these ideas are in - line with those of the governments, as well