financial institutions board. we have left it to individual institutions to set up their own shariah committee and nominate their own shariah experts. the bank will recognize shariah experts from reputable jurisdictions. it is good to be clear about what islamic finance is not? as we view it, islamic finance is not just for people of muslim faith. the sound ethical principles underlying islamic finance represent an attractive alternative to conventional financial products. islamic finance offers advantages to muslims and non - muslims alike. the traditional bank / customer, borrower / lender relationship changes considerably into a partnership in islamic finance. we have already amended legislation and issued the necessary guidelines, but the challenge goes well beyond the legal changes and setting up a regulatory framework. the challenge begins when marketing mauritius as a destination of choice for islamic finance. it is a very competitive field that we are entering. other challenges for this secular country include the integration, the merging of this novel way of doing business within our present conventional financial landscape as a seamless addition so that it is perceived as just another financial product. there is also the challenge of attaining full regulatory and shariah compliance simultaneously. there is also the wider or meta - challenge for all islamic financial industry stakeholders to mainstream the industry with conventional finance systems. the present global financial delinquency constitutes an opportunity for the more ethical, risk - sharing, approach of islamic finance. but it is early days yet for us in mauritius to join that debate! let us get our feet firmly on the first rung of the ladder as we are doing now! as i speak to you today i am aware that i am not an expert in islamic finance and i am certainly not very likely to issue a fatwah anytime soon! and i guess many of you present here today are fellow - novitiates! our bankers and their legal advisers would need to develop a thorough understanding of islamic law to ensure that the financial products which they offer meet full regulatory and shariah compliance. shariah advisors should be able to combine their in - depth knowledge of islamic law with a familiarity with conventional financial and economic concepts. we therefore need to develop the know - how as we would require a pool of experts in the field. issuers of islamic financial products on their part have a role to play in creating awareness, and in educating the public on the merits of islamic finance. as for us, the regulator, we also have a steep learning curve ahead of us. two years down the line when

. this is because, even as euroscepticism rises, the external case for working together has rarely been stronger or more visible to the public. it is now plain to see that the rules and norms which have governed international relations since the second world war are being challenged – replaced by a new power politics where large economies try to impose their will on smaller ones. in such a world, it is undeniable that the eu amplifies the sovereignty of its members. in parallel, brexit has served to underline the pros of membership and the cons of being outside. it is now established that leaving the eu presents a trade - off : countries either have to follow the rules they could once set ; or they have accept a diminished level of market access, and ultimately lower welfare for their people. this renewed visibility presents an opportunity for the eu to reconnect with the european public 1 / 2 bis central bankers'speeches and re - find its raison d ’ etre. in this spirit, with the ep elections approaching, those who believe in europe have two imperatives : to promote and defend the eu where it is working ; and to fix it quickly where it is not. i hope this conference can help carry that debate forward. 2 / 2 bis central bankers'speeches