possible from the islamic banking experts in order to enhance your understanding of islamic banking. ladies and gentlemen, this workshop could not have come at a more opportune t ime than now, when the bank of uganda is in advanced stages of putting in place a supervisory and regulatory framework for islamic banking. since january 2016 when h. e the president of the republic of uganda assented to financial institutions ( amendment ) act, 2016, which embraced islamic banking, there has been tremendous work going on internally in the bank of uganda, which is mainly aimed at fast tracking the development of an enabling supervisory and regulatory framework for islamic banking. the consultant engaged by the bank of uganda prepared a draft islamic banking legislation, which is currently under review by the various stakeholders, whose feedback, shall be considered in finalizing the legislation. mission : to f oster price stability and a sound financial s ystem macroeconomic stability vision : to be a centre of excellence in upholding bank of uganda is aware that the banking sector and the general public are eagerly waiting for the rollout of islamic banking in uganda. i wish to assure you all that the bank of uganda is fast tracking the establishment of a supervisory a nd regulatory framework for islamic banking. all stakeholders shall be informed as soon as the requisite processes have been completed. i wish to reiterate that an effective supervisory and regulation framework is key to ensuring the success of islamic banking and bank of uganda is keen to achieving this objective. islamic banking has gained prominence internationally due to its exponential growth and resilience to financial crises as well as the nature of shari'ah - compliant finance models that focus on the principles of investment in real assets and risk - sharing. in the islamic banking model, each contract is backed by an underlying asset or investment activity which creates a direct link between financial markets and economic activity. the islamic finance model has thus contributed to the spread of real - asset - based finance principles in many jurisdictions and is regarded as an ideal option for the financing of infrastructure projects. this provides a condu cive environment for achieving a more integrated approach to economic growth. the success stories of islamic banking experienced in other jurisdictions would, without a doubt, be replicated in emerging markets like uganda once islamic banking is rolled out. i am happy to note that the agenda for this workshop covers the envisaged benefits of islamic banking, among other topics. in conclusion, i wish therefore to emphasize that while islamic banking and finance is envisaged to significantly

goods and services needed in the offshore oil sector. the norwegian business sector has made good use of the opportunities provided by the discovery of oil. the extraction of oil at extreme ocean depths required the development of new technology. the specialised expertise that has been built up has secured contracts – and not just off the shores of norway. offshore activity has had substantial spillover effects on other industries. an advanced oil service industry has emerged, and small local communities have been able to broaden their economic base. chart : distribution of exports – 1835, 1950 and 2016 the oil sector has generated substantial revenues for norway. and we have extracted large quantities of oil and gas at favourable prices. from the end of the 1990s and up to 2014, the price of north sea oil rose from about usd 10 to more than usd 100 per barrel. in spite of the fact that oil prices have fallen by about half compared with a few years ago, sales of oil and gas still provide a third of the country ’ s export revenues. 3 / 4 bis central bankers'speeches the substantial profits generated by the petroleum sector have been managed efficiently. our economy is in good order. well - functioning institutions and a high degree of trust between the various social groups provided a solid foundation. it was established at an early stage that norway ’ s oil and gas reserves belong to the people. the system of taxation and framework conditions for the petroleum industry were designed so that the large profits from this sector would accrue to the state. we have been able to enhance public welfare and prosperity. chart : from natural resources to financial wealth at the same time, norway ’ s subsea petroleum wealth has to a large extent been transformed into foreign financial assets. with the oil fund, not only current but also future generations will benefit from our oil and gas reserves. the capital in the oil fund is more than two and a half times the size of mainland gdp. as oil and gas production gradually dwindles, norway ’ s petroleum wealth will continue to generate profits in the form of income from the fund. chart : per capita gdp. norway and other countries – 1970 and 2015 the discovery of oil marked the beginning of an extraordinary era for the norwegian economy. before oil was discovered, the income level in norway was low compared with other western countries. today, the picture has been reversed. we have gradually caught up with the wealthiest countries. norway ’ s gdp per capita is one of the highest in the world. chart : the 1000 - krone banknote