duty to ensure and oversee the effective design and implementation of a sound control environment. work has also commenced to update and streamline the current regulatory guidelines on corporate governance for banks, insurers and takaful operators with a view to reduce the duplication across different standards and to sharpen the focus on the overall responsibility of the board for risk and control. existing prescriptive rules would give way to broader principles of behaviour. the review will also better align the regulatory framework with the current supervisory approach. a thematic review of the remuneration practices in the financial sector is also planned to take into account how it might influence risk - taking behaviours. also in train is a review of the supervisory process for assessing the suitability of persons that can serve on boards of financial institutions. this review will leverage on the work by the fide forum. looking further ahead, the financial sector blueprint sets out additional recommendations to further strengthen incentives and enablers for sound governance and risk management standards in anticipation of the growing complexities of our financial landscape. bis central bankers ’ speeches let me draw my remarks to a close. the task of providing stewardship, direction and oversight of financial institutions essentially falls squarely on the board. the responsibilities that go with this are great and i believe that we need the best directors in the financial industry – not just because of the importance of the financial sector to the broader economy, but because financial institutions, through their pervasive role in supporting economic activity, can be a powerful influence in raising the standards of corporate governance across corporate malaysia. i expect that the fide forum will have an instrumental role is realising this vision by professionalising the role of directors, and showing the way in the best governance practices. on our part, the bank greatly welcomes this initiative which will facilitate new opportunities for greater engagement with directors in the financial sector as a collective body, on regulatory issues and developments. on that note, it is my great pleasure to officially launch the fide forum. i wish it every success. bis central bankers ’ speeches

muhammad bin ibrahim : enhancing the professionalism of malaysia ’ s islamic financial services industry speech by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the launch of the chartered institute of islamic finance professionals ( ciif ), kuala lumpur, 6 november 2015. * * * today ’ s official launch of the chartered institute of islamic finance professionals ( ciif ) marks a momentous occasion that reflects our collective effort to enhance the professionalism of the islamic financial services industry. we are embarking on a long journey to create a new landscape of talent development, one which is permeated with a strong culture of professionalism, integrity and ethics. greater professionalism among islamic finance practitioners will instil greater confidence and capability to the islamic finance industry to better serve public interest. the recent global financial crisis has brought to the fore the importance of trust, confidence and integrity in the financial services sector. the banking industry is subjected to continuous scrutiny on their values, professionalism and work ethics. this has prompted a host of initiatives both domestically and globally, aimed to strengthen the industry, given the significant role financial institutions have to the broader interest of society and the overall economy. maintaining public confidence is critical. it is therefore in the industry ’ s interest to always place public trust above everything else, and only if we are able to do this, we shall enjoy the confidence that ensures the long - term growth of the industry. such expectations are even greater on islamic finance given that the professed values of this industry are driven by the principles of shariah which promote fairness, equality and justice. it is from this perspective that islamic finance practitioners are duty - bound to observe the norms of high ethical conduct to uphold the values and the sanctity of shariah. the need is even more now, given the increasing complexities faced by islamic finance brought about by more competition and evolving regulatory requirements, more offerings of sophisticated products and growing cross - border activities. in malaysia, it has always been our priority from the beginning to develop talent in islamic finance as we recognise that quality talent is a crucial prerequisite for the continued success of the industry. there has been significant investment in capacity building, in line with our strategic approach in realising the visions of talent development outlined in the financial sector master plan and the financial sector blueprint. to elevate the next stage of growth would require talents with different levels of technical competency and capabilities. the knowledge of yesterday might