the new silk road. the first was made at the 2nd world islamic economic forum ( wief ) on " unleashing the potential of emerging markets " in islamabad, pakistan in november 2006, while the second reference was during a special address at the global islamic finance forum - investors and issuers forum in march 2007. like the 14th century silk road, the current emergence of islamic financial products and services has brought together financial services providers across continents to trade on this new route. the emergence of the new silk road reflects the increasing and evolving economic and financial relationships and interlinkages, with islamic finance well positioned to further facilitate these linkages to offer mutually - reinforcing benefits to those who participate in it. the economic and financial linkages between asia and the middle east are growing through a significant expansion in trade and investment between the two regions and opportunities to leverage on the high level of savings and resources both these regions have been endowed with. indeed, the new silk road opens up the prospect of exciting opportunities for greater economic progress and prosperity for us. the new silk road has created linkages that build on the comparative advantages between asia and the middle east. for example, middle east domestic infrastructure requirements are estimated to total usd500 billion for the next 5 years, and asian companies have demonstrated the capacity to provide the technology, expertise and human capital to meet these infrastructure demands. indeed, the new silk road has facilitated the development and effective use of talent and expertise across the two regions. in addition, the new silk road has reinforced the rapidly evolving islamic financial industry and the growing significance of islamic financial markets and institutions. to meet the escalating demand for new products and services, top - tier financial institutions are known for their commitment in research and development to enhance innovation, especially in process and product innovation in order to remain competitive. in the process, such financial players will be able to better position themselves to be part of the global financial community. as such, human intellectual capital has become an important factor in sustaining the performance and competitiveness of the islamic financial industry. indeed, the fast pace of innovation in global financial services in general and in the islamic financial services sector in particular, demands new expertise and skills. since research and development remains at the forefront of any well - acclaimed international financial framework, the same is true for any player in the islamic finance industry. at a time when global economic development plays a decisive role in determining how markets perform, the accessibility to accurate and concise market information is crucial.

benoit cœure : interview in die welt interview with mr benoit cœure, member of the executive board of the european central bank, in die welt, published on 13 january 2015. * * * how concerned are you about the election of a new parliament in greece resulting in a re - emergence of the euro crisis? greece is facing crucial elections, and that can, of course, lead to major changes. that is normal in a democracy. the voters ’ will is decisive, and we at the ecb are not going to intervene there. in contrast to the situation that prevailed two or three years ago, however, the euro area is now significantly far more robust. the risks of contagion that might emanate from the greek financial market are significantly lower today. that sounds pretty unperturbed. even though debt relief for greece is once again being much - debated. our position in the respect is clear : we cannot agree to any debt relief involving greek bonds held by the ecb. we will note even agree to a prolongation of maturities, because we are simply not allowed to do so. that is laid down in the eu treaties, and we will not deviate from the prohibition of any financing of governments. on this issue, there is no scope whatsoever for concessions and interpretation. that you would not voluntarily agree to that happening is clear. but what would happen if the new greek government were to decide not to make any further repayments, or to leave the monetary union? i will not comment on such speculative scenarios. nor do i believe it to be in the interests of greece to go down that road. on the contrary, greece has a keen interest in remaining a member of the euro and in pushing reforms further forwards. that may hold true for representatives of greek industry, but many citizens are highly frustrated because the many financial sacrifices have still not bettered their lot. at the same time, a debate has long since re - emerged in germany as to whether a greek exit would not be the better solution. i regard that as nonsense. nobody is seriously discussing the issue of greece leaving the euro area nor is anybody actually seriously preparing for that option. greece needs the euro, and the euro needs greece. to what extent are the parliamentary elections in athens influencing the monetary policy decisions that the governing council will be taking on 22 january, i. e. shortly before the elections? they have no influence on us whatsoever. elections there do not change monetary policy