zeti akhtar aziz : improving and expanding malaysia ’ s cross - border financial flows and capital market transactions speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the official launch of the expansion of swift office in kuala lumpur, kuala lumpur, 24 november 2014. * * * it is my pleasure to be here today on the occasion of the opening of this expanded swift kuala lumpur corporate services centre. we are most honoured with the presence of her royal highness princess astrid of belgium. allow me to, first of all, welcome her royal highness princess astrid of belgium. it is also my pleasure to welcome his excellency didier reynders, federal deputy prime minister and minister of foreign affairs and european affairs of belgium, and his excellency pieter de crem, federal secretary of state for foreign trade of belgium to kuala lumpur. it is my honour to address such a distinguished gathering including the practitioners from the financial fraternity. we are pleased to welcome the expansion of the swift office in kuala lumpur. malaysia has aspired to be an important destination for international corporations and organisations to operate in. malaysia has well - developed infrastructure, a dynamic workforce and costcompetitive environment to provide an enabling environment for mutually reinforcing benefits. malaysia is now home to more than 5, 000 foreign companies from more than 40 countries. additionally, it also includes global and regional shared services hubs that serve worldleading financial services providers and international corporations. malaysia is also the host to a number of the international institutions in the area of finance that include the islamic financial services board, and more recently, the alliance for financial inclusion. we are very pleased that swift, an important market infrastructure service provider to the global financial community, has selected kuala lumpur as its corporate services centre. malaysia ’ s financial sector has in this recent decade made significant strides in facilitating the country ’ s cross - border economic linkages with other economies. malaysia is part of a vibrant region, comprising asean and of the greater asia. the region has prevailing strong foundations and significant growth prospects with strong inter regional connectivity. malaysia ’ s volume of cross - border trade and foreign exchange settlements with asean economies alone has grown at an average rate of 10 % in the recent four years, reflecting malaysia ’ s increasing integration with the regional markets. a vibrant foreign exchange market has supported this growth, where the overall malaysian foreign exchange market volume has increased by more than five - fold in a period

in circumstances and considerations is equally important and necessary. i have observed over the years that the implementation of islamic finance varies from one jurisdiction to another. rightly so, this reflects the different stages of development and diversity in local customs, market conventions and cultural norms. i believe through frequent and constructive dialogue, shariah boards and advisory authorities will become more appreciative of the many differences in business and economic environment – that lead to different shariah interpretations. concerted efforts to cultivate greater understanding of the variations in fiqh interpretations and approaches to islamic finance development are positive steps towards harmonisation that can deliver certainty of shariah implementation in the global islamic financial system. this roundtable meeting organised today is just a starting point of a long journey. it is my hope that this meeting offers a productive networking opportunity for all of us to identify common issues ; explore mutually beneficial opportunities ; and implement positive changes in our financial systems. it is not too far - fetched – to envisage the generation of breakthrough thinking for future research collaboration that is solution - driven ; practical ; and innovative in future meetings of this forum. ibnu taymiyyah once said : “ surely among the main thrusts in a religion is the union of hearts, the unison of views and easing of disputes conducted in good way. ” i implore all of us to begin today ’ s dialogue with an open mind and candid sharing of experiences that can benefit us all. it is through collaboration and cooperation that the intended values and impact of islamic finance can be realised for the betterment of the ummah. on that note, i wish you a productive and engaging discussion. 2 / 2 bis central bankers'speeches