##ologies and practices. these goals form the core of our medium - term strategy. the bank of albania aims to increase the impact of research results on decision - making, extend research to other departments, and adopt highest standards on ethics and rigorous research, which renders it one of the priorities of the cooperation. many of the current developments and challenges in certain countries or regions may appear as distant and alien to us, but globalisation and economic integration disregards borders and their effect and impact may spill over into our economy. the problems that persist from the financial crisis, the continuation of quantitative easing programmes and the new normal for the monetary policy affect the functioning of the central bank. on the other hand, challenges and opportunities introduced by technological development for central bank policies and decision - making, financial inclusion and financial instruments, are phenomena that affect not only the central bank but also the rest of the society. it is, therefore, necessary to study, analyse and address such phenomena based on facts and best scientific analysis. we value international cooperation in these fields as a very important contributor to coping with such challenges and undertaking visionary policies. notably, the selected format for providing technical assistance enables the output objectives of the cooperation to be tailored to the characteristics of the albanian economy and dedicated to the bank of albania and its decision - making and operational framework. the technical assistance consists of a set of activities that include all the phases and methods of learning and, at the same time, contributes to all concrete and flexible policy - making processes at the central bank. activities under the programme range from lectures to practical implementation of the knowledge and application in specific projects, in accordance with the priorities of the bank of albania. the selection of a serious partner is another important aspect for the success of this agreement. the graduate institute geneva has become an important partner for the bank of albania, contributing with its academic staff as well as collaborators it selects among renowned professors and experts of economics, finance and banking. this agreement between the bank of albania and seco, the centre of expertise for all core issues relating to economic policy, in switzerland and not only, helps the bank of albania to fulfil the objectives, to carry out its duties and to withstand future challenges. 2 / 3 bis central bankers'speeches i would like to thank once again mr maitre and the state secretariat for economic affairs for the contribution to the bank of albania. i look forward to the fruitful and successful cooperation under the new agreement thank you! 3 / 3 bis central bankers

peter pang : strategies for the development of islamic capital markets welcoming remarks by mr peter pang, deputy chief executive of the hong kong monetary authority, at the ifsb seminar on “ strategies for the development of islamic capital markets ”, hong kong, 27 june 2013. * * * secretary - general jaseem ahmed, your excellency abdullah salem al - turifi, distinguished speakers and delegates, ladies and gentlemen, good morning. 1. the hong kong monetary authority ( hkma ) is very honoured to host this seminar organised by the islamic financial services board ( ifsb ) with the support of the treasury markets association ( tma ). it is a great pleasure to welcome you all and a special thanks to the speakers and delegates who have travelled a long way from overseas to attend this event. 2. this year marks the 10th anniversary of the ifsb. let me take this opportunity to congratulate the board for the invaluable contributions it has made in the last decade to develop the islamic financial services industry, particularly in bringing islamic financial products to the mainstream by issuing prudential standards that are in compliance with shariah principles while being consistent with international standards, and organising international events to promote market awareness of the opportunities offered by the islamic capital markets. 3. the theme of today ’ s seminar – “ strategies for the development of islamic capital markets ” – is most timely and relevant to hong kong as we are about to introduce an enhanced legal framework as a first step to promote the sustainable development of islamic finance and we are eager to learn the other key components to form a coherent strategy. we very much look forward to the insightful views of the distinguished speakers on the latest developments of the global islamic capital markets, the prospects and opportunities that lie ahead, and further ideas to bring islamic capital markets to the mainstream. growing importance of islamic finance in the global financial scene 4. being an international financial centre, it is important for hong kong to embrace islamic finance given its rising prominence in the global financial arena. the size of the global islamic capital markets has expanded more than 10 - fold since its early phase of development in the 1980s, reaching an estimated us $ 1. 6 trillion at the end of 2012. 1 with this critical mass, islamic finance has become an integral part of the global financial system not only catering for the needs of muslims, but also attracting other investors and fund raisers, regardless of race and religion. reflecting the deepening sophistication of this market, we