zeti akhtar aziz : corporate governance and aspects of the regulatory framework instituted in malaysia special address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 2nd seminar for central banks and monetary agencies on aaoifi ’ s accounting standards, kuala lumpur, 29 may 2002. * * * assalamu ` alaikum warahmatullahi wabarakatuh and good morning malaysia is indeed honoured to host this annual seminar organised by the accounting and auditing organization for islamic financial institutions ( aaoifi ) for central banks and monetary agencies on aaoifi ’ s accounting standards for islamic financial institutions. since its establishment in 1990, aaoifi has made a significant contribution in formulating and issuing accounting and auditing standards for islamic financial institutions. the standards issued by aaoifi have contributed towards the improved quality of financial statements and reporting methodology of islamic financial institutions. aaoifi has also issued standards on the role of syariah committees as well as the code of ethics that should govern the accountants and auditors of islamic financial institutions. undoubtedly, efforts by aaoifi have accelerated the pace of transparency and corporate governance of islamic financial institutions globally. ladies and gentlemen, a well functioning and efficient banking system is vital for achieving robust economic performance. within the context of the economy, the banking institutions perform the important function of mobilising funds that are channelled to productive investments thereby generating economic activity. in performing their intermediation function of channelling funds between the savers and investors, depositors need to be assured of the safety of their deposits and the efficiency in the manner in which the funds are mobilised and channelled to productive investment. through their extensive branch network, and now through internet banking, banking institutions are able to efficiently reach an extensive customer base nationwide. as a custodian of public funds, maintaining integrity and confidence in the banking sector is vital towards ensuring the stability and soundness of our financial system. the trust of the public in banking institutions is inspired by the confidence in the safety and security of deposits, and that these funds will be professionally managed. banking business involves risks and these risks need to be rigorously managed if public confidence in the banking system is to be secured. these risks involves credit risks, market risks, sovereign risks and foreign exchange risks, to name a few. there is therefore no room for negligence. this emphasize that the business of banking is too important to be left to self regulation. the regulatory framework

zeti akhtar aziz : recent initiatives to promote financial inclusion speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 2006 graduation ceremony of the malaysian insurance institute, kuala lumpur, 19 august 2006. * * * members of the board of the malaysian insurance institute, faculty members, distinguished guests, graduating students, ladies and gentlemen. assalamualaikum dan salam sejahtera, saya berasa amat berbangga dan berbesar hati kerana dapat turut serta meraikan kejayaan yang dicapai oleh para graduan mii pada hari ini. majlis ini menandakan usaha berterusan industri insurans, khususnya mii, untuk meningkatkan tahap profesionalisme kakitangan industri insurans melalui pendidikan berterusan, serta kesungguhan industri insurans untuk sentiasa mempertingkatkan tahap perkhidmatan bagi menjana perkembangan industri. tahniah dan syabas saya ucapkan kepada saudara dan saudari. ladies and gentlemen, today, we recognise the achievement of yet another group of graduands of the mii. let me again congratulate all the 642 individuals who have successfully completed their programmes, among whom are 276 who will receive the masters in business administration, associateship and post - graduate diploma qualifications while 26 will receive the certification as chartered financial consultants. there are also 340 individuals who will receive their undergraduate diplomas and certificates in various insurance - related fields. i am particularly pleased to welcome the graduands from bangladesh, india, indonesia, the maldives, thailand and vietnam. the increasing participation of candidates from abroad is a welcome development as it adds an international dimension to the mii's programmes by promoting an exchange of cross - border experiences and expertise shared in the programmes. it also strengthens the network among the workforce of the industry in the region. on this day, all of you have indeed achieved an important step forward in your professional career. the skills and knowledge acquired in achieving your qualifications will enhance your ability to contribute to the performance and development of the insurance industry. in this increasingly competitive and challenging economic and financial environment, knowledge has emerged