from before to the crisis. many of the features currently being discussed are in fact explicitly embedded in the shariah requirements. the in - built check and balances in islamic banking avoids the excesses and over leveraging, a feature precipitating the current financial crisis. ensuring that the shariah requirements are embraced in its entirety is vital to ensuring the robustness and resilience of islamic finance. islamic finance must also draw upon the lessons derived from the current crises. it is vital that the regulatory regime based on the prudential standards issued by the islamic financial services board be implemented. this will further ensure the stability and soundness of the system. liquidity management in the islamic financial system and the institutional arrangements for resolution are among the other areas that need further development. of critical importance is for the board and management of islamic financial institutions to institute higher standard of leadership and a comprehensive governance culture and framework. mutual recognition in shariah and human capital challenges on this occasion, i would like to touch on two areas confronting islamic finance firstly on, the issue of mutual recognition in shariah and secondly the human capital development in the industry. malaysia takes cognisance of the diversity of shariah views within the region and among jurisdictions. although islam welcomes diversity of views, there is also a need to promote greater harmonisation among jurisdictions on the specific issues relating to islamic finance. such convergence is important for the long - term sustainability of the sector. malaysia has taken the initiative to organise regional shariah scholars dialogue in 2006 and 2008 as part of the efforts to foster greater engagement among the shariah scholars in the region. indonesia has been active in these dialogues. moving forward, the newly established international shariah research academy ( isra ) has been entrusted to intensify the regional shariah dialogues as well as to enhance further the international engagement among shariah scholars in our pursuit for shariah harmonisation. most encouraging is the greater appreciation and understanding that has been achieved in these deliberations of the shariah practices that are peculiar to the respective jurisdictions. the demand for skills in islamic finance throughout this region and other international financial centres has generated further growth in islamic finance. in this regard, malaysia has also embarked on several initiatives towards creating a supply of qualified human capital both in shariah and islamic finance. the international centre of education in islamic finance ( inceif ) is established to be a premier university in islamic finance, to

state bank of pakistan governor ’ s speech share purchase agreement with the consortium of chinese exchanges january 20th, 2017 bismillah hon ’ ble senator muhammad ishaq dar, finance minister of pakistan mr. zafar hijazi, chairman secp mr. munir kamal, chairman, pakistan stock exchange ambassador peoples republic of china distinguished guests, ladies and gentlemen, assalam - o - alaikum and good morning! i am very thankful to pakistan stock exchange to invite me today at this historic occasion in our economic history. can a single word be used to describe the prosperity of developed countries in the past few decades? if i were to answer this question, i would say collaboration. in this global world, it is not possible for economies to grow in isolation. hence, it should not come as a surprise to anyone that the most successful countries are the one that work in tandem with their neighbors and / or trading partners. pakistan and china are taking that exact path beyond which a great future awaits! before i move any forward, please allow me to take you to a short visit down the memory lane when pakistan economy was challenged with multiple headwinds. be it war on terror that led to lower than desired security situation in the country, energy shortfalls, insufficient foreign exchange reserves, or lack of foreign investment ; we have rebounded strongly than what was anticipated of us. with adequate economic policies and the assistance of international agencies, we have firmed up our feet on the ground. however, we did not stop there ; we continued with our efforts to take our economic growth and public well - being to a higher level. to achieve those goals, pakistan required the necessary impetus in the form of capital investment and opportunities. this is where the role of our closest friend and ally china has been instrumental! state bank of pakistan it is an applaudable step of a country like china to get integrated with the rest of the world. for this purpose, the country has rightly focused on the strategic location of pakistan. the investment of china in pakistan as just one route of its corridor has now begun a string of partnerships that would further strengthen the bond between the two countries. ladies and gentlemen, one of the outcomes of those efforts is the reason that we have gathered here. the signing ceremony of share purchase agreement by the consortium of chinese exchanges and local financial institutions is a surely a landmark event for the asian capital market. the investment of the consortium will not only enhance the credibility of pakistan stock