this role does not [ in any way ] substitute the function of the judiciary in upholding legal certainty. rather, the sacs support the courts – by providing predictability and uniformity in the interpretation of shariah rulings that are applicable to islamic financial business. unlike a scientific question, a shariah question can be answered by reference to at least four different schools of thoughts, all of which provide valid answers from a shariah perspective. having the sacs as central authorities for providing finality of shariah rulings – helps the court apply the rulings to the specific circumstances of a particular case with full certainty. this will then inform the final judgment by the courts. a clear process has been set out to facilitate judges, arbitrators and islamic financial institutions to refer matters which require the ascertainment of islamic law to the sacs for their ruling or advice. matters beyond the ambit of the sacs ’ authority will be left for the courts to adjudicate. the composition of the sacs, which includes former judges, ensures it functions well within the boundaries of its purview. to promote procedural legitimacy, efforts have been also directed towards ensuring that the reasoning of the sacs are well - documented and accessible to the public. other than the courts and the sacs, another important institutional arrangement for our path forward will be the financial regulators. in particular, bank negara malaysia and the securities commission will continue to play a proactive role in identifying pertinent shariah issues that need to be clarified for the domestic market. by the end of this year, bank negara malaysia will have completed a compendium of regulatory standards to provide clarity on the shariah and operational requirements for 14 islamic finance contracts. this endeavour began in 2013, and incorporates the interpretation of the sac. the task for the regulators is to come up with similar 3 / 4 bis central bankers'speeches standards in the future – especially as the market ventures into novel and more innovative approaches. this will provide an invaluable resources in helping islamic financial institutions and their lawyers in structuring islamic finance products as well as identifying the necessary legal documentation. individual excellence at the individual level, the promotion of legal certainty will require a strong base of legal and islamic finance professionals. as the domestic industry and global market for islamic finance grows, so must our talent pool. lawyers involved in product structuring, for example, can provide value - added advice to their

earlier calls that the remaining labour mobility restrictions for slovenian citizens in the euro area countries should be eliminated. such barriers do simply not belong to a single currency area. ladies and gentlemen, let me again congratulate slovenia for its successful integration with the euro area and the adoption of the euro. looking at the track record of sound economic policies in the past i am confident that the newest member of the euro area “ family ” will continue with responsible economic domestic policies, securing further stable and robust economic growth and pursuing efficiently the catching - up process. let me also reconfirm my hope that all euro area member states will do their best to further strengthen the economic integration in the euro area. this will have positive effects on economic growth and job creation for all 317 million people in the euro area today. finally, let me encourage all the new member states to pursue sound and consistent economic policies in order to achieve lasting real and nominal convergence. further progress in this field will hopefully allow us to welcome again new members to the euro area. thank you very much for your attention.