’ ah research academy for islamic finance ( isra ), islamic banking and finance institute malaysia ( ibfim ) and international centre for education in islamic finance ( inceif ) for greater synergy in international research and training, as well as capacity building. in concluding, i wish to congratulate the irti team, that has worked diligently with the council of islamic banks and financial institutions ( cibafi ) and thomson - reuters in producing this report. it is my hope that there is further continuity in developing such country references that can showcase the offerings of islamic finance to the global community. with this, more jurisdictions can contribute towards advancing islamic finance as an alternative financial system that adds diversity and vibrancy to the economy. thank you. bis central bankers ’ speeches

muhammad bin ibrahim : the “ islamic finance country report for malaysia 2015 ” keynote address by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the launch of the “ islamic finance country report for malaysia 2015 ”, kuala lumpur, 30 june 2015. * * * thank you for the invitation today to officiate the launch of the “ islamic finance country report for malaysia 2015 ” published by irti, the research and training arm of the islamic development bank. this country report is the fifth in its series and features malaysia ’ s ongoing initiatives and prospects in transforming into a high income economy and the contribution of islamic finance in this endeavour. islamic finance in malaysia has undergone three decades of progress and its current state of development is the reflection of the collaborative effort between the industry and the government. while malaysia has achieved a number of successes, a lot needs to be done still. islamic finance needs to advance from domestic - centric growth and expand beyond our borders. the next phase of achievement would very likely hinges on our ability to collaborate successfully with others and harness our capabilities to ensure that islamic finance will progress and expand transactional activities across borders to remain competitive and dynamic. progressive development of islamic finance in malaysia as part of the strategy to sustain balanced economic growth, malaysia has developed islamic finance as one of the sectors that not only adds value to the economy but offers an alternative to businesses and the public. our approach has been holistic, yet focused on specific outcomes. the focused approach has led to the exponential growth of the industry and contributed towards the diversification of the malaysian economy. the future and continued progress of islamic finance in malaysia would very much depend on the industry resourcefulness to build and maintain an innovative, competitive and inclusive islamic financial industry. empirical evidence shows the importance of an enabling environment for islamic finance to fluorish, with tax incentives, business - friendly policies and initiatives, as well as an appropriate and robust regulatory and supervisory framework. it is these ingredients that enable islamic banking assets to consistently record double - digit annual growth rate since year 2000 and now representing 25 % of domestic banking assets. in terms of customer base, it is estimated that non - muslims make up over 50 percent of the customer base of islamic banks in malaysia. growth numbers are also most evident for the islamic capital market, with the sukuk market commanding a 57 percent market share and attracting global issuers and investors. from 2006 to end - 2014, foreign issuers have issued su