capturing interactions among them. the stand - alone approach reflects the microprudential objectives of the various u. s. supervisory stress test programs, along with practical considerations. while the scap and ccar / dfast stress tests programs have strong macroprudential elements15, in each case the results have also been used to make firm - specific supervisory judgments about capital adequacy. this individual firm application pushes towards measurement approaches that capture more detailed, firm - specific characteristics. at the same time, fully dynamic models that capture interactions and exposures among firms or that build in feedback from banking sector outcomes to the macroeconomic scenario can be informationally demanding, computationally intensive and, at the stage of model development prevailing during the scap and early phases of the ccar / dfast regime, generally would have involved higher level, “ industry average ” assumptions about the performance of banks under the hypothetical stressed conditions. thus, the stand alone approach was in many ways the only practical choice at the time the initial supervisory stress tests were conducted. a final set of design choices affecting how stressed capital ratios are measured involves the actual models that produce the estimates of net income and capital. the models used in the ccar and dfast supervisory stress tests are developed and implemented by supervisors – they are almost entirely independent of stress test models used by banks. this is something that has evolved over time. the scap results were based on a variety of sources, including projections made by the banks, simple supervisory models, and historical data on bank performance. the blending of sources reflected that the scap was the first broad - based supervisory stress testing program, conducted in a crisis environment, with significant learning along the way. over time, supervisory estimates have become increasingly independent from the projections made by banks. supervisors and economists in the federal reserve system have developed models to capture the impact of the stress scenarios on various elements of net income, including different categories of loans and securities, interest and non - interest income, non - credit expenses and balance sheet evolution, as well as the flow through of net income to regulatory capital. this was a policy choice intended to provide consistency of treatment across banks involved in the stress tests and to counteract any incentives banks might have to understate the impact of the stress scenario. bank - specific elements – which, as noted above, are critical to the microprudential policy objectives of the ccar and dfast programs – are introduced by using detailed data provided by each participating institution.

offer postgraduate qualifications in islamic finance as well as the chartered islamic finance professional ( cifp ) qualification. cifp is the world's first islamic professional qualification and it is accredited as a masters degree level equivalent. recently, inceif produced its first batch of 32 cifp graduates from nine countries, of which three are from indonesia. inceif has also entered into strategic partnership with universiti airlangga in surabaya and universiti indonesia in jakarta where the cifp programmes are now being taught. through these strategic alliances, the efforts would be directed to jointly produce high - calibre talent that have the combination of knowledge in shariah and finance. it is our hope that pt. bank muamalat indonesia would consider malaysia as a platform for securing foreign currency business ventures in the region and contribute to the development of islamic finance in malaysia. i am confident that the international islamic banking segment of islamic finance in both countries will continue to make significant strides, in particular to bring to the next level the development of an international money market platform that allows for greater participation from a wider international financial community offering product suites that are denominated in other currencies and structured in a manner that would meet a wider range of applications and purposes. on this note, i wish to congratulate pt. bank muamalat indonesia on the official launch of pt. bank muamalat indonesia of the malaysian branch to conduct foreign currency business as an international islamic bank under the mifc initiative. i also wish to congratulate the newly established first islamic investment bank ltd., licensed under the labuan offshore financial services authority.