the next level. the future of islamic finance in kenya and in the region remains bright. on its part, the central bank will continue to pursue policies that create an enabling environment that will eventually culminate in kenya establishing itself as a regional financial hub as envisaged in vision 2030. with these few remarks, i want to wish first community bank ltd as well as the first community bank capital ( investment bank ) the best in their future endeavours. the islamic finance picture is thus complete. thank you bis central bankers ’ speeches

joachim wuermeling : banking regulation and the benefits of international cooperation - basel iii and beyond speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the konrad adenauer foundation, washington dc, 7 february 2019. * * * ladies and gentlemen, welcome to the “ gold room ” of the konrad adenauer foundation. i am honoured to welcome you all – your attendance today surely makes this lunch a golden opportunity to exchange ideas and perspectives on the future of transatlantic and international cooperation. we are probably all having quite difficult conversations in our jurisdictions at the moment about what transatlantic cooperation – and what international cooperation – can do to achieve a prosperous economy over the coming years and decades. how can cooperation support the goals of prosperity, stability and progress? my personal view is this : our prosperity hinges heavily on the interdependencies of our economies. that ‘ s what makes cooperative frameworks that create reliability and trust so important. take banking regulation as an example — here we have a fairly successful track record of international cooperation : the basel committee of banking supervision is a semi - formal network of supervisors from currently 28 jurisdictions. since 1974, regulators in the committee have been developing international minimum standards and guidelines to harmonise the supervision of internationally active banks. even though its standards are only non - binding agreements, these are typically implemented in more than 100 countries. during its 45 years of international cooperation, the basel committee has achieved a lot : it ensures a clear - cut separation of work and cooperation between home and host supervisors, so that the activity of international banks cannot fall through the cracks. it fosters the continuous exchange between supervisors and thereby helps build mutual trust. the basel minimum standards reduce the opportunity for regulatory arbitrage. and in the process, they reduce the likelihood of a regulatory race to the bottom. i like to think of basel as an example of the value of international cooperation. and as such, the basel committee was crucial as a forum to make sure that regulatory reforms after the financial crisis were developed in international accord. the final pieces of this international reform effort were achieved with the committee finalising the basel iii standard. the basel iii package, which includes reforms developed between 2009 and 2019, will make internationally active banks safer in the future. and yet i would like to bring one sobering fact to your attention : since the basel committee started its work, financial crises have not become fewer but more frequent. how can that be? one reason is regulatory