bank negara malaysia is committed towards promoting human capital development. dedicated ancillary institutions such as inceif, ibfim and isra have been established to focus on training, education and research. there has also been a higher degree of strategic alliance with british education and training institutions with our malaysian institutions to advance the talent development for the islamic financial services industry. in this respect, i am pleased to note that we will today witness the signing of a number of strategic collaboration between leading british institutions and malaysian education and training institutions. let me conclude my remarks. the increasing awareness and appreciation of the inherent strengths of islamic finance and its tremendous potential for advancement have ignited interests amongst the global financial community to venture into this new sphere of finance. taking advantage of the increasing role of islamic finance in bringing together different parts of the world with surplus funds in search of investment opportunities, with those that have financing needs, will increase these mutually reinforcing prospects. we look forward to london's participation in this new financial evolution.

important to promoting the efficient functioning of the markets and thus facilitate cross border capital flows thereby strengthening global financial integration. however, it can be observed that in most jurisdictions that have islamic financial institutions, islamic money and capital markets remain relatively less developed. consequently, islamic banking institutions face the challenge in their day to day management of cash, arising from the lack of a comprehensive islamic interbank market with highly rated short - term tradable instruments. without access to such a market, it is difficult for these institutions to manage their short - term liquidity needs in an efficient and effective manner. this would in turn require them to maintain a larger amount of liquidity compared to their conventional counterparts. in malaysia, such markets exist and have been key to facilitating liquidity management. coordinated initiatives across jurisdictions can be taken to foster the development of an efficient and vibrant international islamic financial market. the ifsb task force on liquidity management reflects a concerted effort to explore measures needed to develop the liquidity management infrastructure and framework for the islamic financial institutions. notwithstanding the effort by the task force to look into the pertinent issues, islamic financial institutions are encouraged to promote innovation in the development of a broader range of islamic financial market instruments. these include instruments with equity ownership features, islamic asset - backed securities, the inclusion of permissible forms of credit enhancements as well as shariah - compliant risk mitigating instruments. it is also essential that there should be sufficient availability of liquidity to support the intermediation of funds in the islamic financial system. central banks must therefore have sufficient islamic financial instruments at their disposal to manage the liquidity conditions in the islamic financial system. secondly, is the international cooperation to ensure financial stability of the international islamic financial system. this will also involve partnerships between international financial centres in promoting financial stability. a robust and effective regulation and supervision of islamic financial institutions is key to preserving financial stability. the current ongoing global financial and economic crisis has highlighted the structural weaknesses in the global financial regulatory and supervisory framework. co - operation between regulators across jurisdictions is vital in containing potential systemic risks that have extended beyond the national and regional boundaries. in the case of islamic finance, a rigorous and well developed legal, regulatory and shariah framework is being put in place. such a regulatory framework also needs to govern market practices by the islamic financial institutions. this will involve the implementation of the prudential standards that have been issued by the islamic financial services board, the ifsb. the ifsb also has