identified to deal with the potential risks and vulnerabilities to the islamic system in this now more challenging international financial environment. these include steps that need to be taken for the implementation of the prudential standards ; the development of a liquidity management infrastructure ; the introduction of strong financial safety nets ; the development of an effective crisis management and resolution framework ; the development and implementation of accounting, auditing and disclosure standards ; the formulation of an effective macro prudential framework ; the development of credible credit rating institutions and processes ; and finally, to strengthen efforts for capacity building and talent development for the islamic financial services industry. given the global dimension of these building blocks, international cooperation and collaboration is significantly vital to advance these important agendas. regulatory harmonization commanding the highest level of international cooperation is particularly vital in the implementation of common prudential standards to safeguard the stability of the islamic financial system. this will contribute towards the harmonization of the regulatory and supervisory framework in islamic financial systems across borders. of importance is advancing the international standards and best practices that takes into account the distinct characteristics of islamic finance. such prudential regulation that considers the unique mix of risks associated with shariah - compliant financial business would enhance the effectiveness of the regulatory outcomes intended for islamic finance. much progress has already been made by the ifsb in promulgating an extensive set of prudential standards for the islamic financial services industry since its establishment in 2002. the ifsb has already introduced standards for capital adequacy, risk management, bis central bankers ’ speeches corporate governance and shariah governance. this important work has been significant in promoting international uniformity of regulatory frameworks and international best practices for the islamic financial system in different jurisdictions. its significant progress has benefited from the strong international cooperation and collective support from its member countries and global institutions. indeed, as an evolving global industry with varying stages of development across borders and various business structures and operating models used in the different markets, this close engagement has also allowed for the attainment of balanced views. whilst islamic finance has demonstrated resilience during the recent crisis, the ifsb has moved quickly to review its existing capital standards for possible enhancements and to incorporate new liquidity measures in its ongoing work in developing liquidity standards for islamic banking. this work is currently being addressed through the working groups for capital adequacy standards and for liquidity risk management. the overarching objective is to ensure that the salient features of islamic finance are effectively and

governor title date event venue : mr. tariq bajwa : opening of boc pakistan operations : november 7, 2017 : official opening ceremony of bank of china limited pakistan operations : president house, islamabad h. e. president mamnoon hussain, honorable president of pakistan, mr. chen siqing, chairman bank of china, distinguished dignitaries and guests, ladies and gentlemen, assalam - o - alaikum and good morning, it is a great pleasure to be here at the inauguration ceremony of bank of china ’ s operations in pakistan. i welcome bank of china in pakistan. this is indeed a very auspicious occasion as the two brotherly countries, pakistan and china, further cement their ties in the fields of banking and finance. banks are to an economy what lubricants are for a machine. page 1 of 4 going forward, i hope that bank of china will play its due role not only in the economic development of pakistan but also be a catalyst in further strengthening our bilateral trade and banking relationships. ladies and gentlemen! in contrast to the protectionist sentiments that are gaining momentum in some parts of the world, pakistan and china present a distinct example of regional cooperation and harmony. the financial linkages between pakistan and china are growing manifold. we are already host to industrial and commercial bank of china limited ( icbc ). recently, consortium of chinese investors acquired forty percent shares in pakistan stock exchange. chinese investors have evinced interest in acquiring ke. i am also aware that other chinese institutions are exploring the possibility of making investments in the financial and other sectors of our economy. our banks have also been venturing into china and some of them have established branches and representative offices in china, such as habib bank limited, national bank of pakistan, united bank limited and bank al - habib. with start of bank of china operations, ties between pakistan and china will strengthen further. bank of china is not an ordinary bank. it is one of the big - four banks in china and is a global systematically important bank. it is ranked amongst the top global banks in terms of assets and has a significant footprint in over 50 countries. it brings with it a rich heritage of over 100 years of banking experience, practices, and knowledge. as bank of china is a key partner in china ’ s “ one - belt one - road ” initiative, we expect that it will be able to effectively cater to the financing needs of cpec projects by leveraging its specialized services