20 percent minimum. as of end - december 2019, the mlrs of stand - alone tbs, rbs and cbs improved to 32. 6 percent, 54. 8 percent and 37. 1 percent, respectively, from the previous quarter ’ s ratios. the bsp also prioritizes other supervisory areas moving forward to ensure the soundness, stability, resilience and inclusivity of the banking system amid the ongoing health crisis. this slide shows the key supervisory areas that we are considering – improvement of the board and management ; asset quality deterioration ; liquidity ; declining profitability ; capital adequacy ; and banking operations. we also fully support the two major legislations being deliberated at the senate and house of representatives – the financial institutions strategic transfer ( fist ) bill. this bill is expected to assist the financial system in performing its role of efficiently mobilizing savings and investments for the country ’ s economic recovery by disposing bad loans ; and the government financial institutions unified initiatives to distressed enterprises for economic recovery ( guide ) bill which aims to strengthen the capacity of government financial institutions ( gfis ) philippine guarantee corporation ( pgc ), land bank of the philippines ( lbp ), and the development bank of the philippines ( dbp ) — to provide the needed assistance to msmes, and other strategically important companies. let me now move on to the three major reforms which we are pushing for. first, with the passage of r. a. no. 11439, the bsp is clothed with clear authority to issue broader set of rules and regulations on islamic banking. the supervisory and regulatory powers of bsp over islamic banks are also reiterated in the law. further, establishment of ibus by conventional banks is expressly allowed. the bsp has a task force on islamic banking which serves as its arm in drafting rules and regulations on islamic banking and coordinating efforts on islamic banking matters. second, the bsp is committed to promote sustainable growth by fostering environmentally responsible and sustainable policies and work practices. we believe that, “ leading by example ” is one of the best ways to usher the transition and shape the behavior of supervised institutions towards the adoption of sustainability principles in their corporate governance, risk management systems, strategic objectives and operations. 5 / 7 bis central bankers'speeches these are embedded in the recently bsp - issued sustainable finance framework. several pockets of green initiatives have been launched prior to the formalization of the sustainable central banking program. these include, among others

njuguna ndung ’ u : islamic finance – a paradigm shift in africa remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the 3rd gulf african bank annual east & central africa islamic finance conference, nairobi, 28 march 2011. * * * mr. suleiman shahbal, chairman, gulf african bank ltd ; mr. najmul hassan, chief executive officer, gulf african bank ltd ; board members of gulf african bank ltd here present ; distinguished guests ; ladies and gentlemen : i am delighted and honoured to have been invited to preside over the opening ceremony of this important conference. at the onset, let me extend a warm welcome to all participants attending the 3rd gulf african bank annual east and central africa islamic finance conference, with the theme : “ islamic finance : a paradigm shift in africa ” allow me to compliment gulf african bank for organising this islamic finance conference. indeed, this landmark conference brings together financial experts, central bankers, financial regulators, lawyers, financial institutions and islamic banking consumers from kenya and beyond. to all international participants, let me extend a particularly hearty welcome, “ karibuni kenya ”. this conference gives participants the opportunity to discuss emerging industry developments as well as reflect on the gains and challenges since the last islamic finance conference held in may last year. ladies and gentlemen : sharia compliant banking is viewed by many as the fastest growing segment of the banking sector in the world. in africa, islamic banking is a fast growing financial sector attracting all customers even of different religious orientation. the uptake of islamic banking is projected to grow exponentially in sub - saharan africa. kenya is among other african countries, that are taking up the lead in sharia compliant banking services. today, sharia compliant banking services in kenya have made huge strides since its introduction in 2007. the banking sector boasts of two exclusively sharia compliant banks. as at the financial year ended december 31, 2010 the two banks collectively commanded a market share of 0. 9 % of the banking sector with gross assets of ksh. 16. 54bn, net loans and advances of ksh. 9. 23bn and deposits of ksh. 13. 76bn. the two banks had 58, 101 deposit accounts and 2, 609 loan accounts as at the end of december 2010 – in less than 4 years of operation. in addition, several conventional banks now offer sharia compliant products as part of their product range through specifically created islamic banking divisions