and ensure products and services offered remain relevant. that would entail understanding issues faced by society at large. some of the most critical issues confronting the economy and society all over the world include accessibility to affordable housing, quality of living standards, and better avenues to good healthcare and education. how could islamic finance and shariah scholars contribute towards solving some of the problems in the real world? how should islamic finance position itself to become the preferred solutions providers on issues faced by the real economy and society? third, start “ walking the talk ”. as scholars, you will have plenty of ideas about how to make the world a better place. i call on you to translate these ideas and proposed solutions into concrete actions. we have enough of polemics and preaching. you will likely need to work with others to make this happen. therein lie my earlier point that i alluded, that we need to create a culture of greater collaboration and respect between the world of academia, regulators and industry players. my hope is that applied research and the development islamic finance becomes mutually - reinforcing, a “ virtuous circle ”, where extensive research translates itself into great solutions which can then be used to propel islamic finance to a new level of excellence. but it will require us to strengthen the linkages in transforming research insights into practice. you can do your part in promoting this close association through active engagements with the industry or by being a member of working groups to look into specific areas with the regulatory authorities. conclusion i certainly hope you would find time to reflect on your past, and to think about what you could contribute for islamic finance and the ummah in the future. you were once isra scholarshipholders, but even as you enter a different phase of your career, you continue to remain life - long scholars. continue to pursue the love of knowledge, and use it to make the world a better place. let me conclude this remarks by quoting a hadith ; “ he who introduced some good practice in islam which was followed after him ( by people ), he would be assured of reward like one who followed it ”. ( narrated by sahih muslim ). 2 / 2 bis central bankers'speeches

of no significance. let ’ s practice and live the norms and the values that led to the glory days of many civilisations. you are a privileged group. as members of a highly diverse and global group of scholars, you are well positioned to make a difference to the world through islamic finance. since its inception in 2006, 86 recipients from 20 countries have been awarded the shariah scholarship award. right now, we have 40 recipients from 12 countries. given such diversity with global orientation, it is only fitting to label this programme as the isra global scholarship. our aspiration is that this programme will continue to grow and makes a difference. we aspire that isra global scholars are acknowledged as potential game changers for the industry and a product of a highly rigorous selection process. ideas to further contribute towards the industry ’ s transformation i would like to raise three issues for your consideration as alumni of the shariah scholarship 1 / 2 bis central bankers'speeches award. first, continuously push and expand the frontiers of knowledge in whatever role you are in. as scholars, we know intimately the importance of knowledge and research. research is where breakthrough thinking should originate, especially in the area of applied research that is solutiondriven and industry - related. but this will necessitate us to develop a greater understanding on the real issues facing the industry. it also necessitates us to learn other disciplines as well, just like the great scholars of yesteryears that venture into other areas of studies. they became very innovative because of the varied disciplines. only then, are we able to develop practical and costeffective solutions. for example, most islamic finance industries around the globe are still domestically oriented and a majority of them still engage in consumer credit and simple form of banking products. if islamic finance were to expand we need to go beyond these domains. scholars and researchers need to think through what it takes to internationalise the industry, how to enhance cross border transactions of islamic finance services or how products could be structured to meet the sophisticated needs of the economy. second, broaden your worldview to think about all issues surrounding the ummah, not just those directly within the realm of shariah and islamic finance today. we now see many traditional sectors ripe for disruption, with incumbents blindsided by new technologies and new business models. islamic finance will not be isolated from these rapid changes. the islamic finance community must be innovative and competitive to fulfil the needs of islamic finance users