cases, the court can also draw on these comprehensive and transparent shariah standards as basis in arriving at a court ruling. the adoption of the standards by learning institutions will pave the way for greater understanding and acceptance of these standards as a global starting point of reference for the islamic finance community. as we launch the educator ’ s manual, which is the first of 14 series of manuals, i would like to share my thoughts on our approach in developing the shariah standards, and would also like to emphasise the importance of embracing diversity and mutual respect in shariah interpretations. i shall deliberate on two additional areas that stakeholders need to consider to maximise the benefits of having the manual ; reconfiguration of academic programmes and strategising talent deployment. the future growth of islamic finance, especially cross border, is very much dependent on the harmonisation and mutual recognition of shariah views and rulings across the globe. it is critical if cross border trades are to be strengthened. numerous efforts are being pursued to narrow the opinion gaps between scholars through symposiums, roundtables as well as bilateral dialogues. however, narrowing of shariah opinions is preferable but not critical. the fact is, differences in views and opinions among scholars are a historical fact, and an accepted facet in the area of shariah, particularly in matters relating to fiqh muamalat ( jurisprudence ). in fact, my own view is that great islamic civilisation of yesteryears was possible and the envy of many because of our diversity, tolerance and mutual respect of each other's view. in the context of the shariah standards, the dynamic process of its development involves the act of harmonising the differences and embracing diversity. we respect views of others which are different from ours by looking into the wisdom of earlier scholars from all recognised schools of thought ( mazhabs ). we are also willing to arrive at new rulings where it is appropriate. this broadens the reference scope for shariah scholars to have an enriching debate on the best application of shariah in contemporary finance, based on the customs, legal and operational framework of each market. this is an important principle, as it increases the depth of fiqh research that leads to greater understanding of practices in muamalat through the times while recognising the influence of local tradition, as well as domestic business practices. the act of balancing the authenticity and practicality of

muhammad bin ibrahim : enhancing the quality of malaysia ’ s islamic finance education speech by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the launch of the educator ’ s manual on shariah standard murabahah, kuala lumpur, 15 august 2016. * * * we are here today to witness the launch of the educator's manual on shariah standard murabahah. the manual is a pioneering effort. translating the shariah standard and operational requirements into a user - friendly format for adoption in the academic syllabus of our local universities will go a long way in enhancing the islamic finance syllabus by educational establishment. this is a great team effort. i would like to congratulate the panel of authors that have tirelessly contributed towards the production of this teaching guide. the shariah advisory council ( sac ) members, researchers from the international shari'ah research academy ( isra ), representatives from the islamic banking and finance institute malaysia ( ibfim ), the academic fraternity and the industry players. the dedication of the team has produced a manual that will make the overall learning experience more comprehensive, exciting and interactive. my congratulations and appreciation to universiti sains islam malaysia ( usim ) and the international islamic university malaysia ( iium ) for being visionary to participate in this pilot project. there is a wealth of benefits to be gained. it is our aspiration that other universities would be a part of this initiative that would contribute towards enhancing the quality of our islamic finance education. for the past three decades, islamic finance in malaysia has undergone a journey that is marked with various significant milestones. i would like to highlight three major achievements of the industry in term of its development since inception. firstly, islamic finance in the country has become a key segment in the financial system. what was once a novelty is now mainstream. this is a consequence of continuous initiatives to build a solid foundation, focusing on infrastructural, institutional and capacity building measures, as well as robust regulatory and supervisory framework. these measures are the cornerstones of islamic finance industry ’ s growth. from less than four islamic banks and takaful players before year 2000, there are now 27 players that offer over 100 financial products beyond the basic financial offerings. the industry is characterised by increasing competitiveness and innovation. the recently launched investment account platform ( iap ) is the latest initiative where the industry has cooperated to