executed by these participants, and on instruments relating to ringgit and foreign currency islamic securities. approval has been granted to fully exempt from withholding tax any profits or income on non - residents'investments in non - ringgit islamic securities including sukuks issued in malaysia. malaysia maintains a liberal foreign exchange administration regime where investors are freely able to obtain ringgit and foreign currencies to fund their investments in malaysia. we have relaxed the rules further to allow resident and foreign issuers to raise foreign currency - denominated bonds, including islamic bonds. foreigners investing in malaysia are also free to hedge with onshore banks their committed flow of funds such as the repatriation of investment proceeds, dividends and profits from malaysia as well as the purchase of ringgit assets in malaysia. there is free mobility of inward and outward movement of funds relating to both foreign direct investment and portfolio capital investments. multilateral development banks and multinational corporations may also issue ringgit or non - ringgit denominated instruments in the domestic bond market. to enhance the delivery system, an executive committee of key government officials, financial regulators and industry players has been has been set up for the implementation of the initiatives to support the operations in the islamic financial system. among others, an " executive green lane " has been accorded to expedite applications by expatriates for long - term employment passes with multiple entry visas. the foreign investment committee rules will also be relaxed further to allow 100 percent foreign equity ownership in these financial institutions. moreover, the islamic financial system will also adopt a conducive stance on shariah interpretations and practices, consistent with its international dimensions. it will mutually recognise and accommodate the various juristic reasoning that has been approved by recognised shariah advisers. in conclusion, i wish the malaysia country showcase a success. i invite the business and financial communities from this region and the malaysian delegation to capitalise on this event to arrange for business meetings on the sideline of this summit. thank you.

close linkage to the economy as it directs the overall intermediation function towards economic production and wealth creation. this therefore requires the continuous development of financial products and services that manifests the value propositions of islamic finance. in providing the comprehensive range of the whole spectrum of financial products and services that are in accordance with these principles, islamic finance has been able to provide the total financial solution to consumers and businesses. the recent growth of islamic finance has been fuelled by a sustained phase of innovation. the scope of financial business has also increased in sophistication, particularly in the areas of private equity, project finance, sukuk origination as well as fund and wealth management. to sustain this trend, further in - depth applied research is needed to develop more financial products that create such links with the real economy in terms of the operating models, risk management and supporting infrastructure. the second value proposition of islamic finance lies in its merit as a potent tool for enhancing financial inclusion and for being beneficial to all members of society. its immense potential in advancing social - economic development is mirrored by the continuing efforts to introduce islamic finance offerings in emerging economies, particularly in asia, the middle east and bis central bankers ’ speeches african nations in recent years. in bringing unserved communities into the economic mainstream through the financial intermediation process, it can contribute towards poverty alleviation, job creation and more equitable economic growth. a recent study has however revealed that, despite being a promising financial segment, the availability of microfinance in muslim - majority economies is either non - existent or still at very early stages. islamic financing instruments currently comprise only a small fraction of microfinance business in the organisation of islamic cooperation ( oic ) countries. while there are success stories on the application of islamic finance principles in microfinance programs, there is potential to have better models for islamic microfinance. in addition, it should also integrate with other financial products such as microtakaful and other social welfare tools such as waqf to create a viable and impactful microfinance initiative. there are also immense opportunities for islamic finance to leverage on the productive potential of small medium enterprises ( smes ) through greater application of equity - based structures in such financing structures. there is seemingly a natural fit between islamic finance and smes financing in that both strongly promote entrepreneurship and value - creating activities. the third value proposition of islamic finance refers to its emergence as new vehicle in bridging economies and contributing to increasing