zeti akhtar aziz : expanding further understanding of islamic finance welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the inceif's ( the global university in islamic finance ) public lecture by dr abbas mirakhor, the first holder of inceif chair of islamic finance, kuala lumpur, 29 january 2010. * * * it is my great pleasure to welcome you to the inceif's inaugural public lecture by dr abbas mirakhor, a distinguished scholar and the first holder of the inceif chair of islamic finance. the inceif public lecture series aims to provide a forum for promoting intellectual engagement to discuss the issues, developments and challenges in the area of islamic finance. the global financial crisis that has dominated the headlines across the world for more than two years has brought to the forefront the fundamental issues in the international financial system that need to be addressed. now, as the growth prospect resumes, the debate is focussed on the priorities and direction needed to reshape the post crisis world to ensure that the recovery will be sustainable. while islamic finance has demonstrated its resilience during this period, the industry is now entering into an environment that is fundamentally different in this post crisis era. the international financial reform agenda will result in new structures, standards and regulatory regimes for the global financial industry. greater financial inter - linkages and integration will also require greater cooperation and collaboration in the endeavour to preserve global financial stability. in this environment, the foundations for the sustainability for islamic finance as a competitive form of financial intermediation will need to continue to be strengthened. efforts are therefore being focussed on the further development of islamic financial markets, the financial infrastructure, research and development to support innovation, and enhancing the legal, regulatory and supervisory framework. in addition, the adoption of the relevant advances in technology and the development of human capital are also key to support the development of islamic finance. the ongoing efforts in these areas are aimed towards enhancing further the resilience of islamic finance which would in turn enhance its potential to contribute towards global financial stability and the prospects for global growth. indeed, the topic of the inceif's public lecture today, “ paradigm change in shaping the future of islamic finance ” is timely for us to deliberate and reflect on the issues confronting islamic finance moving forward. we are indeed honoured today to have dr abbas mirakhor. dr abbas joins inceif following a long and distinguished career as

the restructuring of non - performing loans ( npls ) of smes with on - going businesses. the sme facilities available at bank negara malaysia link will greatly increase the outreach capabilities of the sme special unit. ladies and gentlemen, as the financial system becomes more developed and sophisticated, there needs to be increased financial literacy. as part of our financial sector master plan, we have implemented a 10 - year programme to increase consumers'financial literacy. we are now in the third year of the programme. the effective participation by the public in the financial system needs to be an informed participation. there needs to be better understanding of the consumer's financial rights and responsibilities, the opportunities and the associated risks and costs. bank negara malaysia link through its exhibitions, interactive information kiosks and booklets, will serve as a channel to provide consumer financial education to the public. in this connection, bank negara malaysia link will provide information relating to conventional and islamic banking, insurance and takaful, smes, foreign exchange administration, central credit reference information system ( ccris ), biro maklumat cek, development financial institutions, and other financing related matters. bank negara malaysia link would also attend to public complaints on the above matters. as part of efforts to preserve the history on bank negara malaysia's role in nation building, bank negara malaysia link also includes a section on the bank's contribution in shaping the country's economy and financial sector since the 1950s. ladies and gentlemen, the establishment of bank negara malaysia link takes the central bank's public outreach programme to a higher level. by providing a centralised platform for the public to seek information and address financial issues, it is our hope that bank negara malaysia link will be instrumental in building bridges between consumers, including smes, the financial business community, consumer associations and policymakers. we believe in the importance of this outreach effort not only because the public has a right to an informed participation in their financial dealings, but also because it is also an important part of our collective and combined efforts that will determine the success of our endeavours. tuan - tuan dan puan - puan, akhir sekali, saya ingin mengucapkan berbanyak - banyak terima kasih kepada yang amat berhormat perdana menteri atas kesudian beliau melancarkan bank negara malaysia link.