economics, vol. 114 ( 2 ), pp. 389 – 432. diamond, douglas, and philip dybvig ( 1983 ). “ bank runs, deposit insurance, and liquidity, ” journal of political economy, vol. 91, pp. 401 – 19. feroli, michael, anil k. kashyap, kermit schoenholtz, and hyun song shin ( 2014 ). “ market tantrums and monetary policy, ” paper presented at the 2014 u. s. monetary policy forum, new york, february 28. gertler, mark, and peter karadi ( 2013 ). “ monetary policy surprises, credit costs and economic activity ( pdf ), ” working paper, october. gilchrist, simon, david lopez - salido, and egon zakrajsek ( 2013 ). “ monetary policy and real borrowing costs at the zero lower bound, ” finance and economics discussion series 2014 – 03. washington : board of governors of the federal reserve system, december. hanson, samuel, and jeremy c. stein ( 2012 ). “ monetary policy and long - term real rates, ” finance and economics discussion series 2012 - 46. washington : board of governors of the federal reserve system, july. morris, stephen, and hyun song shin ( 2003 ). “ global games : theory and applications, ” in mathias dewatripont, lars peter hansen, and stephen j. turnovsky, eds., advances in economics and econometrics : theory and applications : eighth world congress, vol. 1. new york : cambridge university press, pp. 56 – 114. bis central bankers ’ speeches

system can be resolved by the home regulators and shariah authorities, the integration of islamic finance with the international financial system brings with it many challenges. there is a need for mutual recognition of financial standards and products across jurisdictions. the progressive harmonisation of shariah, in this respect, needs to be viewed as a driver towards greater international financial integration. such a convergence and harmonisation can only happen with greater engagement among the regulators, practitioners and scholars in islamic finance in the international community. the annual international shariah scholars'dialogue that has been taking place since 2005 is aimed at achieving this objective. this dialogue has served to promote interactions between shariah scholars from around the world contributing towards greater understanding and international convergence. in malaysia, the efforts to enhance the international dimension of our islamic financial system have been intensified in the more recent period to facilitate greater international trade and cross - border investment flows. the new initiatives that have been announced allow the establishment of new international islamic financial institutions that will be permitted to offer the full range of islamic financial services to residents and non - residents in international currencies. these initiatives also aim to serve as a catalyst for the development of the domestic financial markets as well as the development of talent and knowledge in islamic finance. collaboration with other emerging regional centres in islamic finance will be an important part of this process that will contribute towards greater international financial integration. the establishment of the islamic financial services board in 2002 represents a major structural enhancement in building the international financial architecture for islamic finance. the achievements thus far by the islamic financial services board in developing the prudential standards that can be universally applied have been very encouraging. the efforts represent a testimony of the collective capacity for greater international collaboration which has contributed towards strengthening the fabric of islamic finance. while the legal framework and rules are constantly being reviewed to ensure that they remain relevant for the new areas of financial activity, it should not only be undertaken for the domestic islamic financial system but also in the context of the international financial system. conclusion in closing, i would like to take this opportunity to congratulate the islamic financial services board for commissioning the " surveys on legal and shariah issues in the islamic financial services industry ". the survey findings represent an important contribution towards augmenting the literature on the existing legal and shariah framework across different jurisdictions. it serves as a useful source of reference for countries that are interested in establishing a legal and shariah framework for their islamic financial system. deliberation on the survey