world where he has the resources he requires. i believe by doing this, we can develop better economic theories and finance solutions where fundamental shariah principles can be fully crystalised to achieve the objectives ( maqasid ) of shariah. in the recent budget announcement, the government has allocated rm20 million for research and innovation relating to islamic economics and advancing our thought leadership. while this has been entrusted to inceif and the mifc leadership council, it is our hope to bring the stakeholders together and collaborate in producing impactful and practical research that could unlock the application of economics and values in the modern financial system. on this note, we must continue to seek purposeful use of finance for the common good. albert einstein once said, " the world as we have created it is a process of our thinking. it cannot be changed without changing our thinking ". i hope this conference will spur deeper discussions about fundamental aspects of islamic finance so that we can jointly empower change and elevate the impact of islamic finance to much greater heights. lastly, what is true is from allah s. w. t. what is false, i humbly beg your forgiveness, is from me. with that, i wish all of you a productive discourse ahead. wallahu a'lam. thank you. 5 / 6 bis - central bankers'speeches 1 source : islamic finance development indicator report 2022 2 as time has passed, the form of money has naturally evolved to adapt to the changing economic landscape – from hard money ( e. g. metal coins ), to claims on hard money ( e. g. promissory notes ), to fiat money as per in present days. 3 this is based on a hadith by prophet ( pbuh ), " it is not permissible to sell something that is not with you nor to profit from what you do not bear the risks ( associated with an asset ) " ( narrated by ibnu majah ). 6 / 6 bis - central bankers'speeches

zeti akhtar aziz : reflections on financial reform – malaysia ’ s experience speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the 2013 china business news ( cbn ) annual meeting and finance summit “ reflections on financial reform – malaysia ’ s experience ”, beijing, 8 december 2013. * * * it is my honour and pleasure to be invited to speak at this 2013 china business news finance summit. as the globalisation of finance intensifies, the world is becoming increasingly more inter - connected and integrated. this has largely been due to the trend towards increased financial liberalisation by most parts of the world. it has been maintained that such deregulation and liberalisation would facilitate the development of more efficient and robust financial systems and that it would result in a more efficient allocation of financial resources across borders. while such financial liberalisation may indeed bring such wide ranging benefits, it also brings with it increased risks that needs to be effectively managed. it was for these reasons that malaysia adopted a conscious effort to put in place the financial and economic pre - conditions so as to enable us to benefit from such financial reforms involving the deregulation and liberalisation of our financial system. allow me to share our experience in pursuing this agenda. following the asian financial crisis, malaysia embarked on strategies for an orderly development of the financial sector. focus was first placed on strengthening the institutional capacity of the domestic financial intermediaries so as to narrow the performance gap between the domestic and international financial intermediaries. in parallel with this was the intense effort to develop the domestic bond market. during this phase of the development of the financial system, significant advancement in the banking sector was made in terms of capitalisation, risk management and governance practices, delivery channels and in human capital development in the industry. this paved the way for the interest rate reform to move to greater market orientation, thereby supporting a more efficient pricing of financial products and services. the more competitive environment that it generated also became an important driver of productivity gains, customer centricity and innovation in the financial system. equally important, was the attention that was given to the development of a deep and vibrant domestic bond market as an alternative channel for the efficient raising of funds, particularly by the corporate sector. the development of the bond market has enabled better matching of long - term projects with long - term funds, and by reducing the over - reliance on the banking system, it has contributed significantly to financial