##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences

zeti akhtar aziz : asia ’ s role as an important growth centre in the global economy opening address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the first asian central banks ’ watchers conference, organised by the official monetary and financial institutions forum ( omfif ) and the lafferty group, kuala lumpur, 1 november 2011. * * * it is with great pleasure that i welcome you to the first asian central banks ’ watchers conference organised by the official monetary and financial institutions forum ( omfif ) and the lafferty group. bank negara malaysia is very pleased to host this event here in kuala lumpur. central banks have generally been the most watched organisations given the significance and far reaching implications of their actions on financial systems, the economy and the economic well being of the public at large. this is even more so during periods of financial stress and economic distress. during such periods, central banks have generally been at the forefront in managing such crisis and its consequences. indeed, this current global crisis has prompted central banks in the united states and europe to be closely watched given the impact of their actions on not only their own national economies but also on the rest of the world. with the growing significance of the emerging economies in the world economy, our policy actions have increasingly drawn significant interest. in particular, given asia ’ s role as an important growth centre in the global economy and the growing significance of the financial markets in asia as a destination for global financial flows, there has been increased focus on central banks in asia. asian economies for several decades have established strong financial and economic linkages with the rest of the world. in this recent decade in particular, asia has experienced significant structural changes that have altered the dynamics of the global economy and growth patterns. since 2000, per capita income levels in asia have risen twofold. with a growing middle class population that will reach 3. 3 billion by 2030, asia is projected to become the world ’ s largest market for consumer goods and services. low unemployment and a resilient financial sector has reinforced this trend. domestic demand has continued to strengthen while the growth in intra - regional economic and financial activities has been sustained. intra - regional trade now represents more than 50 % of total trade, increasing from 32 % in 1995. similarly, intra - regional portfolio investments have risen from 20 % of total assets holdings in 2001 to 28 % today. the growth in cross - border trade and investments in