muhammad bin ibrahim : new and emerging islamic finance jurisdictions – opportunities and challenges ahead remarks by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia, at the 11th islamic financial services board ( ifsb ) summit, session 5 : panel discussion on “ new and emerging islamic finance jurisdictions : opportunities and challenges ahead ”, port louis, mauritius, 22 may 2014. * * * i have taken great liberty in making my remarks today. i must admit these remarks are very much malaysian - centric. i shall try to synthesise some of the lessons learnt by malaysia that might be useful to new and emerging islamic finance jurisdictions. these lessons are by no means exhaustive. let me start with some points to set the context of my remarks. for new and emerging islamic finance jurisdictions, they can learn from the experiences of other more established islamic finance centres. these jurisdictions have the opportunity to jump start into 30 years of modern islamic finance practices. they could move fast, avoid expensive pitfalls and adopt best practices. i will raise nine points that i hope will provide some perspectives on the issues raised. islamic finance is for all ( gain acceptance ). islamic finance is for all. its appeal extends to a larger global community, regardless of their faith and origins. islamic finance is not only for the muslims. islamic finance cannot be successful if it is only supported by muslims. many now recognise that the inherent characteristics of islamic finance are consistent with universal values. islamic finance has proven beyond reasonable doubts its viability and the value proposition that it brings. many of its tenets contribute to economic and financial stability ; for example, restrictions on overleveraging ; linkage of transactional activities to the real economy and a requirement for strong governance and transparency. in malaysia, islamic finance has gained acceptance amongst all, irrespective of race or religion. non - muslims make up more than 50 percent of the customer base of islamic banks. similarly the sukuk market that totalled usd160 billion as at december 2013 are characterised by the involvement of diverse set of players and of all creed. the players include multinational corporations and institutions such as the world bank, toyota, nomura holding japan, aeon credit and shell to name a few. islamic finance is competitive and able to fulfil the needs of the modern globalised economy. it competes on an equal basis with conventional finance. it is in the mainstream and no more a novelty. it can stand on its own. from my experience, the reason why

barry whiteside : promoting money managerial skills in fiji address by mr barry whiteside, governor of the reserve bank of fiji, at the “ be money wi $ e ” essay competition awards ceremony, suva, 20 march 2015. * * * distinguished guests colleagues ladies and gentlemen and most importantly our essay winners – sakshi prayatna ( lautoka andhra sangam college ), divneeta devi ( tavua college ) and upasna chand ( ahmadiyya muslim college ), who are present here today along with their proud school principals and parents. introductory comments a very warm welcome to you all. i am delighted to be present here with you all, to award and recognise the efforts of our winning students for this important initiative – the “ be money wi $ e ” ( bmw ) essay competition. i am also grateful for the support of the school principals, teachers and parents of these students. congratulations to our winners firstly, congratulations to our three winners who have travelled all the way from lautoka and tavua and from nearby nasinu with their teachers and parents. you have come out on top of 224 other students who are your peers and i know that this must be a proud moment for you. background this essay competition was launched last december, as one of the activities under the “ be money wi $ e ” ( bmw ) program, with the theme “ be money wise – securing your future goals today ”. the bmw program is part of the capital markets awareness platform, targeting school students. its objective is to promote the importance of acquiring good money management skills with a particular focus on understanding the concept of investing and investment products available in fiji. the program has been designed to teach our children “ money smart ” principles by using creative fun - filled activities which we envision that, in time, will lead to the development of a culture of financial prudence in our children, preparing them well for their adult working life. from the essays that were submitted, it was good to note that many students appreciate the importance of saving towards future goals. it was also great to note that students are now able to identify with the capital markets, ( an area still viewed as highly technical by many ). i am confident that activities like this competition will help create a culture of learning and information sharing amongst our students, teachers, parents and will help enlighten the nation as a whole on the products and services available in our very own capital markets. building on the success