regime, legal and shariah framework, and payment and settlement systems. in this decade, greater focus was particularly given to the institutional arrangements to develop the sukuk market. the sukuk market now accounts for more than fifty percent of our bond market. the market has drawn the participation from a wide range of international corporations and multilateral agencies in raising funds and investing in the sukuk issuances out of malaysia. more recently, there has also been continuous innovation and an increasing number of issuances in foreign currency. as malaysia offers international participation in our islamic financial system, we offer to be an international gateway, particularly in strengthening the link between the two important dynamic growth regions of asia and the middle east. malaysia will also continue to collaborate with other regulatory authorities to ensure financial stability in the islamic financial system. this will be through our active involvement in the islamic financial services board ( ifsb ), the islamic financial stability forum ( ifsf ), the initiatives by the islamic development bank ( idb ), and finally in the newly formed international islamic liquidity management corporation ( iilm ). in the area of capacity building, malaysia has also given priority to two areas : one is in human capital development and the second, in catalysing mutual recognition of shariah interpretations. the international centre of education in islamic finance ( inceif ) was established in 2006 for advanced education for practitioners in islamic finance, and in 2008, the international shariah research academy ( isra ) was established to conduct applied shariah research on the contemporary islamic finance issues and to provide a platform for active international engagement among shariah scholars. moving forward, malaysia will continue its efforts in strengthening our international linkages in the global islamic financial system through collaborative partnerships and cooperation with the objective of contributing towards greater international financial and economic integration. let me conclude. on behalf of the mifc executive committee, i would like to express my appreciation to the members of the panel of jury for the royal award for islamic finance which is led by yang amat berbahagia tun musa hitam, former deputy prime minister of malaysia and also to the members of the taskforce that was chaired by tan sri zarinah anwar, chairman of the securities commission, who oversaw the establishment of this prestigious award. it is my sincere hope that this royal award will be an inspiration to the global development of islamic finance.

muhammad bin ibrahim : talent management – sustaining dynamic economic growth and development in malaysia keynote address by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the hr knowledge bazaar, organised by the asian institute of chartered bankers, kuala lumpur, 22 april 2015. * * * thank you for giving me the opportunity to speak at this hr knowledge bazaar 2015, organised by the asian institute of chartered bankers ( aicb ). the theme chosen for this conference “ talent management 2020 for superior business performance ” is both timely and relevant in sustaining the dynamism of our economic growth and development. it rightly accords the recognition that talent management is the key factor in determining the health and prospect of a particular business. i will touch on a number of issues which to my mind have significance to the topics that the conference will deliberate. retaining top talent will be increasingly challenging as the economy expands, and demand for talent will come from many sectors. with the asean economy expected to grow steadily over the next decade following enhanced economic and financial integration, the competition for talent will intensify. for ready - made talent, in particular, the competition will be fierce and will be compounded by the fact that mobility for this group is high. while mobility presents an opportunity for career advancement at the individual level, at the macro level, it could potentially and adversely impact the economy, if not managed appropriately. so it is critical that we are able to devise a strategy that could continuously retain and develop talent. while the supply of talent is abundant, the supply of top talent is scarce. the so - called “ talent paradox ”, where we find ourselves with a large pool of talent in the market, but have difficulty in finding competent talent, particularly in the more specialised areas is a reality, requiring a solution. in the context of organisational learning and development, i wonder whether we have been effective in equipping our employees with the needed competencies or proficiencies in our learning interventions, where teaching approaches such as case studies, experiential learning and reflective practices are common pedagogies applied to strengthen our developmental curriculum. this i believe requires profound pondering. most of the problems we face in the 21st century, would likely require unique and creative solutions, especially if we want to position ourselves in that elite position where possessing the competitive edge is an imperative. matthew e may, the author of “ in pursuit of elegance ” wrote about “ design thinking ”,