" therefore, new initiatives are needed to empower and advance the islamic finance system by emphasising on the principle of driving growth, wider participation, and equitable wealth distribution, and not only focused on company and conglomerate profits7. ladies and gentlemen, 3 / 4 bis - central bankers'speeches with that, i wish you a productive forum ahead. thank you. 1 bank negara malaysia 2 the malaysian reserve 3 league table 2021 4 icm, securities commission 5 mifc 6 survey conducted among 50 financial institutions which comprise of diverse organisation type including, but not limited to, asset management firms, commercial banks, islamic banks, and development financial institutions. 7 2023 budget speech, https : / / budget. mof. gov. my / pdf / belanjawan2023 / ucapan / ub23 - bi. pdf 4 / 4 bis - central bankers'speeches

mohd razif bin abd kadir : malaysiaa€™s position as an international islamic financial centre closing keynote address by mr mohd razif bin abd kadir, deputy governor of the central bank of malaysia, at the malaysian islamic finance - issuers and investors forum 2006, kuala lumpur, 15 august 2006. * * * it is my pleasure to be here at the end of the two - day malaysian islamic finance - issuers and investors forum 2006. the joint hosting of this forum by bank negara malaysia, the securities commission, labuan offshore financial services authority ( lofsa ) and bursa malaysia is testimony to the strong cooperation and close collaboration of the key regulatory and market authorities in the financial services sector in malaysia. i would regard the forum as a successful one. the 14 sessions and the 54 distinguished panellists and 8 moderators from various backgrounds and experience have deliberated and focused on issues that are relevant to both the issuers and investors, who are among the key stakeholders of islamic finance. my closing remarks today will centre on summarising the issues and suggestions that have been put forward to further enhance malaysia's position as an international islamic financial centre, and to reiterate and reaffirm the strong commitment of the government and the relevant regulatory agencies to spearhead this mifc initiative. in many of the sessions, malaysia has been recognised as having in place a strong foundation and the right pre - requisites to become an effective and efficient islamic financial hub. among them are : i. 23 years of experience in regulating and developing the islamic financial system. ii. strong islamic financial institutions comprising 12 islamic banks. of this, 3 are foreign islamic financial institutions and 7 are islamic subsidiaries of banking groups. there are also several islamic windows of conventional banking institutions which are also lead arrangers of islamic financial instruments. in the takaful industry, there are 9 takaful operators. iii. a strong islamic capital market with 89 islamic unit trust funds, 85 percent of bursa malaysia's counters are shariah approved counters and 46 percent of the corporate bond market are islamic bonds or sukuks. iv. a well established and comprehensive regulatory and shariah governance framework in accordance with best practices, together with a tax neutrality policy. v. a comprehensive legal and shariah infrastructure. vi. well endowed with the critical mass and a wide array of islamic products and services. vii. talent development infrastructure. viii. a vibrant and