effect. these inherent features as required by the shariah injunctions provides inbuilt checks and balances which serves to ensure financial stability in the islamic financial system. these features are also reinforced by the development of a comprehensive regulatory and supervisory regime which has been strengthened considerably with the establishment of the islamic financial services board in 2002. it's establishment has also contributed to the harmonisation in the development of islamic finance across different jurisdictions. finally, education institutions have been established to develop the supply of professional talent and expertise in islamic finance to support the growth and development of islamic finance going forward. the evolution of sophisticated islamic financial products that have been structured based on multiple islamic concepts have resulted in a new wave of innovation. these products have become competitive and efficient both in terms of product structure and pricing. the more recent innovations include the introduction of islamic hedge funds and the creation of islamic benchmark indices. there has also been increased listing of islamic financial instruments in international exchanges. this has enhanced the depth of the islamic financial markets has increased its attractiveness of an asset class for investment. this has contributed to increased sophistication of islamic banking and takaful products evidenced by the recent surge of structured products and investment - linked products. the sukuk market is fast emerging as the most significant form of islamic financing and continues to receive strong interest as an avenue for fund raising and investment. the sukuk market has been gaining growth momentum, increasing at an average annual rate of 40 percent. significantly, 90 percent of the sukuk issuance are corporate issuances. in malaysia, the issuance of sukuk has surpassed the issuance of conventional bonds for three consecutive years, with the annual turnover in sukuk trading in the secondary market at about rm135 billion. strong demand for sukuks have also been spurred by the high levels of surplus savings and reserves in asia and the middle east. the sukuk is also an attractive instrument to assist islamic financial institutions in managing their liquidity requirements. at the same time, it is also an effective instrument used by corporations, institutions and sovereigns in tapping funds at competitive rates to finance long term funding needs. at this juncture, the demand for sukuk is tremendous. the high demand for the sukuk instrument is evidenced by the over subscription which has ranged from two to thirteen times. this has pushed down the cost of issuance by at least 10 to 20 basis points. this demand has originated from several

in order to maintain. what we have to preserve comes from our common cultural heritage. if by society we mean a community of men living under a system of « opinions, norms, desires and beliefs », then ortega y gasset was right to say that « the european society has historically preceded all european nations ». the reality of nations cannot, of course, be ignored as they are our main form of socialization and the place where predominantly we exercise our rights. but they are now part of a wider community. the euro is the more important manifestation of our common bond and a great rampart that defends our economic and social autonomy. but more is needed. a recent large inquiry organized by the german marshall fund showed that 71 per cent of europeans want the european union to become an international power. the new constitution, now in preparation, is an opportunity to give form to what the present european consciousness expects of our union. let us hope that, as a result of our endeavours, we will be able to say about the near future of europe what ortega said about the role of culture : « a moment of clarity in the confusion of the world ».