, interpretations and practices. to complement the efforts to create a sustainable and comprehensive islamic financial system, consumer education and awareness on islamic banking and finance should be extensively undertaken. concerted efforts between the governments and islamic financial fraternities should be engaged to develop such a consumer education programme. such programmes would increase transparency on the virtues and availability of islamic financial instruments offered by the islamic financial institutions. how consumers can expect to benefit will depend on how well informed they are about the financial services being provided. barriers across geographical boundaries can be removed by leveraging upon the advances on information communication technology to create an integrated internet platform as means for the knowledge sharing on research findings, conference discussions, shariah rulings and other vital information on islamic banking and finance. improvements can be made to the existing internet portals to be more comprehensive with linkages to other useful information providers. equally important is the consumer protection infrastructure. an international financial information dissemination body should be set up to disseminate the development of islamic banking and finance worldwide. in addition, with greater disclosure and transparency on the manner in which islamic financial transactions are being conducted and the risk and return profiles of the products, the role of market discipline in driving islamic financial institutions towards ensuring shariah compliance will be strengthened. this will ensure operational efficiency, strengthen risk management infrastructures and institute sound and dynamic risk management practices. as part of the process of enhancing inter - linkages with the rest of the world in the area of islamic finance, malaysia is also encouraging the domestic islamic financial institutions to be more global by expanding beyond the domestic shores. with the experience that has been acquired in islamic banking and finance that has been accumulated over more than three decades now, it is timely and desirable to extend this experience beyond our own borders. the domestic islamic financial institutions would need to undertake feasibility studies and in - depth groundwork to identify new markets to expand their business operations, in particular with economies in which there is potential for greater economic linkages and integration. as the pace of globalisation and liberalisation accelerates, securing financial stability and confidence has increased demands for more robust and resilient financial systems. while affected by some market instability and uncertainties, it has not, however, undermined the development of the global islamic financial system that has now become an increasingly integral component of the international financial system. the approach to building a sustainable and progressive domestic islamic financial system involves the creation of the key components comprising the islamic banking industry, islamic financial markets, the islamic insurance or tak

committed to create a robust regulatory environment where innovation can thrive within. thank you for being here and for your continued commitment to responsible innovation and value creation. let us embark on this journey of " innovation reimagined " together. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches