zeti akhtar aziz : the rise and effectiveness of corporate governance in the islamic financial services industry speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 2nd islamic financial services board ( ifsb ) summit, doha, 24 may 2005. * * * " the hallmark of the islamic financial system lies in the high ethical values that underpins the governance and business operations of islamic finance. as the pace of development of the industry accelerates and as the environment becomes increasingly more complex and challenging, securing a robust and resilient financial system has increased the demands for having a solid governance structure for the islamic financial institutions. the challenge is essentially to evolve strategies that will promote the adoption of strong and effective corporate governance practices that also facilitates innovation and that supports business operations. central to this common vision is to create a comprehensive governance framework for islamic institutions and to formulate appropriate implementation strategies that will be able to meet the requirements of the dynamic industry while promoting confidence and stability in the islamic financial system. " it is my honour to be invited to speak before this distinguished audience at this summit organised by the islamic financial services board on the rise and effectiveness of corporate governance in the islamic financial services industry. while the adoption of governance best practices is not an end in itself, it is an important supporting infrastructure that is vital to achieving high performance and the continued advancement of the industry. strengthening the robustness of the corporate governance framework and practices has become even more important in today's environment of greater uncertainty and heightened risks. indeed, it is timely that efforts are focused to strengthen the corporate governance in islamic financial institutions given the wider range of contracts entered into by the islamic financial institutions and their customers that inherent in islamic finance. in particular, the efforts should include the formation of an appropriate governance structure of the institution and the requirement for full disclosure. my remarks today will focus on five key areas important for securing an enhanced governance framework for the islamic financial institutions that takes into account the role and responsibilities of the shareholders. my presentation will also touch on the experience and approach that malaysia has adopted to secure a robust governance framework for the islamic financial institutions. firstly, the task is to ensure the design and implementation of the corporate governance strategy should not impose a regulatory burden to the business objectives and the growth potential. in designing and implementing corporate governance standards and core principles for islamic financial institutions, the challenge is to formulate a framework that does not only take into account the unique characteristics peculiar to islamic financial business

mr. lamfalussy reflects on the possibilities and constraints of monetary policy against the background of price stability in europe address by the president of the european monetary institute, baron alexandre lamfalussy, on the occasion of the change of the presidency of the european monetary institute in frankfurt am main on 30 / 6 / 97. the moment has come for me to say a heartfelt “ thank you ” to you all! i should like to express my gratitude, first of all, to the governors of the central banks of the european union, who, in the autumn of 1993, chose me as their candidate for the presidency of the european monetary institute, thereby setting in train a process which has allowed me to play a part in a ground - breaking enterprise of exceptional scope and responsibility. i should like to thank them, secondly, in their capacity as members of the emi council, for their cooperation in this undertaking and for their wisdom, prudence, willingness to compromise but also their will to achieve results. they have invariably acted with the utmost professionalism. i should like to add that we should not have been able to achieve what has been done without the conviction - which each of us shares - that the first duty of a central bank is to maintain price stability. this fundamental principle has never been a matter of dispute. my thanks go next to the political authorities. first, to the heads of state or of government, who did me the honour of putting their faith in me in appointing me president of the emi. second, to the finance ministers, who resigned themselves gracefully to the existence of an institution which would be independent of the executive and who played their part, with consummate political skill, in establishing the good working atmosphere between the ecofin and the emi, in the mutual respect of our respective competencies. i hope that this will be an enduring legacy. thanks go, too, to the european commission, with which we have been able after a little trial and error, and with both sides demonstrating good will and a certain ability to listen - to draw up the rules of the game for the indispensable cooperation which is needed to enable the project of economic and monetary union to go ahead. the european parliament - and several national parliaments - have given me the opportunity to report on the work of the emi, in an atmosphere of constructive dialogue. their questions and concerns, as well as those of the media and of the large number of associations from both the banking and financial sphere as well