zeti akhtar aziz : new opportunities for growth and development in islamic financial markets speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the official ceremony for the completion of the share subscription agreement between bimb holdings berhad, bank islam malaysia berhad, dubai financial llc & lembaga tabung haji, kuala lumpur, 16 october 2006. * * * this occasion marks the successful completion of the share subscription agreement between bimb holdings berhad, bank islam malaysia berhad, dubai financial limited liability company ( llc ) and lembaga tabung haji. it also sets a new chapter in bank islam's drive to chart its future direction in meeting new challenges and in exploiting the new opportunities for growth and development in the islamic financial markets, both in the domestic and global market place. the participation of such key foreign and local institutions in the new share issuance by bank islam malaysia berhad signifies an important turning point in the history of bank islam which has been the pioneer islamic bank in malaysia. the partnership between bimb holdings berhad, dubai financial llc and lembaga tabung haji is significant in several important ways. firstly, it reflects the confidence and trust that international and domestic investors have in the investment and business climate in malaysia, and in the malaysian islamic financial sector in particular. indeed, the islamic financial services industry in malaysia has experienced robust growth in addition to being reinforced by enhanced market discipline and transparency, and the vibrancy of the islamic financial market developments in malaysia. the latest financial indicators show that the islamic banking industry remains well - capitalised with a risk - weighted capital ratio of 14. 8 % as at end - august 2006, while the net non - performing financing ratio has declined to 4. 2 %. clearly, therefore, the industry is strong, resilient and well - positioned to meet emerging challenges and to capitalise on new opportunities for the mutual return of its stakeholders. secondly, this partnership comes at a significant juncture when malaysia is enhancing the international dimension of its islamic banking and financial market, with the introduction of increased foreign participation. in line with the aspiration to position malaysia as an international islamic financial centre ( mifc ), new licences and business divisions to conduct international currency islamic banking business, tax and other incentives have been introduced to attract global islamic financial institutions to make malaysia the hub for their regional business operations. these measures and incentives are also expected to attract international

abdul rasheed ghaffour : welcoming address - sasana symposium welcoming address by mr abdul rasheed ghaffour, governor of the central bank of malaysia ( bank negara malaysia ), at the sasana symposium 2024, kuala lumpur, 12 june 2024. * * * welcome to bank negara malaysia, and welcome to sasana symposium. last year's symposium, our very first, underscored the urgency of structural reforms to build a stronger malaysia. building on that, the focus this year is on how we should advance these critical reforms – how we can make reforms a reality. the case for reforms is very clear. our economic environment is constantly changing, and as we spot risks and weaknesses, our policies must evolve to match. reforms, from fiscal responsibility to improved social safety nets and enhanced climate resilience, are crucial to our country's sustainable growth, and to the welfare of the rakyat. drawing on lessons learnt over the years and emerging challenges, policymakers now have a clearer view of the path towards a more competitive and inclusive malaysia. the current period of relative macroeconomic stability provides us with a unique window of opportunity to pursue meaningful reforms and build a brighter future. for instance, the shift from blanket subsidies, including for diesel, towards support that is better targeted to those in need should be welcomed as a positive step towards more equitable, sustainable policies while building fiscal policy space. we cannot, nor should we, assume that this window will not soon close upon us. we need to come together to make reforms a reality for malaysia. but as we implement the critical reforms needed, there are questions that we must address. first, how can we make the best of emerging global trends, harnessing them for the benefit of malaysia? second, how do we ensure that the necessary reforms yield sustainable, longterm gains while still addressing short - term issues? and ; third, how can we build and promote more sustainable, socially conscious and fair finance for households and businesses? i am sure that these are the kind of questions that many of you here, both panellists and participants alike, have been confronted with and wish to have the answers to. while there are no easy answers, the conversations and dialogue over the next two days are intended to help us move forward. we aim to provide a platform where we can reason together on the issues and realities facing our economy, find common ground, challenge perceptions and through this process, strengthen our resolve to