are allowed – and even requested – to leave quietly before investigations are opened. this leaves them with a clean record to go on and stir wrongdoing in another organisation, and the next, and so on. this practice should stop. we are collectively responsible for upholding the integrity of our entire industry, not just our respective institutions. what is important is transparency, to allow the job market to make informed decisions. in this regard, the bank is currently pursuing an initiative that will mandate the sharing of employment references with future employers. a key objective for this is to mitigate the problem of ‘ rolling bad apples ’ within the malaysian financial industry. conclusion business ethics has become a popular topic in the world of finance. we must be careful not to pay lip service to the hype. we must be careful not to pretend that it can be addressed with simplistic solutions. we must instead take a holistic, thoughtful and realistic approach in building a culture of professionalism and ethics. allow me to conclude here by leaving you with three key messages – first – we cannot afford to underestimate the power and danger of “ bad barrels ”. the evidence demands that we focus carefully on cultivating a “ system ” and designing “ situations ” that encourage continuous ethical behaviour. this is a shared responsibility. as i have said, regulators play a crucial role in articulating the letter of the law. but it is the private sector leadership that determines whether its moral spirit will be pursued. second – we must not neglect the uncomfortable reality that there are “ bad apples ” out there. a clear message needs to be sent out, that the financial industry does not have room for these. fair, proportionate and transparent disciplinary action will be central in communicating this message. finally – the entire financial sector must embrace the language of ethics and objectivity. just like in any human relationship – trust, honesty and integrity are moral values which must permeate through the business. perhaps it is fitting that i end by quoting from a great icon of professionalism in finance, the late tun ismail ali. and i quote : “ it is timely that we should examine the real meaning of integrity, hard work and capacity for efficient management of our affairs, accountability and corporate citizenship ” these words still ring true today. as leaders, our challenge is to emulate his example of building a culture of genuine professionalism and integrity – one that sinks into the very dna of the financial industry. i wish you all a fruitful session

##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences