range and reach of financial services that are available to our people. still a lot remains to be done to extend financial services to the majority of our people, particularly those that are economically active and to foster ongoing sustainability of our financial institutions. it is against this background that bank of zambia accepted your invitation to present the keynote address as a way of marking our commitment to ensuring that the financial system caters for all segments of the population. distinguished participants, the rapid growth of islamic finance raises a series of important questions, such as whether islamic finance should be regulated differently from conventional finance. because modern islamic finance is relatively new to most countries, rules for financial accounting, bank governance, and lending standards are continually evolving as business practices become more refined. bis central bankers ’ speeches ladies and gentlemen, you may wish to note that since october 2008, when the bank of zambia hosted the first ever islamic banking conference here in lusaka, work has been ongoing to develop a regulatory framework for islamic banking. the bank has held several consultations both internally and externally and has also subjected the islamic banking framework to expert review by internationally renowned islamic banking experts. the framework is now in its final stages and is expected to become operational before the end of the year. we are aware that the financial sector has waited for so long to start offering islamic banking products and services. as a central bank, we assure you that the regulatory framework is receiving active attention and the market will be informed once all the formalities have completed. ladies and gentlemen, although the muslim community constitutes only an estimated 12 per cent of zambia ’ s population, the community constitutes high value businessmen who control a very significant share of the zambian economy in various sectors. their exclusion from the financial sector therefore, has significant impact on the bank of zambia efforts on financial inclusion. you may wish to note that the majority of the muslim community shun the use of commercial banks due to lack of banking products and services that are compliant to their religious ethos and yet they control a significant share of economic activities in all the major sectors. the introduction of islamic finance may provide a solution to injecting the much needed liquidity currently being kept in homes on account of lack of shariah compliant banking products and services. it is the firm belief of the bank of zambia that a robust regulatory framework will not only seek to expand access to finance but will also have positive effects on the overall interest rates in the money markets and ultimately affect the rate at which financing for economic activity is being

a comprehensive strategy for financial education and inclusion, which certainly is addressed to children and young people. this strategy, developed in collaboration with key stakeholders, like the ministry of education and sports, the albanian bank associations, the world bank etc., aims to boost financial literacy across albania. it serves as a blueprint for educational bodies, financial institutions, businesses, and ngos to develop and implement collaborative policies, programs, and educational materials, ultimately enhancing the country's financial literacy. advancing this initiative presents obstacles, thus there is a growing necessity of exchanging experiences and learning from one another to enhance and advocate for a stronger financial literacy in our country. 2 / 3 bis - central bankers'speeches engaging in discussions about money with our children is a simple yet effective way to cultivate financially aware individuals. global money week plays a central role in initiating these crucial conversations, allowing young people and their families to explore fundamental financial concepts such as budgeting, saving, lending, and the implications of uninformed financial decisions. the financial landscape is evolving rapidly, technological advances are changing how children learn in every field. as we navigate a changing world, it is vital for young people to acquire the skills, knowledge, and confidence to manage their financial future in a responsible manner. i take this opportunity, with the launching of global money week 2024, to express my best wishes for the success of this campaign. allow me to congratulate and thank the many students, pupils, and teachers who have joined us. i encourage new participants to actively engage, ask questions, and enjoy the learning experience. the bank of albania is proud to be the main local organizer of this global initiative, promoting significant changes in financial and digital inclusion, which have greatly increased the importance of financial education in our country. i thank all our partners for their dedication and commitment to advancing financial literacy in albania. let us continue to collaborate towards a future that is more financially educated, empowered, and secure. 1 oecd international network on financial education ( infe ). 3 / 3 bis - central bankers'speeches