close linkage to the economy as it directs the overall intermediation function towards economic production and wealth creation. this therefore requires the continuous development of financial products and services that manifests the value propositions of islamic finance. in providing the comprehensive range of the whole spectrum of financial products and services that are in accordance with these principles, islamic finance has been able to provide the total financial solution to consumers and businesses. the recent growth of islamic finance has been fuelled by a sustained phase of innovation. the scope of financial business has also increased in sophistication, particularly in the areas of private equity, project finance, sukuk origination as well as fund and wealth management. to sustain this trend, further in - depth applied research is needed to develop more financial products that create such links with the real economy in terms of the operating models, risk management and supporting infrastructure. the second value proposition of islamic finance lies in its merit as a potent tool for enhancing financial inclusion and for being beneficial to all members of society. its immense potential in advancing social - economic development is mirrored by the continuing efforts to introduce islamic finance offerings in emerging economies, particularly in asia, the middle east and bis central bankers ’ speeches african nations in recent years. in bringing unserved communities into the economic mainstream through the financial intermediation process, it can contribute towards poverty alleviation, job creation and more equitable economic growth. a recent study has however revealed that, despite being a promising financial segment, the availability of microfinance in muslim - majority economies is either non - existent or still at very early stages. islamic financing instruments currently comprise only a small fraction of microfinance business in the organisation of islamic cooperation ( oic ) countries. while there are success stories on the application of islamic finance principles in microfinance programs, there is potential to have better models for islamic microfinance. in addition, it should also integrate with other financial products such as microtakaful and other social welfare tools such as waqf to create a viable and impactful microfinance initiative. there are also immense opportunities for islamic finance to leverage on the productive potential of small medium enterprises ( smes ) through greater application of equity - based structures in such financing structures. there is seemingly a natural fit between islamic finance and smes financing in that both strongly promote entrepreneurship and value - creating activities. the third value proposition of islamic finance refers to its emergence as new vehicle in bridging economies and contributing to increasing

to see ourselves as a single economy our economic and corporate rules and legislation will need to be more closely harmonised. in a sense, we are fortunate, in that the basis of our system is british – though in recent years many countries have modelled themselves on canadian legislation - that is, the english - speaking caribbean. however, harmonisation within the french and spanish - speaking caribbean will be a little more complex. the implications of the csme for employers as human resource professionals are many. it will be important that hr departments work within their organisations to ensure that high standards are set and that excellence is rewarded, for it is through this process that the good candidates show their worth and the entire level of performance is lifted. rewarding mediocrity in the same way that we reward high performance, breeds complacency and leads to low levels of productivity. we have to keep on lifting the bar so that employees know what is expected of them. in this way, our workforce will be able to hold its own and retain their jobs against the competition in the face of free movement of labour. it is a well - known fact that those who emigrate are usually those who are willing to work hard. barbadians must be aware of this, and instead of trying to keep them out, they must be prepared to work harder. i take the opportunity here to speak of training. in the context of csme, our training must be futuristic. we need to look not only at where our firms are today, but where they wish to be and how they get there. if productivity requirements mean greater state - of - the - art equipment, then we must train persons in these fields. i constantly say that we are technologically challenged. when the high - tech gadgets which we buy fail – there seem to be a few people who can fix them. hr trainers must therefore be conscious of the training requirements which will make us globally ready – if we are globally ready we will be csme ready. we will need to use the internet more, use journals - find the right areas where training is being delivered, and encourage investment in training. this is the one sure way in which our labour force can be prepared to compete in csme. if you aim for the skies you may land in the treetops. aim or the treetops you not may get off the ground. i am aware that employers and especially human resource professional will wish to focus on the issue of culture assimilation within enterprises, and