finance. since the global financial crisis, the islamic finance institution has grown at double digit rates, outpacing growth of the conventional sector. based on islamic financial services industry stability report 2016, the global islamic financial services industry has reached an overall total value of usd1. 88 trillion in 2015. 5. despites those achievements, the industry still suffers from certain technical flaws namely relatively low operational efficiency, availability of full range of financial products to entertain the customers, and appropriately designed regulatory bis central bankers ’ speeches framework. in most instances, these lacks are associated with the low quality of human capital involved in the development of islamic finance industry. poor promotion strategy that leads to misperception in understanding islamic economic and finance results in unnecessary burden to the industrial development program. i am of a view that we should pay more attention on improving low quality of human resource. 6. this unfortunate phenomenon has been a common fact in many countries including indonesia. the lacks of adequate number of universities, available high quality reading material, and dedicatedly designed curriculum have prevented the industry from achieving progressive developments. we realise that the quality of human resources cannot be developed over night. this requires very deep and comprehensive analysis and implementation program. in order to maximise its benefits, the human capital development program should be able to cover all segments in the society besides the level of education. the organization of this seminar that is aimed at exchanging information is very important and timely. 7. allow me to offer three basic ingredients that can be adopted when developing human capital in islamic economic and finance. first is ‘ link and match ’. the universities that offer islamic economic program should be able to provide teaching materials that has relevance to the current challenges. the graduates produced by the educational institutions, formal as well as vocationals, should be ready for fierce competition and understand all the requirements demanded by the market. the combination between islamic economic specific and fluency in general knowledge is very important. second, technology based development program. now is era of digital technology. there so many development and invention by young entrepreneurs using information technology. in area of financial technology ( fintech ), many startups provide financial services with lower cost and easier requirements. some startups also begin using islamic finance as their business model. in my views, the graduates of should acquire certain level of knowledge in the area of technology considering that the financial industry has become technologically intensive. failure in acquiring certain level of technology would fail the economic agents in winning the competition. third, establishing solid platform

jean - pierre roth : real estate crisis in the united states – similar risks in switzerland? summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the banque cantonale vaudoise, lausanne, 9 june 2008. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * in the past few months, developments in the mortgage and real estate markets have attracted increasing attention. europe, and switzerland in particular, have been indirectly affected as a result of commercial bank activities in us mortgage markets. over the past few quarters, the european real estate market has also been affected, with a number of countries experiencing a downturn in prices similar to that in the united states. by contrast, other countries, such as switzerland, have seen real estate prices rising at a steady pace. in some respects, what the united states went through is a classical property crisis of the type that switzerland experienced in the early 1990s. however, the us real estate crisis spilled over to encompass the international financial markets, endangering their stability and prompting the intervention of several central banks. these events confirm the importance of sound real estate market developments for the economy. it is important to recognise that the swiss mortgage and real estate markets are very different from their us counterparts. developments in the swiss housing market have been relatively steady, despite the strong demand pressures discernible in certain regions. at present we do not detect any obvious signs of a speculative bubble that might culminate in a sudden fall in prices. the main explanations for the rise in real estate prices in the past few years have been higher expectations and good financing conditions. around lake geneva the pressures on the limited available space and the fast growth in the residential population have acted as special stimulants. thus there have been no speculative developments as witnessed at the end of the 1980s. now that the business cycle has peaked in switzerland, it is very likely that we will move into a phase of more moderate price increases.