Industry players here have formed the Gulf Asia Shari’ah Compliant Investments Association (GASCIA) to promote and undertake initiatives to further grow the industry. Recently, a GASCIA member introduced Islamic finance training to a leading local Madrasah to increase the students’ awareness and promote interest in pursuing a career in the industry. MAS will continue to work with industry players and training providers to ensure that we have a ready supply of talent to meet the needs of the industry as it continues to grow. Conclusion Singapore’s success as an international financial sector stems from its high standards of regulation; deep and liquid capital market, the presence of international buy side players, and a critical mass of financial intermediaries with expertise to address a wide range of financing needs. We will leverage on these strengths to further support the growth of Islamic finance. The growing and deepening linkages between Asia and the Middle East will present significant opportunities. I am pleased to see more players from the Middle East, Asia and other regions at today’s conference. I hope you will take advantage of this event to explore new ideas to spur the further growth of cross border Islamic financing transactions between our two regions, and globally. Thank you. 4  BIS central bankers’ speeches
For example, if national central counterparty is not a viable and efficient model for a small economy, then the cost of hedging would increase with higher risk weight under Basel III. Meanwhile, if derivatives are cleared overseas, through regional or global central counterparties, we need to consider implication for cross-border supervisory coordination, financial stability, and development of local financial market and competition. On a related issue of Dodd-Frank Act, restriction on proprietary trading of US bank could impact the liquidity of US dollar markets abroad, as well as liquidity of foreign government bond markets which are the back-bone of their monetary policy operation. Another key issue going forward is the balance of authority between Home and Host regulators. There are concerns about the proposal of Financial Stability Board on cross-border resolution of Global Systemically Important Financial Institutions, or G-SIFIs. The concern is that some Host regulators may not be included by the Home regulator in the Crisis Management Group or resolution planning, even if the institution is systemically important in their jurisdictions. We are glad to see the FSB taking initiatives to identify potential problems. Now it is the time to work together on solutions in an inclusive manner. This is because the inclusiveness of the process assures acceptability and commitment, and reduces the uncertainty from unilateral action of individual countries. These international regulatory  2  BIS central bankers’ speeches  standards have no direct international enforcement power.