But, I caution you, this is only the first step in your careers as Accountants. Remember, “it is not what you learned, but how you use what you learned, that counts”. I came across a definition of an Accountant the other day. It said, “an accountant is someone who solves a problem that you did not know you had, in a way that you don’t understand”! BIS Review 49/2010  1  I hope that tonight’s Graduates do not end up being one of these Accountants, who creates a problem first and then pretends to solve it. And, worse still, they end up charging the client for something that was not there in the first place! It’s almost like being a lawyer! The recent global financial crisis started from a liquidity shortfall in the United States. This liquidity shortfall resulted from many loans (especially for housing) going into default, and there were insufficient assets to cover these loans. As a result, many large banks and financial institutions went bankrupt. And, if it were not for the quick and substantial intervention by some major Governments and Central Banks, the global economy would have collapsed. Among others, the Accountants have been blamed for the “financial crisis”, as a result of their “creative accounting” techniques, which contributed to inflating the values of the assets which were used as collateral for the many risky loans that were issued.
In this environment, the foundations for the sustainability for Islamic finance as a competitive form of financial intermediation will need to continue to be strengthened. Efforts are therefore being focussed on the further development of Islamic financial markets, the financial infrastructure, research and development to support innovation, and enhancing the legal, regulatory and supervisory framework. In addition, the adoption of the relevant advances in technology and the development of human capital are also key to support the development of Islamic finance. The ongoing efforts in these areas are aimed towards enhancing further the resilience of Islamic finance which would in turn enhance its potential to contribute towards global financial stability and the prospects for global growth. Indeed, the topic of the INCEIF's Public Lecture today, “Paradigm Change in Shaping the Future of Islamic Finance” is timely for us to deliberate and reflect on the issues confronting Islamic finance moving forward. We are indeed honoured today to have Dr Abbas Mirakhor. Dr Abbas joins INCEIF following a long and distinguished career as an economist and academician with considerable contribution in the field of Islamic economics, finance and banking. Dr Abbas started his academic career in 1968 with University of Alabama, in the United States of America as a Professor of Economics and later at the Florida Institute of Technology. In 1984, he joined the IMF in Washington DC as an economist before serving as the organisation's Executive Director and Dean of its Executive Board. He completed his term at the IMF in 2008.