The Commission made no specific recommendations for how the challenges related to supervision and regulation of critical ICT service providers and data centres should be followed up. In its consultation response, Norges Bank wrote that the following points deserve particular attention: The significance and management of concentration risk because many critical functions 3/5  BIS central bankers' speeches  rely on a small number of ICT service providers and data centres. The supervisory frameworks for ICT service providers and data centres that are important for key public functions, including the payment system. Whether the contingency arrangements of key ICT service providers and data centres are sufficient. ICT service providers, FMI owners and financial institutions need to address cyber risks. Finanstilsynet and Norges Bank have recently taken the initiative to engage in a dialogue with the industry on whether to introduce a framework for testing cybersecurity in the banking and payment system in Norway. This framework, called TIBER-EU, has been developed by the European Central Bank (ECB). A number of Norway’s neighbours, including Denmark and Sweden, have introduced or are about to introduce the ECB testing framework, ie TIBER-DK and TIBER-SE, respectively. Finanstilsynet and Norges Bank are planning to invite the industry to a dialogue on this testing framework. It can also be used to bolster security linked to key ICT service providers in the banking and payment system.
Significant progress been achieved in particular in the Islamic capital market where the outstanding amount of Islamic private securities amounted to USD79 billion or 54.3% of the total outstanding private securities in the market. The number of Shariah-based unit trust funds have also increased to 136 with a net asset value of over USD5.2 billion while 85% of the listed Malaysian stocks are Shariah-approved counters. The second strategy is to accord greater emphasis on the enabling environment for increased innovation in the Islamic financial industry. The product range in Islamic finance has now expanded into a broad spectrum of innovative instruments, including investment and equity linked products based on musyarakah, mudarabah and ijarah. These products are competitive both in terms of product structure and pricing. The enhanced depth of the Islamic financial markets, in particular, the sukuk market, has increased the attractiveness of the Islamic financial instruments as an asset class for investment. The drive for innovation has been supported by the investment in human capital development. A sufficient pool of the talent and expertise has been key to the development of the Islamic financial hub in Malaysia. The International Centre for Education in Islamic Finance (INCEIF) was established in 2006. INCEIF which has an international faculty and students from more than 40 countries is focused on programmes for Islamic finance professionals and specialists in Islamic finance.