BIS central bankers’ speeches  Table 1 Historic equity home bias for G20 countries (a) (1995–2007)(b)(c) Advanced G20  1995  2000  2005  2007  USA  0.72  0.76  0.61  0.56  UK  0.66  0.68  0.58  0.56  Germany  0.65  0.58  0.45  0.48  France  0.80  0.78  0.59  0.62  Italy  0.71  0.65  0.54  0.54  Japan  0.93  0.92  0.84  0.84  Canada  0.67  0.69  0.67  0.68  Australia  0.81  0.83  0.79  0.74  Weighted average  0.79  0.76  0.64  0.61  Un-weighted average  0.75  0.74  0.63  0.63  Argentina  0.79  0.70  0.58  0.59  China  0.96  0.94  0.98  0.99  South Africa  0.94  0.70  0.72  0.79  Mexico  0.94  0.98  0.86  0.91  South Korea  0.98  0.97  0.90  0.82  Brazil  0.97  0.96  0.96  0.97  Turkey  0.95  0.98  0.97  0.98  Russia  n/a  0.97  0.98  0.99  India  0.99  0.99  1.00  1.00  Indonesia  0.99  0.98  0.99  0.98  Weighted average  0.96  0.93  0.92  0.94  Un-weighted average  0.85  0.92  0.89  0.90  Weighted average  0.80  0.77  0.66  0.66  Un-weighted average  0.80  0.84  0.78  0.78  Emerging G20  Total G20  Source: IMF International Financial Statistics, IMF WEO database October 2010, S&P Global Stock Markets Factbook (2010), updated and extended version of dataset constructed by Lane and Milesi-Ferretti (2007), Thompson DataStream, UN Census Bureau, Penn World Tables and Bank calculations.
Bank Negara Malaysia also looks forward for a more active role by all shareholders, including the non-  BIS Review 73/2006  1  controlling shareholders, in the transformation of the new takaful operators into efficient and world-class players capable of competing against the best in both the domestic and international marketplace. Ladies and Gentlemen, On the regulatory front, as the financial services industry transitions to a more deregulated and market-driven environment, the regulatory and supervisory approach will continue to evolve into one that is more principle and risk-based. The regulatory initiatives will also continue to emphasise competition, efficiency, and innovation whilst maintaining financial stability. For the takaful industry in particular, the consultative paper on the principle-based guidelines on the takaful operational framework will soon be issued. The aim is to establish the parameters within which the takaful operators operate their business, whilst allowing for the different takaful models currently adopted by the respective takaful operators to continue to operate. This consultative process is a further reflection of the approach adopted to take into consideration the feedback from the industry players in designing appropriate regulatory framework and thus towards balancing the interests of the various stakeholders. The industry can also expect to see progress on the development of international best practices for the takaful industry by the Islamic Financial Services Board (IFSB) in the near future. An important step towards this direction has been taken with the recent establishment of an IFSB working group to develop supervisory standards on corporate governance.