For Islamic banking, the Bank has further liberalized our Islamic financial industry by allowing the establishment of three new fully foreign-owned Islamic banking institutions as part of the strategy to enhance integration with the international financial system and to strengthen inter-linkages with other economies. These foreign partners will provide strategic linkage for the expansion of the takaful and Islamic banking businesses overseas. Going forward, our aspirations are for Malaysia to be the centre for efficient, progressive and robust Islamic banking and takaful sectors which are internationally integrated. In realizing this vision, the industry has to play its role in giving unwavering commitments and collaborative efforts towards elevating the industry to new levels of dynamism. 26. Let me conclude by saying that the future success of Islamic finance will depend on the combined collaborative efforts of all stakeholders, namely the regulators, the scholars, the industry and market participants. In this regard, all parties should put in relentless efforts to continuously promote the development of Islamic finance into one which is progressive, dynamic, responsive and sustainable. I sincerely believe that for all our sincere efforts towards realizing this objective, InsyaAllah, the Almighty will shower us with his blessings, guidance and assistance. This reminds me of the essence of verse 69 of Surah al Ankabut: "And those who strive in Our (cause), - We will certainly guide them to our Paths. For verily Allah is with those who do right." On this note, I wish you a successful and productive seminar and wabillah hitaufik walhidayah. Thank you.
Currently, there are several international institutions that are working towards international Shariah-compliant standards which include the IFSB and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 7. Recognising the current state of Islamic finance and its different pace of development in different jurisdictions, it is important for us to step back a bit and carefully plan the efforts going forward. In this regard, let me share with you my thought on four areas of focus whereby greater attention should be given in order for us to achieve further progress in the development of takaful in particular, and Islamic finance in general. I will also take this opportunity to share with you on the experience and approach that Malaysia has adopted in our endeavor to develop a comprehensive and effective Islamic finance system. Firstly, there should be greater inter linkages of components of Islamic finance supported by strong legal and regulatory framework. 8. The effective functioning of the Islamic financial system will largely depend on the development of a comprehensive package of the core components of the overall Islamic financial system. This would involve the development of the Islamic banking sector, the takaful sector, the Islamic inter-bank and capital markets as well as other non-banking financial institutions. The future development of the Islamic finance will rely on the strength of these core components and their interlinkages, due to the interdependence of the respective components within the package.