Towards this end, the upcoming inaugural Islamic Finance Innovation Symposium aims to build the necessary linkage for a stronger partnership between industry and academia, of which may be of interest to IRTI. The symposium seeks to promote applied research that would spark industry innovation and act as a testbed for breakthrough ideas. Another designed takeaway from the symposium is the creation of a network for more effective business matching between the industry and academia to explore and implement specific innovative ideas. As Islamic finance has gained a strong foundation, competitive pressure would demand us to further strategise and refine the offerings of Islamic finance to ensure that the products and services needed by the customers are met and deliver the unique value propositions of Islamic finance. As we look ahead, future Islamic banking growth will be very much driven by the industry’s ability to continuously tap the opportunities to finance the activities of the real economy. Judging by the data to date there is positive indication that we are on track to meet the 40 percent target of total financing by the year 2020. Futhermore, our continuous efforts to initiate cross-border dialogues and interactions between regulators and industry, as well as between regulators and international bodies would further expand cross-border activities given a steady and strong regulatory and supervisory framework already put in place. The launch of The Islamic Finance Country Report for Malaysia 2015 is a much welcomed initiative.
These indications show that businesses are seeing the economic and business merit of Shariah-compliant products and services and that its appeal extend beyond the traditional captive market. However, growth of the magnitude that Islamic finance experienced over the last decade would increasingly become more difficult if the industry does not continue to be nimble and agile in its approach. Innovation is therefore a key priority for Islamic finance players to keep expanding and gain market share. As indicated by the results of the retail consumer banking and insurance survey in the country report, the demand for Islamic banking by survey respondents far exceeds that for its conventional counterpart. This should be an encouragement for Islamic banks to boost its innovativeness in meeting customers’ needs. The Islamic Financial Services Act 2013 is already paving the way for the development of Islamic banking solutions that are differentiated from conventional products by allowing funds to be mobilised either through deposits or investment accounts. This classification brings greater options for the  BIS central bankers’ speeches  1  public and reflects an enhanced risk-sharing approach to Islamic banking. It also gives the industry additional options to create creative solutions for its customers. Greater engagement and collaboration between industry and academia would also ensure mutually-reinforcing efforts in driving innovation through the development and implementation of new research findings and breakthroughs.