The theme very aptly sums up the business conditions we face today. Rapid change is the new normal in today’s dynamic world. The rise and interconnectivity of Asia as well as its demographic changes, the impact of regulatory changes and new technologies are all combining to transform the financial landscape of the region. Survival and success in today’s challenging environment will depend on being able to exploit new growth opportunities that come with change. But this journey will not happen without determined action to lay the foundation for future success of the industry. In closing, I wish you an insightful and productive deliberation and trust that your discussion will be useful and will leave you with additional insights to tackle the challenges that you face. To our overseas guests, I hope you will leave KL with pleasant memories of your brief stay here. 4  BIS central bankers’ speeches
While there needs to be recognition of the prudential standards that have been issued by the Islamic Financial Services Board, there also needs to be awareness by the international community of the implications of the new standards that is being introduced on the Islamic financial system. This is important given the common interest of global financial stability. Let me conclude by saying that today’s launch of the Islamic Finance Gateway by Thomson Reuters marks another important milestone in the international development of Islamic finance. Such a comprehensive information and trading portal for foreign and domestic participation in the Islamic financial system will contribute towards its efficiency and effectiveness as a form of financial intermediation. On this note, I wish to congratulate Thomson Reuters on the occasion of the official global launch of this Islamic Finance Gateway. 2  BIS Review 20/2010