Working level committees have also been formed to undertake the task of considering new proposals and monitoring the implementation of the MIFC recommendations. To take into consideration global trends and to provide insights on the strategic direction, an International Advisory Panel (IAP) comprising industry leaders and experts from the global community is also being established. Conducive environment for business In continuously creating an enabling environment for the efficient functioning of the MIFC, the Government has identified several key strategic objectives. T he Government has also granted an attractive tax package to promote Malaysia as a competitive international Islamic financial centre. The objective is to build the base - that is, to create the necessary critical mass of participating financial players and to increase the scale of activity. Malaysia aims to attract global players as well as to enhance the capacity and capabilities of the existing financial institutions.
To this extent, our recent reorientation of monetary policy stance will serve towards ensuring the needed safeguard of economic stability, whilst not detracting from the underlying growth potential. And because in an economic cycle upturn, risk of imbalances building up in some sectors of the economy may emerge. Even though there is no current sign of imbalances or bubbles, the Bank of Thailand will need to be alert and be vigilant in looking out for signs of imbalances to prevent economic instability at an early stage. At the same time, we have made significant progress in strengthening our financial institutions. This progress has now allowed us to move forward to the phase of upgrading the efficiency and continued adoption of evolving international standards, which in turn, will serve to enhance financial system competitiveness, stability, und credibility in the period ahead. Thank you. BIS Review 58/2004  3