Looking further into the future, a more comprehensive legal international framework, such as a treaty, may be useful to empower authorities to bring cyber criminals to justice. Concluding remarks Let me now conclude. The digitisation of the economy and the financial sector is a process that cannot be stopped and we need to embrace it to our benefit. As financial institutions grow bigger and have greater international presence, the nature and extent of cyber risks will continue to expand. Events like this summit help propel the cyber security agenda forward. It is my hope that the sharing of knowledge and experiences here will generate new ideas to stem threats to cyber security. With that, I wish you all a productive and fruitful experience for the next two days. Thank you. BIS central bankers’ speeches  3
A further principle of profit sharing and hence risk sharing also ensures a high degree of transparency and disclosure, thereby a greater shared responsibility on the viability of the products. The rapid expansion of Islamic finance is reflected in more than 600 Islamic financial institutions operating in more than 75 countries in centres that are now beyond Muslim jurisdictions. Indeed, Islamic finance is increasingly becoming part of the growth strategies of an increasing number of global financial institutions. New horizons are also fast emerging following legislative and regulatory changes in several non-traditional markets that have now emerged as the fastest growing segment in the international financial system. In fact, the Banker’s latest 2011 Top 500 Islamic Financial Institutions report being released at this Summit shows that the global Islamic finance industry continues to experience double digit growth of 21%, with the Shariah compliant assets now breaching the USD1 trillion mark. The rapid expansion of Islamic finance essentially reflects its ability to meet the changing requirements of the global financial community and its competitiveness. The elements of checks and balances in Islamic finance that promote accountability and transparency enhances its potential as a stable form of financial intermediation. There is also a growing recognition that the inherent tenets of Islamic finance are aligned with the sustainable dimensions of ethical finance and responsible financing. As the new financial landscape emerges, it has also been accompanied by the development of ancilliary support services that include legal, accounting, taxation and Shariah advisory.