In continuously creating an enabling environment for the efficient functioning of the MIFC, the Malaysian commercial banks and investment banks are allowed to establish International Currency Business Units (ICBUs) to carry out Islamic  2  BIS Review 129/2007  banking business under their existing entities. Foreign institutions are also allowed to take up to 49% of the equity of domestic takaful operators and Islamic banks. To enhance the delivery system, an executive committee of key government officials, financial regulators and industry players has been set up for the effective and efficient implementation of the MIFC initiatives. Among others, an "executive green lane" has been accorded to expedite applications by expatriates for long-term employment passes with multiple entry visas. To allow greater operational flexibility within the Shariah parameters, the Islamic financial system adopt a conducive stance on Shariah interpretations and practices, consistent with its international dimensions. It mutually recognizes and accommodates the various juristic reasoning that has been approved by recognized Shariah advisers. To accord better access to MIFC information, Bank Negara Malaysia has launched the MIFC Portal at www.mifc.com as the primary source of comprehensive on-line information on the MIFC. It provides information on the latest initiatives, incentives and developments in the MIFC, and enables convenient access to application forms, procedures and guidelines related to entrance and participation in the MIFC.
The announcements following the recent G20 Summit and the associated announcements of the Financial Stability Board reflect the international economic regulatory cooperation that will set the agenda for the conventional standard setting bodies to put in place a framework to strengthen the international regulatory standards. It will also form the basis by which assessments will be made by multilateral agencies such as the IMF. It is therefore important for there to be engagement with the prudential standard setting entities for Islamic finance, not only to raise awareness of whether the new standards being introduced can be applied to Islamic finance and whether modifications need to be made but there could also be possible consequences that are unintended. Equally important is for there to be recognition of the standards that have been issued for Islamic finance specifically by the Islamic Financial Services Board. As a growing component of the international financial system, it becomes important for the interface and engagement with the international standard setting entities to take place given the common interest of global financial stability. Let me conclude my remarks. While the inherent strengths of Islamic finance have contributed to its viability and resilience, going forward into the future, the foundations for its sustainability as a competitive form of financial intermediation will continue to be strengthened.