Furthermore, the general liberalisation of capital controls on domestic residents will take place once the largest obstacles have been successfully removed or neutralised and when certain economic criteria have been fulfilled, such as adequate FX reserves, market access for the sovereign and the banks, a wellbalanced and growing economy, etc. The aim is to minimise the risk of capital flight. 2  BIS central bankers’ speeches  The Icelandic authorities have emphasised public disclosure and transparency of relevant information about the liberalisation strategy. Last year, the solution to the failed banks’ estates, as well as the economic analysis on which it was based, was presented in a comprehensive manner. A few days ago, a bill of legislation on the treatment of offshore krónur was passed by Parliament. An English translation of the bill was posted on the website of the Ministry of Finance and Economic Affairs, along with the Explanatory Notes and a Q&A (with links on the Central Bank website). Yesterday the Central Bank published terms of a foreign currency auction directed at offshore krónur, to be held on 16 June. This speech is, of course, part of the process of disclosure and explanation. Furthermore, in a week or two, the Central Bank will issue a special publication on the economic analysis of capital account liberalisation in Iceland.
At the same time, we must also allow diversity in Shariah interpretation as to support product innovations to meet the needs of the industry. Over the last two days, we have heard about the need to accelerate talent development, which is key to the future progress of the industry. In this respect, the International Centre for Education in Islamic Finance or INCEIF offers the world's first professional certification program in Islamic finance. The response has been over-whelming. To complement talent development, a set of incentives will be formulated to attract the best foreign talents to work in the MIFC. The adoption of best practices in the regulatory standard by the Islamic financial institutions will be key in sustaining their soundness and resilience. In this regard, IFSB has developed the required regulatory and prudential standards, in which Malaysia will adopt these standards, and continue to provide the leadership in the implementation of these standards. Malaysia's strength in the Islamic capital market can be further leveraged upon by issuers and investors as a platform for origination, trading and distribution of Islamic financial instruments. The benefits of being a financial centre are tremendous. Besides enhancing services sector contribution to GDP, it will create job opportunities, contribute towards promoting greater cross border investment and trade flows, better quality and diversified products and services, and strengthen further the global economic and financial inter-linkages among countries. Malaysia has come a long way since it first introduced Islamic finance in the 1980s. We are now embarking on the next stage of development.