This change requires the readiness of Shariah scholars to play a greater role and to interact with others from various disciplines to enrich and enhance ijtihad with new perspectives, against the backdrop of a contemporary  BIS central bankers’ speeches  3  landscape. This innovation will only be generated through the openness of minds and a paradigm shift, based on sound understanding of the Shariah objectives. As the vanguard of Islamic finance, it is the responsibility of Shariah scholars to promote best practices in the Shariah fraternity through an inclusive and contemporary ijtihad, in line with the rapidly evolving operating environment. Finally, I pray that the discussions will run smoothly and will achieve the intended objectives. On this note, I end my speech with the words of Imam Ibn Taymiyyah,: “Surely among the main thrusts in a religion is the union of hearts, the unison of views and easing of disputes conducted in a good way.” Wabillahi taufik wal hidayah. Assalamu’alaikum warahmatullahi wabarakatuh. Thank you. 4  BIS central bankers’ speeches
These four institutions have submitted on a precautionary basis their recapitalisation plans to the FROB should they not be able to obtain private capital, although this is a possibility they consider unlikely in pursuing their strategies. Two of them, Bankia and Banca Cívica, are taking steps for a future market launch. If the plans proposed come to fruition, in less than 30 days these institutions will be listed, the process envisaged under the new regulations will have concluded, and they will operate with capital higher than the minimum requirement set in the new legislation. Another two banks, Mare Nostrum and Effibank, are also negotiating placing their capital in private hands, and they intend to conclude the operation within the schedule set, placing the proportion necessary to obtain the level of own funds required to meet the new core capital ratio. In both cases, the avenue being explored, without ruling out other alternatives, is the direct placement of capital with wholesale investors. Turning now to the other four savings banks, all of them have submitted their recapitalisation plans, a pre-requisite for applying for aid. The plans are in two parts: a business plan, with projections for profitability, leverage, liquidity and efficiency (among other variables); and a series of specific commitments regarding corporate governance and cost-cutting.