I would like to congratulate the Islamic Banking and Finance Institute of Malaysia (IBFIM) and the Malaysian Green Technology Corporation (MGTC) for organising this conference, given the global surge in green technology activities as catalysts for sustainable developments. The aims of this forum are to narrow the gap of Islamic financial institutions’ understanding on green technology and to provide green technology companies with the latest information on Islamic financing products and services. It was almost a year ago that I spoke at a similar Conference outlining on how the financial systems can play a catalyzing role in the development of green technology. I mentioned a number of broad key priorities and I am pleased to announce that encouraging progress has been made. Today, my remarks place emphasis on the current and future prospects of Islamic financing solutions that can support the vibrancy and dynamism of the green technology ecosystem. In Malaysia, Islamic financial institutions can leverage on the large untapped opportunities in the green technology sector and at the same time contribute towards the country’s transformation into a high value-added economy. Increasing global importance of green technology Against the backdrop of current climate and environmental concerns that are the consequence of unsustainable economic activities, green technology emerges as a winning proposition. Green technology has strong potentials to stimulate economic growth while mitigating environmental degradation. National and international efforts to promote green technology as a new source of growth have intensified in recent years.
On the need for clarity in monetary policy-making”, European Central Bank Working Paper No. 26. 47  As cited in Petra M. Geraats (2007): “The Mystique of Central Bank Speak”, in International Journal of Central Banking, March 2007, p. 37. 48  Effective communication to market participants is particularly important. As economists with a university background, we often feel the need to build up a series of arguments and weigh various considerations before arriving at a conclusion. But this can sometimes render communication less effective. Financial market participants prefer to be presented with the conclusion first so that they can respond to it quickly. 10  BIS Review 140/2009  The third criterion for good communication is that it must be honest. I referred earlier to the principle that the external communication should reflect the internal deliberations. It is an honest matter to communicate that decisions are difficult and often made on an uncertain basis. But it is just as important – and more challenging – to explain why it is difficult and which factors have been considered and given weight. Before the rebuilding of Bislett Stadium in 2004, the organisation Bislett Alliansen was to decide where the Bislett Games should be moved. The choice stood between Drammen and Bergen. They chose Bergen. The head of the organisation said to the Norwegian news agency NTB: “I have participated for almost 20 years, and this was the most difficult decision I have been involved in.