In Africa, we have seen successful waqf projects such as the construction of a commercial complex for Islamic studies in Sudan. Waqf, properly structured and with the right governance could create wealth and economic opportunities. Helping to kick start a Market. Another idea to explore is for the AfDB, sovereigns including central bank, and pension funds to set up sukuk funds to give out funding mandate to support and kick-start domestic and regional sukuk investment in Africa. In Malaysia, our Employees Provident Fund and Central Bank of Malaysia have created its mandate to external portfolio managers to include international Shariah compliant equities and sukuk. This strategy has further stimulated growth of Islamic fund management industry. Perhaps these ideas can be adapted to suit the operational environment in Africa. These ideas that I outlined above have been tested and implemented. I believe the same can be considered by new and emerging Islamic finance jurisdictions. Conclusion Let me conclude that the journey in Islamic finance is a rewarding experience. For this journey, we have to bear in mind that It takes serious efforts. We need to be patient and organized. With determination and perseverance, the result will surely follow. We need to work in unison. Respect diversity. Amplify on the collective agreements. Seek solutions for differences. In time we should come to an understanding. We have to ensure, always, that Islamic Finance must remains competitive. It must make sense. The maths must be right. Exciting opportunities exist for new and emerging jurisdictions in Islamic finance.
In Malaysia, both the Federal Government and the central bank 2  BIS central bankers’ speeches  issued long and short term papers that formed the basis for the creation of a vibrant Islamic money market and a deep and sophisticated sukuk market. Another lesson that can be learnt is that central bank can play a catalytic role in promoting a new market. Central banks have the capacity to issue Shariah compliant money market instruments to enable investment in short term papers. It could assist in the liquidity management of Islamic banks. It also gives an opportunity for the public at large to invest in short term Shariah-compliant papers. At the same time, conventional investors have an opportunity to invest in a new asset class. Usage of Waqf. Another interesting area for Islamic finance and this applies, not only to new entrants but also established finance jurisdictions, is the innovative use of waqf in areas underserved by the present financial system. The endowment received from waqf, together with the revenue generated from the waqf properties can assist in the socio-economic uplift of the community. Utilisation of waqf by Islamic microfinance institutions can potentially create more options in offering interest-free financing in the economy. Islamic financial institutions and corporate organisations can also consider including waqf as part of their corporate social responsibility programmes for more suitable solutions that have profound impact over the long term, particularly in education.