Given the recourse to the asset by investors, it provides the incentive for disciplined and appropriate governance of the management of the project. Additionally, multilateral development banks may also facilitate this process by providing credit guarantees to these countries to reduce the financing cost and improve the quality of the sukuk issuances. On this front, multilateral development banks such as The Islamic Development Bank (IDB) Group and The Asian Development Bank (ADB) commenced initiatives to support member countries to leverage on Islamic finance for sourcing of funds, through the provision of advisory services, capacity development and technical assistance. Allow me to now share Malaysia’s experience in the development of the sukuk market in our Islamic finance marketplace. The Islamic capital market in Malaysia has been systematically developed to ensure accessibility whilst ensuring the protection of investors and efficiency in the intermediation process. The initiatives to develop the market are also strongly backed by the legal and Shariah framework which is further supported by a robust financial infrastructure, including the settlement and bond information system that enables Malaysia to provide a complete sukuk issuance and trading platform. Since the first sukuk issuance in 1990 by a multinational corporation in Malaysia, the sukuk outstanding in the Malaysian marketplace is now $ billion. In 2002, the Malaysian government issued its inaugural global sovereign sukuk, raising $ million, which became an international benchmark for the issuance of global sovereign sukuk.
As a result of this partnership JA Zambia receives annual grants which are utilized to deliver JA entrepreneurship and work-readiness education to the local young people. I further wish to acknowledge the contribution that Barclays Bank Zambia Plc continues to make to the development and deepening of the banking sector in Zambia. Clearly Mr. Masud  BIS Review 18/2010  1  has been a key factor in the process and our expectation is that the incoming caretaker Managing Director Mr. Bret Packard will continue to progress this process. It is in this vein ladies and gentlemen that I request you to join me in formally wish Mr. Masud success in his future endeavors as we welcome Mr. Bret Packard, the new Acting Managing Director at Barclays Bank Zambia Plc. Thank you. 2  BIS Review 18/2010