Muhammad bin Ibrahim: New and emerging Islamic finance jurisdictions – opportunities and challenges ahead Remarks by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the 11th Islamic Financial Services Board (IFSB) Summit, Session 5: Panel Discussion on “New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead”, Port Louis, Mauritius, 22 May 2014. *  *  *  I have taken great liberty in making my remarks today. I must admit these remarks are very much Malaysian-centric. I shall try to synthesise some of the lessons learnt by Malaysia that might be useful to new and emerging Islamic finance jurisdictions. These lessons are by no means exhaustive. Let me start with some points to set the context of my remarks. For new and emerging Islamic finance jurisdictions, they can learn from the experiences of other more established Islamic finance centres. These jurisdictions have the opportunity to jump start into 30 years of modern Islamic finance practices. They could move fast, avoid expensive pitfalls and adopt best practices. I will raise nine points that I hope will provide some perspectives on the issues raised. Islamic finance is for all (Gain acceptance). Islamic finance is for all. Its appeal extends to a larger global community, regardless of their faith and origins. Islamic finance is not only for the Muslims. Islamic finance cannot be successful if it is only supported by Muslims. Many now recognise that the inherent characteristics of Islamic finance are consistent with universal values.
Gazi Erçel: Risk management - within reserve management policies  Opening remarks by Mr Gazi Erçel, Governor of the Central Bank of Turkey, in the Conference titled “Current issues in reserves management for central banks in Europe, Middle East and North Africa” which has been organized by the World Bank Treasury in Istanbul on 4-5 May 2000. *  *  *  I am delighted to be with you today to offer some general remarks about reserve management, and our approach to risk management, at the Central Bank of Turkey. Before starting my speech, I would like to thank the World Bank for organizing this conference which, I believe, will be most beneficial to all of us. I am sure most of the important subjects related to new developments in reserve management will be covered in detail at this meeting. However, let me briefly comment on recent developments in managing risk within reserve management and share our experience at the Central Bank of Turkey with you. A string of disaster stories dominated the financial news coverage during the last two decades. A variety of factors could be cited as possible causes of these events. They include shortcomings in economic policy, inadequate supervision and, in most cases, poor risk management by the market players themselves. Beyond that, the basic issue is the financial system’s vulnerability to unforeseen events. We all learned much from these bad experiences but we are living in a changing world.