However, the growth of the industry has to extend beyond the numbers to sustain its growth momentum. This is of particular importance in today’s environment of growing global uncertainties and when considerations that prioritise the linkage of finance to the economy, justice and fairness, and sustainability and inclusion and which have been regarded as essential elements of a modern financial ecosystem. Islamic finance, with these inherent features and ethical dimensions, therefore has an immense potential role as a transformative agent in the economy, particularly in serving the requirements of the real economy and the broader society. Of importance is thus the role of the global Islamic financial marketplace in facilitating greater linkages with the real economy and inclusion and thus balanced growth. In evolving into the next growth phase, it remains an imperative for the Islamic banking industry in the global marketplace to reinforce meeting the very objective of its existence as an effective form of financial intermediation that serves the real economy and that complies with the requirements of the Shariah. As an extension to this, Islamic banks have the potential to extend its role to also include the role as an investment intermediary. This would require the diversification of banking business to expand beyond credit intermediation to investment intermediation, in which the alternative modes of risk sharing contracts can be applied. In performing investment intermediation, Islamic banking institutions not only strengthen further the linkage of finance and real economic activity, but also contribute towards more inclusive and more balanced growth.
This is an important consideration in our strategies, in parallel with the efforts to further increase the internationalisation of Islamic finance that can cumulatively contribute towards strengthening economic linkages and thus enhance international economic connectivity. Themed “Marketplace for Global Linkages”, with the presence of more than 1000 participants from various industries across the globe, this year’s Global Islamic Finance Forum brings unique opportunities for industry players to realise cross-border business opportunities for growth. It is our hope that this international platform would also provide the opportunity for intellectual engagement that would generate new thinking and knowledge as the industry ventures to new frontiers. On that note, I declare GIFF 2014 open and I wish you a productive and successful Forum. Thank you. BIS central bankers’ speeches  3