More strategic partnerships would also expand the IFSB’s capabilities in research, training and provision of technical assistance, all of which are critical to the development of the industry. Continued and stronger support for the IFSB, including active feedback from members on its Consultative Papers and participation in IFSB related events, as well as greater collaboration and cooperation between the members would further support the work of the IFSB. Consistent implementation of the prudential standards issued by the IFSB also enhances regulatory harmonisation and promotes full adoption of the standards. Of importance is the need for the IFSB to ensure that regulatory standards remain not only adaptive and effective in the changing regulatory environment, but also in riding the evolutionary waves of financial innovation that is prevalent in Islamic finance. Our quest and shared aspirations for financial stability requires concerted efforts on all fronts to foster a resilient and sound global Islamic financial system. The IFSB is an important part of these endeavours and its work remains relevant as we face a time of increasing uncertainties. The strategies identified in the IFSB’s Strategic Performance Plan for the year  2  BIS central bankers’ speeches  2013 to 2015 provides the focus for the IFSB to achieve the key result areas charted in the roadmap. I am confident that the IFSB would effectively manage its journey ahead amidst the increasing challenges, with the collective support from its members. Indeed, we look forward to the constructive outcome of the deliberations during this 10th IFSB Summit.
These include changes that have heightened competition and which have fostered the emergence of increasingly diverse market participants and organisations. The dramatically changing landscape calls for a new generation of highly-qualified professionals equipped with more comprehensive skills. To support and sustain these developments, the education system must evolve so as to meet these new demands. Against this backdrop, our ability to sustain long-term growth clearly depends on our ability to build, maintain and continuously expand our knowledge base. The key to this process is thus to be able to adapt to the new environment. As Charles Darwin observed "It is not the strongest", "nor the most intelligent that survive" but it is those that are "the most responsive to change." It is this capability that needs to be cultivated to ensure a mobile and agile work force that can adjust and respond to the emerging developments in the changing environment. As graduates today, you embody the hopes of the nation in making the transition towards a knowledge-based economy a reality. In graduating today, you would have achieved an important milestone in your life. This is indeed an important and distinct mark of success for all of you. Not so much because of the degree which you now hold in your hand, but more importantly its promise for your future. Your journey to reach this moment is a testimony of your own individual potential, determination and hard work. BIS Review 3/2006  1  The learning experience, however, needs to go on.