2  The World Bank projected Developing East Asia (including China) to grow by 5.3% in 2009; South Asia by 3.7% and Middle East and North Africa by 3.0%. BIS Review 57/2009  1  force an acceleration of structural economic change in Asia. The drive towards greater domestic consumption, as well as greater Asia intra-regional trade, investment and consumption, will take on greater urgency. The growth of intra-Asia trade and investments will be driven by both bottom-up initiatives as businesses expand their ties, as well as top-down policy measures as governments enter into agreements on free trade and economic cooperation. A recent survey by the ADB Institute found that a higher than expected 22% of responding firms use preferences accorded by free trade agreement (FTA) and more are planning to do so. 3 China, Japan and Korea have implemented their FTAs with ASEAN. The ASEAN-Australia-New Zealand FTA was signed in February 2009. Singapore has signed FTAs with the GCC and Jordan, and we can expect more of such pacts within Asia in the future. Cross-border capital flows between the GCC and East Asia will grow significantly in the coming years. With this forced pace of global re-balancing, the relative economic weight of Asia will rise. This would be a positive development for the global economy, as more engines of growth provide greater resilience. Financial services and Islamic finance However, it is crucial that our optimism does not turn into hubris. Economies in our region face many important challenges.
Zeti Akhtar Aziz: Legal & Shariah issues in the Islamic financial services industry Opening remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Third IFSB Seminar on Legal Issues: Surveys on Legal & Shariah Issues in the Islamic Financial Services Industry, Kuala Lumpur, 28 March 2007. *  *  *  Professor William Blair QC, Chairman of the International Monetary Law Committee of the International Law Association (MOCOMILA), Professor Rifaat Ahmed Abdel Karim, Secretary General, Islamic Financial Services Board, Distinguished Guests, Ladies and Gentlemen, I would like to join Professor Rifaat in welcoming you to this 3rd IFSB Seminar on Legal Issues. I would also like to take this opportunity to extend a special welcome to the many of you who have travelled long distances to join us for this important event. Ladies and Gentlemen,  A strong legal and Shariah framework as a pillar to Islamic finance The need to continually strengthen the legal framework for the financial services industry is imperative given the powerful forces of change continually transforming the functioning of the global economy and the international financial system. A legal framework which is aligned with market developments lends certainty and predictability to financial transactions and innovative products and instils public confidence in the financial system. The legal and Shariah framework is a vital pillar in the sustainable development of Islamic finance. It provides the legislative framework that unambiguously defines the conduct of Islamic financial institutions.