The Shariah principles must be embedded in each and every operational aspect of the Islamic financial institution, including in the design of financial products and financing structures, financial contracts and their execution, liquidity and balance sheet management, risk management as well as asset and wealth management. The upholding of Shariah principles must permeate from the highest level, including at the board and senior management levels, which provide the strategic direction for the Islamic financial institution and to the operational levels. Sound policies and practices premised on Shariah principles will evolve the Islamic financial system into a financial system that is distinctively ethical and that which promotes economic justice. To meet this objective of providing a total talent management solution for the global Islamic financial services industry and to meet the educational needs of the different levels of Islamic finance practitioners, including professionals and specialists in Islamic finance, Malaysia is establishing an International Centre for Education in Islamic Finance (INCEIF). INCEIF will commence operations in March this year and will offer professional certification programmes in Islamic finance. INCEIF will also forge strategic alliances with domestic and foreign academic institutions to offer post-graduate programmes, namely Masters and Doctorates in Islamic Finance with specific areas of specialization. A professional association for Islamic finance professionals will also be established for the alumni of INCEIF to keep abreast with the latest developments in Islamic finance.
We expect all insurers to have cybersecurity practices and controls that are aligned with our Technology Risk guidance and requirements. It is equally important for firms to have in place good cyber hygiene standards, and ensure that such good practices not just feature prominently in your IT systems and policies, but are also embedded in day-to-day work processes. More broadly, how will MAS, as a regulator, partner the industry in this transformation journey? Let me first set out a few principles that guide our approach: Firstly, MAS is technology-neutral and will not seek to favour one technology over another. Secondly, we take on a more principles-based approach where the focus is on outcomes – 3/5  BIS central bankers' speeches  whether a new business model or adopted technology will threaten financial institutions’ safety and soundness, or the fairness in their dealings with the public. Thirdly, we believe that regulations should support and not stifle innovation. Innovations by their inherent nature will move ahead of rules. What we want to guard against is regulatory arbitrage camouflaged by a supposed innovative business model. Another consideration is whether a new business model or adopted technology will create inconsistency and incoherence with our existing rules. It follows that as a regulator, MAS will need to: First, keep abreast with technological developments by engaging closely with the industry to exchange views and garner fresh insights. Second, assess and adopt our regulatory response based on careful review.