In my mind, there are three key imperatives that can facilitate ihsan in Islamic finance to ensure that it continues to provide strong support for "value-based growth" – one that is balanced, progressive, sustainable and inclusive. The first is the need for a whole-of-ecosystem alignment to the values of Islamic finance. In a beautiful hadith narrated by Abu Musa in the Sahih al-Bukhari, Prophet Muhammad (peace be upon him) said, "A faithful believer to a faithful believer is like the bricks of a wall, enforcing each other." This hadith reminds us that it is not going to be the work of one, but the work of many to reap the positive outcomes of Islamic finance. This would involve not only Islamic financial institutions, but also shareholders, investors, businesses, households, regulators and all players in the ecosystem. All stakeholders must understand and accept the fundamental goals of Islamic finance to fully harness its "beyond profit" proposition. The Shariah Advisory Council of Bank Negara Malaysia has identified seven fundamental values of Islamic finance. These are: (1) prevention of harm and attainment of benefit; (2) money only as a store of value or medium of exchange; (3) attainment of profit from accepting or sharing risk; (4) balanced wealth creation with wealth transfer and circulation; (5) assurance of transparency and traceability; (6) Shariah compliance, and (7) fairness and attainment of excellence.
MAS and SGX will no longer vet prospectuses with a view to determining if they contain inaccuracies in information or factual  BIS Review 14/2001  5  errors. Issuers and their advisers have to bear greater responsibility for ensuring accurate and adequate disclosure. After a prospectus has been registered, it is proposed that MAS be empowered to issue a stop order and prevent further issues of securities if a prospectus is found to contain misleading or incorrect statements, or to have omitted material information. Investors who have subscribed for securities on the basis of the deficient prospectus can withdraw their applications and have their monies refunded. The new prospectus registration regime is aimed at placing greater responsibility on issuers and their advisers to meet the high standards of disclosure necessary for the development of more effective market discipline, and a more mature capital market environment. MAS will be seeking feedback on the proposed prospectus registration regime shortly, as part of our public consultation on the draft SFA. Conclusion Approaches to regulation worldwide are evolving with the times. An effective system of market discipline is necessary to sustain and promote the growth of open, transparent and competitive markets. Singapore is making substantial changes to its laws, rules and standards to support enhanced market discipline. It will be a process of evolution, but we have made good progress. Succeeding in this endeavour will require effort by both the regulator and all market participants, including issuers, their advisers and investors themselves.