Last but not least, efforts to further international collaboration will need to be supported by a solid platform for co-operation and information sharing amongst regulators. Formal agreements between regulators on the scope of cooperation and information sharing will be helpful in this regard. Singapore, as a full member of the IFSB, and a signatory to MOUs with various GCC countries, is keen to explore further avenues for cooperation and collaboration. Underpinning all these, of course, is the need to continue to broaden and deepen knowledge and expertise on Islamic Finance among regulators and industry players. An investors' education platform to promote risk awareness of Shariah compliant products will also serve to reinforce market discipline by raising awareness of the characteristics and risks of Shariah products, as well as boosting demand for such products. Conclusion – opportunities for Islamic finance I would like to end on an optimistic note by reiterating the opportunities available in Islamic Finance. While we must expect the global economy and financial activities to slow in the coming months, the long-term structural improvements in Asia and the GCC will continue. Between Asia and the GCC, for instance, total trade grew by 17% annually since 2000 to exceed $ billion in 2006. 8 Total cross-border capital flows between Asia and the GCC are also predicted to increase from $ billion at end 2006 to $ billion by 2020. 9 Even if only half of these projections are realised, growth is still sizeable.
It is thus crucial that we remain focused on enabling long term growth and development even as we tackle the current crisis. There are many productive areas for the private sector to work in close partnership. I look forward to working closely with our colleagues in the Middle East to further promote cooperation in financial services and Islamic Finance, which will serve as key pillars for promoting long-term, sustained economic development and cooperation in our two dynamic regions. On that note, I would like to thank you all for your kind attention this morning, and I wish everyone a fruitful conference. 8  Based on IMF and CEIC statistics. 9  Source: http://archive.gulfnews.com/articles/08/05/25/10216034.html. BIS Review 147/2008  5