Combined with continuous capacity building initiatives and institutional development, it has resulted in the opportunity to achieve scale and has allowed the Islamic financial services industry to transition into a dynamic, fast growing and competitive form of financial intermediation for the global community. The IFSB today is celebrating its tenth anniversary in a world which is changing profoundly. A new growth and development agenda is unfolding before us. Given the severe damage and devastation caused by the global financial crisis and the ensuing economic downturns, the road to an enduring recovery and lasting prosperity demands a global policy response that brings about a new economic trajectory built on a strong, more inclusive and more sustainable growth path. Common challenges that have also come to the forefront, such as poverty, increasing inequality and the imperative for greater social cohesion, have also called for the construction of policy objectives and strategies that can enhance stability, social well-  BIS central bankers’ speeches  1  being and environmental sustainability. In the wake of the global financial crisis, there is consensus on the need for a return to financial systems that serve the real economy, and the demands for more responsible financial practices from the financial sector, that also includes the commitment to achieve socio-economic goals. In response, the international community is prioritizing financial stability by strengthening financial regulation. This includes financial reforms aimed at protecting depositors from excessive risk-taking, over-leveraging and unfettered innovation.
Zeti Akhtar Aziz: Raising the bar for the next phase of growth and development – sustaining transformative momentum Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 10th IFSB (Islamic Financial Services Board) Summit 2013 “The future of the Islamic financial services industry – resilience, stability and inclusive growth”, Sasana Kijang, Kuala Lumpur, 16 May 2013. *  *  *  It is a great pleasure to welcome you to this 10th IFSB Summit, on the “The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth”. Bank Negara Malaysia is most honored to host this year’s summit, which is held in conjunction with the 10th anniversary of the Islamic Financial Services Board (IFSB). It was here in Kuala Lumpur 10 years ago that we witnessed the momentous occasion of the IFSB inauguration, that was the culmination of international collaboration among the founding member countries with the support of several key international and multilateral institutions. Its landmark establishment in 2002 as the international prudential standard setting body for the Islamic finance marked a major milestone in the effort to strengthen the international infrastructure for the Islamic financial system, steering the path for its successful integration as a viable component of the global financial system.