Agenda What does “Islamic banking” stand for?

A number of factors need to be engaged to bring success

• Need for co-ordination to enable further development

• Key enablers

• Dedicated people
• Greatest intangible to enable Islamic finance and build its future
• Human capital development: bankers and scholars
• Committed sponsorship
• Academic input to formulate visionary framework and development
• Capital sponsorship to bring plans to life
• Proactive engagement
• Regulators, practitioners and scholars to set a common agenda

We must preserve what is distinctive about Islamic finance

• We must preserve what is distinctive about Islamic finance
• Industry regulations and governance heading towards mainstream globalization
• Balancing different elements of Shariah credibility

• The way ahead …..

• Current expanding reach and richness of Islamic finance
• Despite the absence of an enabling framework
• But at a cost: culture of exceptions, Shariah credibility, competitive disadvantages

• To build an enabling framework requires concerted efforts
• Collaboration between IFIs, endowed industry institutions and regulators
• Exploration of narrow banking principles