Milestone in the establishment of a strong and stable Islamic financial system

An address at the inauguration of the Islamic Financial Services Board IFSB, given by the Governor of Bank Negara Malaysia Dr. Zeti Akhtar Aziz. The IFSB will develop international regulatory standards for the Islamic financial industry, cooperate with international financial organizations, and encourage development of risk-management practices. These efforts are necessary for the industry to grow in the face of increasing competition and to attract new customers. The goal of the Islamic finance industry should be to gradually increase equity-based financial operations. Governments and independent financial regimes should provide standardized financial and shari`a regulations, without stifling innovation.