President of the Islamic Development Bank, H.E. Dr. Ahmad Mohamed Ali Al-Madani
IFSB Council Chairman and Governor of the Saudi Arabian Monetary Agency,
H.E. Dr. Muhammad Al-Jasser,
IFSB Governors,
Secretary-General Prof Rifaat Ahmed Abdel Karim,
Ambassadors,
Honoured guests
Welcome
I extend a very warm welcome to all our guests, especially those from overseas. As an Islamic Financial Services Board (IFSB) member, MAS is honoured to host this 6th IFSB Summit. This is IFSB’s first Summit in East Asia, and the strong interest shown by participants here is a testament to the growing opportunities for Islamic Finance and economic cooperation in our region. I very much appreciate the support of fellow Governors and IFSB Board members. A special thanks to all our panel chairmen and speakers, and to Professor Rifaat and the IFSB secretariat for organising this so well.
We meet at a most challenging time. The IMF and the World Bank have forecast the global economy to contract for the first time since World War Two. The economies of Asia, like the rest of the world, have slowed significantly. So have all forms of financial services, including Islamic Finance. While actions taken by governments and financial authorities have helped to stem the sharp deterioration, the road to full economic recovery is likely to be bumpy.