Tuesday, August 9

Zeti awarded Lifetime Achievement Award 2014

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KUCHING: Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz was awarded the Lifetime Achievement Award at the Islamic Economy Award 2014 held in Dubai recently.

On receiving the award, she said: “It is my very great honour to receive the Lifetime Achievement Award for the global development of Islamic finance conferred under the patronage of His Highness Sheikh Mohammed Rashid Al Maktoum.

“I am most humbled to receive this award.

“It has been my privilege to contribute to the international efforts to create the foundations for a sustainable and resilient Islamic financial system in the global financial system.

“This recent decade has been highly challenging for the world of finance, yet the experience of confronting the challenges has been tremendously fulfilling.

“The overall progress and advancement of Islamic finance has continued to be accompanied by growth, dynamism and stability,” she said.

At the same time, she said the focus for developing Islamic finance has gradually shifted from strengthening intermediaries in the domestic Islamic financial industry to fortifying the regulatory, supervisory, Shariah and liquidity framework necessary for such a robust financial system.

She observed efforts have involved greater international cooperation and collaboration in this new environment.

Zeti noted that a further development has been the evolution of the domestic Islamic financial markets into international markets.

She observed that the development has manifested itself in the form of foreign participation in raising funds and in investment activities, thus generating increased cross border financial flows.

She said greater cross border funds flows has drawn participation from both emerging and the developed world in Islamic and non-Islamic countries to be involved in the Islamic financial system.