The Bank of Canada has done so at times in the past. Back in 2005, for example, our interest rate announcements mentioned the need to lower the policy rate “in the near term” and “over the next four to six quarters.” The most complete form of this routine forward guidance is to publish a projection for the future path of policy rates.
In line with Islamic Laws and Statues, an effective Dispute Settlement Institutions that recognizes the intricacies of Shariah principles and contractual arrangements would be beneficial. Among others, this will facilitate resolution of disputes associated with cross border contractual arrangements that could involve more than one jurisdiction each offering their own perspective.