Ref #9122402 v2.12  3  In recent years, we have used the story of Tāne Mahuta to illustrate to the general public this broader perspective of the role of the Reserve Bank of New Zealand – Te Pūtea Matua –in the financial system.2 Just as Tāne Mahuta is part of the forest and the guardian – kaitiaki – of that forest, the Reserve Bank is both a part of the financial ecosystem and kaitiaki.
Financial institutions must not regard Shari’a compliance as the finishing touch to product development. Instead, product development needs to start from Shari’a principles: i.e. Islamic financial institutions must become Shari’a driven. And that is why this conference and the next set of consultations by AAOIFI are going to be so important.