First, building on our membership of the Islamic Financial Services Board, we participated actively in the preparatory work and became a founder member of the International Islamic Liquidity Management Corporation (IILM) – a Supranational body created to issue bench mark Islamic liquidity instruments – launched during the year and headquartered in Kuala Lumpur, Malaysia.
As I have explained, the significant short-term economic impact of the disaster is the impact of supply-side constraints. With time, however, these constraints will be eased, and at the same time, the efforts of the private and public sectors to restore capital stock damaged by the disaster – roads, ports and harbors, factories, commercial facilities, and houses – will become more pronounced.