We celebrate an important international event, the creation of the European Economic and Monetary Union, and with it the birth of a new currency, the euro, and a new supra-national central bank, the ECB. We recognize the leadership this spring of Germany as President of the European Union.
There is also the complication that the outstanding stock of Sukuk is not sufficiently large to enable all Islamic financial institutions to meet a liquidity ratio comparable to that mandated under Basel III.