We have also drawn guidance from the experience of other countries which have embarked on Islamic finance but we have had to map out our own route. For instance, we have opted not to impose a single Shariah on our financial institutions Board. We have left it to individual institutions to set up their own Shariah Committee and nominate their own Shariah experts.
Understanding the role of monetary policy in financial stability—if there is one thing we have learned since the turn of the century, it is that price stability does not guarantee financial stability. 2.