Reflecting their importance as financial centres, the Presidents of the New York and Chicago Federal Reserve Banks enjoy respectively a permanent voting right and a 50% voting right in the Federal Open Market Committee (FOMC), against a 33% voting right for virtually all other Fed Presidents.
The Bank will recognize Shariah experts from reputable jurisdictions. It is good to be clear about what Islamic finance is not? As we view it, Islamic finance is not just for people of Muslim faith. The sound ethical principles underlying Islamic finance represent an attractive alternative to conventional financial products. Islamic finance offers advantages to Muslims and non-Muslims alike.