Though there were no systemic problems, confidence of the depositors in the NBFCs as a sector was eroded and the Reserve Bank faced the risk of loss of reputation.
It gives me great pleasure to welcome you all at the Seminar on the Role of Islamic Finance in the Development of Africa. Some of you present today have travelled from far to attend this Seminar in this beautiful corner of the island. We hope that the arrangements put in place meet your expectations and wish you a most pleasant stay among us.