Furthermore, core inflation readings, when measured by adjusting overall CPI for food, non-alcoholic beverages and energy prices, were relatively subdued at 3,4 per cent in March. However, the inflation outlook has deteriorated over the past couple of months, largely due to external cost-push factors. The main factors behind the upward trend in inflation have been food, and transport prices.
In conclusion, I wish therefore to emphasize that while Islamic Banking and Finance is envisaged to significantly contribute to Economic Growth and Development, it remains an emerging field in the Financial System worldwide.