In 1991, Canada took the bold step of formalizing this objective with an explicit inflation target. Our inflation-target objective, which is established jointly with the Government of Canada, aims to keep inflation at the 2 per cent midpoint of a 1 to 3 per cent target range. The target has proven to be a very effective anchor.
Financial institutions must not regard Shari’a compliance as the finishing touch to product development. Instead, product development needs to start from Shari’a principles: i.e. Islamic financial institutions must become Shari’a driven. And that is why this conference and the next set of consultations by AAOIFI are going to be so important.