Many countries also adopted an inflation target, with monetary policy decisions being explained primarily in terms of inflation. This increased focus on inflation has helped cement low inflation norms in our economies. Many people understand that if inflation were to pick up too much, the central bank would respond to make sure the pick-up was only temporary.
I would thus suggest that national and international supervisory authorities to objectively evaluate the potential of Islamic Finance principles in mitigating the existential risks faced by the financial system. I would also request Islamic Finance scholars and practitioners to reach out to their conventional counterparts to highlight the potential of the Islamic Finance system addressing the issues faced by the financial system.