Climate change is a global challenge and could have a broad impact on our society and economic activity into the future. To address this challenge, all economic entities -- firms, households, financial institutions, and governments -- need to actively play their roles over the long term, and central banks are no exception.
It is important that in future the Islamic  2  BIS Review 84/2010  financial industry should find ways of diversifying its risks and of reducing its reliance on real estate backed assets. Finally, on the subject of regulation, it is important that we fully incorporate the lessons of the global financial crisis into regulatory frameworks that apply to Islamic financial institutions.