BIS Review 73/2007  1  This critical third pillar, of course, is in many ways why we are here today, and I should like to pay tribute to the sterling efforts now under way within the industry, with the leadership of the IIFM, to tackle these issues. I am now hopeful that real progress in this area is now within our grasp.
You will hear during this conference updates on the initiatives now underway, in conjunction with the International Capital Market Association and the International Swaps and Derivatives Association, to develop Sharia compliant hedging instruments, as well as standardized repo and commodity murabaha contracts. These will be important breakthroughs for the industry, and we very much look forward to their realization later this year.