These have included sharply reduced liquidity in all markets, and the effect of the global economic downturn on the credit-worthiness of all borrowers, including those who are customers of Islamic financial institutions. The principles of sound finance – do not concentrate risk, do not rely on collateral with unrealistic valuations – apply equally to Islamic institutions as to conventional ones.
Further instruments are under consideration. To  BIS central bankers’ speeches  1  address the cross-sectional dimension of systemic risk, stricter capital surcharges as well as liquidity ratios for systemically important financial institutions are under discussion in order to increase their resilience and to stabilise their funding. With respect to our macroprudential toolkit, we can report first successes.