Hopefully this means we will become even better at explaining to the general public and the financial markets how we reason when making monetary policy decisions. But the process does not stop here. We will continue to seek ways of increasing our openness and clarity. One area where I myself feel that it might be time to move on is the forms for our signalling. This applies even more after the changes we have made recently. In my opinion, the Riksbank should only in exceptional cases signal before formally making a decision at the monetary policy meetings. As I have said on earlier occasions, I also believe that it may be appropriate to name the members in connection with their comments in the minutes of the monetary policy meetings. The purpose of the changes we make is of course essentially to become clearer and more efficient in our communication. The fact that we are constantly striving to achieve this is something that both financial market agents and the general public expect of us. Thank you! 11  See, for instance, Eijffinger, S. and P. Geerats, (2006), “How transparent are central banks?” European Journal of Political Economy, vol. 22, 1-21. BIS Review 40/2007  9
The RM151 million project is a milestone achievement, being the first large-scale commercial development project on a waqf land in the country. Another important aspect in professionalising waqf management is instilling good governance. It is unfortunate that management of waqf has had some governance challenges. Efforts must be directed at strengthening its governance and management. Adequate internal controls have to be put in place, including risk management, internal and external audits, and compliance systems. Its standards of disclosure and transparency need to be at par with those of modern finance or of endowments in advanced economies. For a start, waqf authorities should provide high-quality disclosure and reporting of waqf activities to instil trust and confidence among the contributors and wider stakeholders. Contributors want to know where their contributions are going and how they are being spent. In this regard, the Waqf Fund collaboration between Islamic banks and the State Islamic Religious Councils provides a good mechanism for the financial sector to lend its expertise and share best practices on good governance and transparency practices in managing fund. Under the initiative, the Code of Governance and Transparency of Waqf Fund will be issued by AIBIM. This will act as guidance for more efficient and effective management of waqf and with higher governance and transparency practices, thus bringing waqf to the next level. Conclusion Waqf has played a significant socioeconomic role throughout history. Exciting potential lies within waqf, even today.