The outlook for the Norwegian economy Last year, Norges Bank reported that inflation had declined to a low level, but we projected a gradual increase. We highlighted the uncertainty surrounding the inflation projection and indicated that inflation might remain low. Subsequently, inflation fell to an even lower level. Structural adjustments in goods and service markets may imply low inflation also for a period ahead. Growth is high in the Norwegian economy. Growth in the mainland economy primarily reflects higher activity in retail trade, the construction industry and the service sector. Imports are expanding at a brisk pace. There are prospects of continued strong growth in petroleum investment in 2005. Employment is rising, albeit still at a moderate pace. Monetary policy influences the economy with long and variable lags. There is always uncertainty surrounding inflation developments. A very high oil price may also have an impact on the krone exchange rate. Historical deviations between projected and actual developments in the CPI-ATE provide an illustration of the uncertainty surrounding the inflation projections. The fall in the value of the krone through 2003, low interest rates and solid growth in the real economy will gradually push up inflation. Price developments in recent months have, nevertheless, increased the risk that inflation will remain low for a longer period. Thank you for allowing me to make the introductory statement at this hearing. BIS Review 53/2004  5
In addition, INCEIF's flagship programme, the Chartered Islamic Finance Professional (CIFP) offers the world's first professional certification programme in Islamic finance aims to nurture skilled talent pool for Islamic finance. Let me conclude my remarks. The global Islamic finance industry has evolved from a faithbased to a business driven industry for all communities. With total global Islamic financial assets amounting to only 40% of the largest conventional bank and with only 300 players compared to 23,000 conventional players globally, competitive pressure moving forward are likely to be intense. But with the underlying strength inherent in Islamic finance and its potential role in bringing together different parts of the world with surplus funds in search of investment opportunities to those with financing requirements accords tremendous opportunities to be drawn from Islamic finance. The combined efforts and collaborative  4  BIS Review 6/2008  alliances will pave the way for mutually reinforcing developments that will contribute to the overall international finance system and global economic prosperity. BIS Review 6/2008  5