So, to conclude on the moral hazard topic, I would say that, in order to draw meaningful conclusions, it is important to distinguish between the very different possible types of financial crisis management measures available to central banks. When assessing and choosing among these different measures, it is necessary to take into account the implications for both the central bank and for its counterparties, including the future incentives of the latter, in order to achieve, overall, the most efficient allocation of resources. BIS Review 143/2007  7  Separation of liquidity management and the monetary policy stance Finally, a frequent focus of our communication during the turmoil has been the importance of distinguishing between interventions related to liquidity management and changes in monetary policy stance. It is very important for the public to understand that the implementation of technical measures related to liquidity management during the current turmoil has been completely separated from any considerations on the monetary policy stance. Contrary to the occasional public perception, these operations have had no effect on the overall liquidity supply to the banking sector. Overall, the amount of liquidity provided within the various maintenance periods since the start of the turmoil has remained unchanged. Instead, the liquidity provision has been to some extent simply brought forward in time within each period, thereby simply representing a shift in the time path of liquidity supply within the reserve maintenance period.
In the international arena, INCEIF has also established strategic alliances with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, Lembaga Pengembangan Perbankan Indonesia (LPPI) of Bank Indonesia, National Institute of Banking and Finance (NIBAF) of State Bank of Pakistan and Ceylinco Sussex Business School, Sri Lanka, among others. INCEIF is also in the midst of finalising its collaborative efforts with organisations in the United Arab Emirates, Kuwait, Bahrain and Qatar. Initiatives have also been taken to enhance the pool of talent is in the field of Shariah. This has been done by awarding research grants and scholarships to deserving outstanding candidates. This initiative will be funded by the Shariah Endowment Fund which was announced in August this year. The applications for the Shariah Scholarship Award and the Shariah Research Grant for 2006 are still open to qualified candidates until the end of the year. Apart from this, many other initiatives have been taken by the relevant bodies in Malaysia to strengthen talent development at all levels in Islamic finance. At the strategic leadership level, Malaysia has established the International Centre for Leadership in Finance or ICLIF as part of an effort to spearhead the development of a new generation of world class leaders in the financial services sector including Islamic finance towards high performance and excellence.