BANCO DE ESPAÑA  15	 TESTIMONY BY THE GOVERNOR OF THE BANCO DE ESPAÑA BEFORE PARLIAMENT IN RELATION TO THE DRAFT STATE AND SOCIAL SECURITY BUDGET FOR 2019  OTHER STRUCTURAL CHALLENGES  CHART 15  TOTAL FACTOR PRODUCTIVITY  116  POTENTIAL OUTPUT GROWTH AND CONTRIBUTIONS  1995 = 100  4  LONG-TERM UNEMPLOYMENT RATE AND TEMPORARY EMPLOYMENT RATE (a)  % pp  16  114 3  112 110  2  108 106  1  104 102  0  100 98 1995  2001 SPAIN  2007  2013  GERMANY  2019  -1 1995  EURO AREA  2001  2007  2013  2019  % of labour force % of dependent employees  36  14  34  12  32  10  30  8  28  6  26  4  24  2  22  0 1995  20 2001  2007  2013  2019  EMPLOYMENT  CAPITAL  LONG-TERM UNEMPLOYMENT RATE (b)  TFP  POTENTIAL OUTPUT  TEMPORARY EMPLOYMENT RATE (right-hand scale)  SOURCES: Eurostat, INE and Banco de España. a Annual data for Q2. b Unemployed seeking work for more than one year.
It is also a pledge by the industry to provide the required support by allocating the needed resources in our endeavour to create and promote an internationally recognised Islamic finance professional body. Industry recognition to the bearers of CIIF qualification as highly qualified and competent professionals will give an added boost to the entity as it embarks on this important journey. Although CIFF is only being officially launched today, the entity has completed two guiding principles and two guidelines which will be launched today. These issuances will set the minimum requirements on the pathway of becoming Chartered Professionals and for financial institutions to become accredited institutions that would enable the training of staff as Islamic finance professionals. More is in the pipeline and I am confident that CIIF is committed towards developing the highest quality of guiding principles and guidelines that are in line with the current and future developments. Another bold action that we shall embark on is the transformation of The Association of Shariah Advisors in Islamic Finance (ASAS) to become the leading professional body for Shariah advisors. This transformation would further complete the Islamic finance service providers ecosystem. This is envisioned in the Financial Sector Blueprint, with standards to be set for professional programmes, qualifications and continuous professional education on Shariah. I would like to congratulate the Board and management of CIIF on its official launch. I am confident that CIIF can contribute towards higher professionalism for the Islamic financial services industry.