[7]  https://www.mas.gov.sg/news/speeches/2021/pushing-ahead-with-sor-sora-transition-in-2021  3/7  12/02/2021  "Pushing Ahead with SOR-SORA Transition in 2021" - Keynote Speech by Mr Leong Sing Chiong, Deputy Managing Director (Markets …  In addition, the Committee is considering the need to set a clear timeline, possibly sometime in 2H 2021, to cease the use of SOR in new derivatives transactions, except where strictly necessary for risk management and unwinding of legacy SOR exposures. This timeline will support a more coordinated shi to SORA among key derivatives market participants. This will also align our market with similar timelines being contemplated for stopping new LIBOR transactions in other key jurisdictions. SC-STS expects to share its guidance in the coming months a er incorporating feedback from market participants. Related to this, the Committee had previously announced in December 2020 [8] , that it plans to set out guidance on timelines to cease the use of SIBOR in new loan contracts in 2021. This will likewise be finalised in the coming months. 15 Taken together, we expect SOR, SIBOR and LIBOR activities to wind down towards the end of this year. This in turn, will generate a growing critical mass in new SORA-based cash market activity, and spur greater market eﬀiciency and liquidity. Developing a robust SORA curve 16 Third, the Committee and MAS will take further steps to develop a robust SORA curve, to reinforce the shi to a SORA-centered regime. We will do so by undertaking several key initiatives in the first half of 2021.
Michael Gondwe: Islamic commerce and finance Opening remarks by Dr Michael Gondwe, Governor of the Bank of Zambia, at the workshop on “Islamic commerce and finance”, Lusaka, 24 March 2013. *  *  *  The Guest Speakers, Mufti Shafiq Jakhura and Maulana Bilal Jakhura; Distinguished invited guests; Participants; Ladies and gentlemen; On behalf of the Bank of Zambia and indeed on my own behalf, I would like to extend a very warm welcome to you all to this important workshop on Islamic Commerce and Finance. To our Guest Speakers, Mufti Shafiq Jakhura and Maulana Bilal Jakhura, I wish to extend a special welcome to you to Zambia and in particular to Lusaka. Ladies and gentlemen, the Bank of Zambia is honoured and delighted to be invited to give a keynote address at this workshop. This Workshop on Islamic Commerce and Finance could not have come at a more opportune time than now, when the Bank of Zambia has embraced financial inclusion on its policy agenda as a way of increasing access to appropriate financial products and services to all segments of society in Zambia. Ladies and gentlemen, Islamic commerce and finance have expanded significantly in the last few decades globally both in terms of size and the number of players. For Instance, Islamic finance is currently practiced in more than 50 countries worldwide. In many countries, Islamic finance co-exists with conventional finance and is not limited to Muslim countries.