Thus, a weakening of Western exports to the emerging markets is being accompanied by a gradual increase in Western imports from these countries. For overall growth in the OECD area, however, the aggregate real economic effects are probably not all that large. So what about the effects transmitted by financial markets in the West? A falling stock exchange reduces the value of households’ share portfolios, which may influence the propensity to consume. It also increases the cost of capital procurement, which may likewise affect demand via a weaker propensity to invest. The recent global fall in share prices - more or less wiping out the increase in the past two years or so - should be seen in the light of the strong upward trend that share prices have followed in the 1990s. In Sweden the OMX Index is still around 300 per cent above the low in the autumn of 1992. In the United States the Dow Jones Index is about 200 per cent higher than at the beginning of 1991. This provides a perspective for the impact of falling share prices on international growth. It should also be borne in mind that the US economy is more sensitive than Europe to a falling stock exchange. When it comes to confidence, it is more difficult both to quantify and to arrive at more definite conclusions about consequences of the crisis.
One of the biggest misconceptions is on its usage. Waqf is to benefit all. While waqf land has traditionally been used to build mosques, cemeteries or tahfiz schools, nothing in the Quran or 1/4  BIS central bankers' speeches  Hadith prohibits wider use of waqf to meet the needs of the community. In fact, there is no requirement for a waqif or donor and beneficiary of waqf to be a Muslim. There are instances from past Islamic civilisation where the use of waqf extended beyond those that were directly related to the religion and specific needs of the Muslims. Waqf land and buildings were used to build schools, hospitals and infrastructure to benefit both Muslims and non-Muslims alike. The Al-Azhar University is an excellent example of a waqf asset. This makes a lot of sense. It is obvious that waqf should be prioritised to improve education and health, critical ingredients for social mobility and a productive workforce. There are an estimated 300 square kilometres of waqf land – the size of the main island of Langkawi – in the country, and unfortunately, most of this land remains undeveloped. Think about all the needs that can be met by developing this land – affordable housing, schools and universities, hospitals, sports facilities, research centres and industrial complexes. While I acknowledge the challenges in developing this land, including ownership and registration issues, as well as limitations in financial resources, these are surmountable.