Therein lie my earlier point that I alluded, that we need to create a culture of greater collaboration and respect between the world of academia, regulators and industry players. My hope is that applied research and the development Islamic finance becomes mutually-reinforcing, a “virtuous circle”, where extensive research translates itself into great solutions which can then be used to propel Islamic Finance to a new level of excellence. But it will require us to strengthen the linkages in transforming research insights into practice. You can do your part in promoting this close association through active engagements with the industry or by being a member of working groups to look into specific areas with the regulatory authorities. Conclusion I certainly hope you would find time to reflect on your past, and to think about what you could contribute for Islamic finance and the ummah in the future. You were once ISRA scholarshipholders, but even as you enter a different phase of your career, you continue to remain life-long scholars. Continue to pursue the love of knowledge, and use it to make the world a better place. Let me conclude this remarks by quoting a hadith; “He who introduced some good practice in Islam which was followed after him (by people), he would be assured of reward like one who followed it”. (Narrated by Sahih Muslim). 2/2  BIS central bankers' speeches
This strongly implies it is not the greater incidence of ideas-fuelled booms after 1750 that accounts for the growth inflexion. The explanation lies instead in the dramatic fall in both the probability and cost of GDP contractions. Recessions have occurred only 30% of the time since 1700 and only 17% of the time since 1900. During these periods, growth has averaged minus 2.2% per year since 1700 and minus 3.4% per year since 1900. Since 1750, recessions have become far less frequent and less painful. It is the avoidance of deep recessions that differentiates the Golden Era from its Malthusian predecessor. Where does this leave our story of growth? Well, the story that better fits the facts appears to be one in which the conveyor belt of ideas and innovation has been continuous over the centuries, causing lengthy if lumpy ideas-fuelled expansions. But whereas prior to the Industrial Revolution this conveyor belt was regularly halted by recessions, more recently these interruptions have been far fewer and less costly. Put differently, the real revolution in living standards after 1750 came about not exclusively, or perhaps even mainly, from the surge in ideas and technologies. Rather, it resulted from societies having found some means of avoiding the subsequent recessionary bullets. Prior to the Industrial Revolution, these killed expansions dead. After it, societies appear to have found some effective means of dodging them. A Second “i” on Growth  To understand growth, then, we need to explain why economies become less recession-prone after 1750.