Chile)  2.8 -0.5 2.0 7.8 5.1 3.8 2.7  1.9 -0.4 1.1 8.1 6.3 4.3 3.3  1.9 -0.6 1.8 7.6 5.4 3.8 2.8  1.5 -0.5 1.7 7.5 5.4 3.8 2.7  2.5 1.3 1.3 8.2 6.4 4.7 3.7  2.7 1.0 1.0 7.5 5.9 4.1 3.1  2.6 1.0 1.0 7.4 5.8 3.9 2.9  2.7 2.1 0.8 7.5 6.3 4.1 3.7  LME copper price $ Brent oil price $  361 112  350 108  325 105  330 108  (levels) 340 101  305 98  305 108  290 97  Terms of trade  -4.1  -0.4  -3.5  0.1  -1.2  (annual change, percent) -5.2  -1.6  0.4  (f) Forecast. Sources: Central Bank of Chile based on a sample of investment banks, Consensus Forecasts, IMF and respective statistics bureaus. BIS central bankers’ speeches  9  Table 2 Domestic scenario (annual change, percent) 2012  2013 (f)  Mar. 13 Report  Jun.
There is still considerable debate amongst Islamic scholars about the acceptability of the various forms of derivative products from the perspective of Islamic jurisprudence. Hence, there is a need for more investment in intellectual capital in the field of Islamic finance to promote innovation that  BIS Review 11/2004  3  integrates the appropriate Syariah principles within the Islamic financial instruments. Our efforts to keep abreast with such developments will facilitate more rapid development of Islamic financial instruments for the purpose of risk management, using derivatives. It is evident that the derivatives business has global opportunities since risk in today’s financial environment is a product of uncertainties prevailing in the global markets, whether financial or non-financial. The ISDA Master Agreements have been the universal means of bringing order and certainty to the complex and rapidly developing world of OTC derivatives. The culmination of the new 2002 ISDA Agreement, 10 years after its predecessor, comes in the wake of many financial crises. Legal documentation of derivative transactions has a role in mitigating risks for banks and businesses. The world has changed considerably in this recent 10 years - financial liberalization driven by rapid advances in information technology is altering the financial landscape at an unprecedented pace. The legal and regulatory infrastructure must keep pace. We must continuously learn, un-learn and re-learn. The acquisition and application of knowledge must be a deliberate strategy and activity in pursuing the path of excellence.