Sound policies and practices premised on Shariah principles will evolve the Islamic financial system into a financial system that is distinctively ethical and that which promotes economic justice. BIS Review 22/2006  1  In meeting this objective of providing a total talent management solution for the Islamic financial services industry, INCEIF will offer the world's first certification on Islamic finance, the Certified Islamic Finance Professional (CIFP) programme. The CIFP modules to be offered has been designed by renowned experts of their respective fields and have been developed in full consultation with local and international industry players in order to ensure their relevance to the requirements of the industry. Following the launch of the INCEIF today, the programme will be open for registration. Classes for the first enrolment will commence in June 2006. INCEIF also offers post-graduate programmes in Islamic finance that will include specialised Masters and Ph.D. programmes in the various Islamic finance disciplines. INCEIF will be governed by the INCEIF Governing Council and the Professional Development Panel. The INCEIF Governing Council, comprising eminent local and international professors from the academia and industry practitioners, will set the strategic direction and provide visionary global insights on the learning needs of the Islamic financial services industry. The Professional Development Panel, with vast experience in the Islamic finance industry and academia well represent the authority in academic matters and will have the responsibility for establishing the academic policies of INCEIF as well as the quality assurance of the CIFP and post-graduate programme modules.

This all means that after the rebound of the economy completes, it will develop more smoothly, at a more gradual pace, as compared to the recovery growth of output observed over the last 12 months. In a situation when companies experience a shortage of workers or components, monetary policy measures promoting demand will not increase output or consumption. For instance, if the demand for cars rises even more, this will not boost their output, when there are no parts, but will only increase the queues for them and speed up price growth. 1/3  BIS central bankers' speeches  As regards inflation, it is above the forecast rate, and inflation expectations remain high. In August, annual inflation was 6.7%. According to the steady indicators of inflation measuring the inflation rate without volatile components, inflationary pressure continued to considerably exceed our target in both August and early September. Indeed, inflation is impacted by multiple factors that do not depend on our monetary policy. The most important of them are world commodity prices, the country’s fruit and vegetable harvest, and bottlenecks in global supply chains (container shipments, microcircuit manufacture, etc.). It has been stated recently that these factors should be completely ignored if monetary policy cannot influence them. This opinion leaves out one essential circumstance, namely, the fact that all these factors impact inflation expectations which, in turn, influence consumers’ sentiment and behaviour. Hence, they drive inflation across a wide range of products.