This quickly encroaches on what is properly the domain of politics, rather than helping the political system to be consistent in implementing its own plans. A more detailed discussion of fiscal policy boards, with a focus on the board in Sweden, is found in Matsen, Natvik and Torvik (Samfunnsøkonomen no. 2, 2010). 21  The financial crisis has also reminded us of weaknesses in models and methods used in analyses behind the economic policies pursued. We must with humility acknowledge that we understand less about the functioning of the economy than we would have liked. Mervyn King, the Governor of the Bank of England, recently voiced this view in a speech, “Twenty years of inflation targeting”, which he gave on 9 October 2012 at the London School of Economics (see http://www.bankofengland.co.uk/publications/Pages/speeches/2012/606.aspx). Similar reflections have also recently been expressed in an interview with Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, under the title “Our models are no longer working properly” (see http://economicsintelligence.com/2012/10/24/bank-of-englands-haldane-on-the-crisisof-economics-our-models-are-no-longer-working-properly/). 22  In his article, “Time on the Cross: How and Why Not to Choose Between Economics and History” in Pat Hudson (2001), Living Economic and Social History, Glasgow: Economic History Society, pp. 81–85, Marc Flandreau gives a personal and colourful account of how he inadvertently and unwittingly and in the spirit of “having it both ways” became an economic historian, because he refused to choose between economics and history.

This dialogue will now be held annually to serve as a platform for cooperation among the Shariah scholars to promote greater understanding on emerging developments across the world in the area of Islamic finance. This is to promote a greater understanding on the approaches taken by different jurisdictions in their Shariah interpretations. To support the Shariah scholars' activities especially in the areas of research and capacity building, Bank Negara Malaysia has also allocated a RM200 million endowment fund to meet the financing requirements of the Shariah Scholars' Dialogue research activities and the provision of scholarships. It is hoped that this will contribute towards greater understanding in the process of harmonizing the international implementation of Shariah in Islamic finance. These initiatives have contributed to the success in the creation of a robust Islamic financial environment. It is further supported by the requisite financial infrastructure that includes the financial markets and that is reinforced further by a comprehensive regulatory, prudential, legal and accounting  1/2  framework. These elements have provided an enabling environment that increases the potential for Malaysia to evolve as an Islamic financial centre. These measures, however, need to be reinforced by efforts by the Islamic financial institutions to take on a more active role in promoting Islamic finance. Indeed, the rapid progress of Islamic banking over the last two decades would not have been possible without the pioneering efforts of the Islamic financial institutions in building up a successful and vibrant industry.