The outlook for fortification of the foreign exchange reserves is far less uncertain than before. As a result, there is good reason to re-think the sequencing in the liberalisation strategy with an eye to changed circumstances and market developments, as the Monetary Policy Committee indicated in its August statement. One possibility might be to change the order of events and adopt measures to release pressure from owners of frozen deposits and glacier bonds before lifting controls on long-term obligations. The August 2009 strategy assumed that this particular step would not be taken until after restrictions on long-term obligations had been lifted, at least to some degree. The presence of unstable short-term capital creates a certain risk, however, when the first steps are taken. Another possibility is to hold auctions where non-residents with ISK holdings can exchange them for foreign-denominated bonds that can be traded without restrictions earlier in the timeline than was previously assumed. Still another possibility is the imposition of a gradually declining exit tax, either concurrently or later. One way of releasing frozen ISK assets is to direct them towards domestic long-term investments. Unfortunately, it is difficult at this stage to say with assurance whether, when, how, and in what order these solutions will be adopted. That will be determined in part by the results of the preparatory work currently underway. Foreign owners of frozen short-term assets are not the only parties that must be considered when the capital controls are lifted.

Empathy is deeply rooted in the fundamental values of Shariah, such as Ihsan, fairness and mutuality. At its core, Islamic finance seeks to prevent harm and promote the attainment of benefits to improve lives and livelihood. This includes alleviating hardships experienced by customers through funding, investment and protection solutions as well as making improvements in how customers experience finance. In this highly digitalised era, stakeholders are becoming better at discerning the contribution of financial sector to the economy and society. 'Empathy' will ensure that financial institutions are closely attuned to the non-homogenous needs of different segments of society and the economy, and understand how to service them effectively. Particularly when working with the vulnerable segments, financial institutions must consider how consumers can be empowered to make better decisions that improves their financial well-being and protect themselves against risks. As an example, the blended finance programme introduced by the Bank, iTEKAD, integrates mentoring and upskilling within the programme to help participants build knowledge and experience in managing finance. This helps improve sustainability of the participants' business as well as the programme itself. Conclusion In conclusion, I would like to share this quote from Erica Dhawan, "I thought I had to do it all, but in fact, I only had to do what truly mattered and made a difference". I trust that the deliberations from this programme will reinforce what is already crystal clear – that  2/3  BIS - Central bankers' speeches  is for financial sector to embrace sustainability and value-based finance.