The recent moderation of the growth in loans to the private sector, particularly to non-financial corporations, supports this assessment. Turning to the second pillar, recent information has strengthened the evidence of a decline in inflationary pressure. The sluggishness of real GDP growth in the euro area was confirmed yesterday by Eurostat's first estimate, which indicates that quarter-on-quarter growth was 0.3% in the third quarter. This was towards the lower end of expectations. Recent euro area-wide survey data suggest that overall sentiment in the economy remains lacklustre, with business confidence improving somewhat but consumer confidence falling further. It is expected, therefore, that economic growth will also remain subdued in the coming months. This disappointing picture mainly reflects the persistently high degree of uncertainty. Geopolitical tensions with potential consequences for oil prices, developments in financial markets, the sluggish growth of the world economy and the persistence of global imbalances are all factors that weigh adversely on confidence. These factors also have negative effects on euro area consumption, investment and the labour markets. As it is hard to predict when this uncertainty will start to abate, it must be taken into account in the more medium-term outlook for growth. The subdued economic activity should limit potential upward risks to price stability and help to ease inflationary pressure. Let me elaborate on this. BIS Review 72/2002  1  First, when looking back, we recognise that inflation has been rather persistent despite the economic slowdown.

Another notable development is the joint venture by Singapore’s Keppel T&T and Saudi Arabia’s Al Rajhi Group to create the world’s first Shariah-compliant data centre fund. Last week, the fund managed to secure an initial $ million from institutional investors in Asia and Middle East. We also understand that various market players are in the midst of preparations to launch and list Islamic Real Estate Investment Trusts (REITs), which will further boost Singapore’s position as the largest REIT market in Asia ex-Japan. 16. In talent development, several credible players have initiated training courses and programmes to enhance the financial sector’s capabilities in Islamic finance. For example, the Singapore Management University has started an International Islamic Law & Finance Centre to promote high-quality research, training and professional education. Such efforts will further support the growth and innovation of Islamic finance in the region. Conclusion 17. I am therefore pleased to launch the inaugural WIBC Asia Summit today. Such events serve to bring industry leaders together to explore and create business partnerships to capitalize on new opportunities in the Middle East and Asia. The financial crisis has not diminished the Asian growth story; in fact Asia has emerged even more compelling with growing exports and investment spending. Singapore is well-positioned to be the launch pad  BIS Review 84/2010  3  for GCC businesses entering and investing in Asia. The Middle East also offers plenty of opportunities for Asian businesses to participate in its growth. 18.