samchain/econo-pairs-v1 huggingface dataset:
In this respect, the guiding philosophy of the SAC has always been to formulate a collective ijtihad or Shariah rulings that are comprehensive, inclusive and pragmatic, without sacrificing the sacred objectives of Shariah. 2  BIS central bankers’ speeches  I very much believe in the importance of embracing diversity in Shariah interpretations within the academic community. Students who are exposed to the teachings of all schools of thought from the very beginning would get to appreciate the intellectual differences and value the flexibility arising from differing opinions. This provides an opportunity to open and sharpen their minds and widen their thinking by exploring issues from multidimensional perspectives. Through this way, the talent that we nurture and produce would not only be equipped with Shariah know-hows, but also with intellectual courage that can articulate contemporary Shariah issues in the context of domestic customs and business environment. I would like to expand my thoughts on the two additional areas that, if pursued could further enhance stakeholder gains from the Educator’s Manual: •  First, is the reconfiguration of academic programmes to nurture talent with enhanced employability; and  •  Second, strategising talent deployment to reduce time to competency. Reconfiguration of academic programmes Continuous enhancements of curriculums in universities are critical to increase the employability factor of our students. These include reconfiguration of the academic programmes at universities and enhancements to the learning tools and methods of teaching.

For the past three decades, Islamic finance in Malaysia has undergone a journey that is marked with various significant milestones. I would like to highlight three major achievements of the industry in term of its development since inception. Firstly, Islamic finance in the country has become a key segment in the financial system. What was once a novelty is now mainstream. This is a consequence of continuous initiatives to build a solid foundation, focusing on infrastructural, institutional and capacity building measures, as well as robust regulatory and supervisory framework. These measures are the cornerstones of Islamic finance industry’s growth. From less than four Islamic banks and takaful players before year 2000, there are now 27 players that offer over 100 financial products beyond the basic financial offerings. The industry is characterised by increasing competitiveness and innovation. The recently launched Investment Account Platform (IAP) is the latest initiative where the industry has cooperated to further enhance the offerings of Islamic banks. The IAP provides an online marketplace to match potential investors with viable ventures. Islamic banking assets have also grown beyond the targeted 20% as originally intended in Bank Negara Malaysia’s Financial Sector Masterplan. It now stands at more than a quarter (27%) of the total banking system. Islamic finance also provides financing to all segments of society irrespective of beliefs, race and gender. There is also greater acceptance of takaful with its increased penetration rate to 14.8% of the population.
In this regard the authorities launched a consultation process with the stakeholders involved, to amend Banking Rule 9 which involves measures addressing credit risks arising from the assessment of the quality of asset portfolios of credit institutions. In a nutshell, the proposal aims to establish a concrete plan with those banks with NPLs higher than 6% to reduce such NPLs below that level over a period of 5 years, where failure to adhere to this plan will require the institution to shore up its resilience through the accumulation of an additional capital reserve. Meanwhile, on a European level, the European authorities are pushing for the establishment of a European Deposit Insurance Scheme (EDIS), which is a necessary ingredient to complete the architecture of the Banking Union project. This is because a common deposit insurance fund inspires the same level of confidence to depositors throughout the entire Banking Union, creating a consistent and common framework for supervision, resolution and depositor protection. Moreover, this joint safety net within the Banking Union is expected to prevent the creation of competitive distortions, thus facilitating cross-border banking and hence strengthen financial integration. However, in this regard, there is still some way to go for agreement among all Member States, as risk reduction measures, particularly through asset quality reviews of the less significant institutions and addressing the banking-sovereign debt loop, need to be also implemented. Malta is committed to taking the EDIS file forward during its presidency.

Other elements were:   fiscal policy – the management of public spending and revenues – was oriented towards full employment    credit regulation within limits specified in a separate credit budget    channelling of loans through state banks    regulation of cross-border capital movements    low nominal interest rates stipulated by the government authorities    a fixed, though adjustable, krone exchange rate    use of price regulation    an active business policy through state ownership and state grants and subsidies. The proposal to establish an incomes policy council did not receive support. There was just too much state control and coordination. Today, 40 years later, little remains of the management system that was built after the war. The structure was not sufficiently robust. Detailed management and regulation of the economy was not able to deliver sustainable growth and welfare. On the contrary, the result was poor efficiency and wide fluctuations in the Norwegian economy in the 1970s and 1980s. The wide fluctuations culminated in a credit boom in the mid-1980s, which was followed by a banking crisis and a deep recession with high unemployment at the end of 1980s and the beginning of the 1990s. The way the economy is organised has changed considerably over the past 20–25 years. It would therefore be incorrect to say that one economic model has applied to Norway through the postwar period.
One core element has been reporting and disclosure, on which the FSB has led progress through the Task Force on Climate-Related Financial Disclosures (TCFD). But we also need to accelerate work to develop firms’ and authorities’ climate-related risk analysis and stress testing capabilities, so as to bring climaterelated financial risks into the heart of decision-making, and ensure that the global financial system plays its part in the transition to net zero. The UK’s international financial centre and the EU  Ensuring that the governance of international finance keeps pace with cross border risk is crucial to both the EU and the UK, integrated as we are in the global financial system. It is of huge importance to the Bank of England which is charged with ensuring financial stability. We are home to the largest and most complex financial centre in the world. And it is a truly global financial centre, where global capital, liquidity and risk are pooled and managed, with the accumulation of the people, skills and the expertise necessary for such a concentration of international finance. The City is home to around 250 foreign banks including all of the major investment banks. It is the same story for other financial sectors like asset management and insurance. 6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  Its financial markets are truly global.

We can have governance of the global financial system even though we do not have global government. Governance can mean legislation, regulation and the institutions of government. But it also encompasses broader frameworks of standards, norms and conventions, international organisations and agreements that fall short of hard law. Indeed, in a world of nation states and national legislatures and governments, it is on these broader frameworks that we need to depend for the governance of financial globalisation, and the management of cross border risk. This challenge is not of course confined to the financial sector. International governance structures are required in many economic and non-economic spheres. But since the liberation of global capital flows and liberalisation of international financial markets which began 50 years ago, financial authorities in multiple jurisdictions have sought together to build the necessary governance frameworks to enable the benefits of financial globalisation while managing the risks. The first Basel Banking Accords of the early 1980s were motivated by the need to ensure that banks involved in cross border services were made subject by their home authorities to minimum standards. In other words, to ensure that the benefits of cross border flows were accompanied by assurance on the risks that might be imported. Financial globalisation accelerated through the last decade of the last century and up until the great financial crisis. External financial assets and liabilities increased from 60% of GDP in the 1980s to 400% of GDP in 2008.
For economists, like me, the magic number is 15%. At first I found that number disconcertingly high. But in fact it puts me in the lower third of “prone” professions. Another perspective on hollowing-out comes from looking at how automation might affect the distribution of skills and wages in the economy. Chart 28 ranks job-types by their median wage rate and plots this against their probability of automation. This probability rises strikingly as we move down the wage/skill curve. Those most at risk from automation tend, on average, to have the lowest wage. In other words, technology could act like a regressive income tax on the unskilled. It could further widen income disparities. I do not want to make this sound like a counsel of despair. All of these projections, like those of Ricardo and Keynes previously, may be far too pessimistic. The lessons of history are that rising real incomes have ridden to the rescue, boosting the demand for new goods from new industries requiring new workers. During previous phases of technological growth, workers have moved up the income escalator by “skilling up”, thereby keeping one-step-ahead of the machine. And some have argued that this pattern is set to repeat itself in future. Humans will adapt their skills to the tasks where they continue to have a comparative advantage over machines (Autor (2015), Mokyr et al (2015)). One source of such advantage is that Artificial Intelligence (AI) – the machine brain – differs in several important respects from human intelligence – the human brain.

On redistribution, if the past repeats itself Mark Twain-style, the gap between skilled and unskilled workers could further widen as hollowing-out intensifies. This could bring pressures to reallocate income from rich to poor, from owners to workers (Brynjolfsson and McAfee (2014)). It could also mean the gap between capital (those who own the robots) and labour (those who work for them) shares could widen further. If so, that may require a rethink of the relative roles of capital and labour, not least when it comes to running public companies. At present, owners of capital have the whip hand – no longer literally, but legally – when it comes to running public companies. That is why shareholders are often called, quite misleadingly, the “owners” of a company. This model of corporate governance has served the world well for over a century. But, today, it may not always make for the best outcomes, either for companies themselves or for wider society (Haldane (2015)). And a further tilt in the balance of power in favour of capital could make that situation worse. There are already corporate governance models which strike a somewhat different balance. Interestingly, many of today’s largest and most successful technology companies are in private hands. Even for those technology companies which have gone public, ownership and control has often been separated from financing through dual-class share listings which retain voting rights for the founders and workers.
It is also important to alleviate technical and operational barriers which make it too costly for participants to connect. We have streamlined our regular testing procedures and adapted our rulebooks to take account of changing technology while maintaining high standards and safeguards. For example, it is now possible to join CHAPS (the UK high value payment service) using cloud infrastructure. Evolution of our public infrastructure It is one thing to enable access, it is also essential to provide the functionality that attracts users. New functionality can enable the industry to innovate, utilise central bank money in new ways and build new services for their customers. Continuing the road analogy, high-speed motorways had to replace country roads to allow more goods to be shipped and people to connect more quickly and over longer distances. 3/6  BIS central bankers' speeches  I want to bring this to life by outlining the Bank’s current programme to modernise our core payments infrastructure. In 2017, the Bank announced an ambitious vision7, created in close collaboration with industry, to renew the RTGS service. The Blueprint outlined a wide range of proposals intended to provide higher resilience, broader access, wider interoperability, and improved user functionality. In just over a year we will be realising the first key element of that vision: the implementation of enhanced ISO20022 messaging standards8. In April 2023 CHAPS will move to the common international language for payments. Richer and more harmonised data can allow merchants to match payments to invoices and brokers to reconcile trades.

When these sorts of widespread assumptions – these financial myths – turn out to be wrong, most financial-market participants find themselves poorly positioned for the resulting shocks. The result is insolvency of groups of firms and substantial uncertainty – uncertainty about the exposure of many firms to direct losses, or to indirect losses created by their counterparty exposure to other firms that suffer direct losses. These so-called financial myths are not unique to this time period, or to this country. I would like to briefly mention two among the numerous examples from recent history – examples where financial myths were important in helping to create a potential crisis. The first example involves the assumption of many in Japan that real estate prices could not fall in the late 1980s. The second involves the assumption, in the late 1990s, that the Internet had completely changed how we should think about company valuation. I will then briefly mention four financial myths that played critical roles in the recent financial crisis.
So gilt price movements necessarily all wash out once the public accounts are compiled on a consistent basis, at least so long as the assets are retained within the public sector 3 . We do not, however, expect to retain all the purchased assets in the Asset Purchase Facility to maturity. At some stage, as the recovery proceeds, the Monetary Policy Committee will need gradually to remove the large monetary stimulus that we have imparted to the economy, otherwise we will be in danger of overshooting our 2% inflation target. That monetary tightening will take the form of some combination of a higher level of Bank Rate and asset sales from the Asset Purchase Facility to the private sector. The process of selling off the gilts can then be expected to push gilt yields back up towards where they would have been in the absence of the Quantitative Easing programme. When the Asset Purchase Facility is finally run down, won’t the closing accounts tell us about the benefits or costs of the programme? The answer to this is: No. The first point to make is that the aim of Quantitative Easing and the Asset Purchase Facility is to help the Monetary Policy Committee achieve its macroeconomic objective, namely hitting the Government’s inflation target without generating undue volatility in output. The accounts of the Asset Purchase Facility are not designed to address these overall macroeconomic costs or benefits, which instead requires an assessment of the impact of Quantitative Easing on demand and inflation.

March MPC  May MPC  August MPC  per cent 6 5  20-year 10-year  4  5-year  3 2  3-year 1 0 Jan 2009  Apr  Jul  Oct  Chart 3 – Gilt-OIS spreads  basis points 40 US 20 0 -20  Euro Area  -40 UK  -60 -80  Mar 2009  BIS Review 126/2009  Jun  Sep  7  Chart 4 – Sterling investment grade corporate bond spreads  Basis points 800  March MPC  700  Dollar  600 500  Ste rling 400 Euro  300 200 100 0  Aug Nov Feb 2007 08  May  Aug  Nov  Feb 09  May  Aug  Chart 5 – UK equity prices 4000  FTSE All -Share  3500 3000 2500 2000 1500 1000 500 0  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009  8  BIS Review 126/2009  Chart 6 – UK PNFC’s Cumulative equity and debt issuance  70 average 2003-2008 60 2009  40  £ bns  50  30 20 10 0 Jan  Feb  Mar  Apr  May  Jun  Jul  Aug Sep  Oct  Nov Dec  Chart 7 – International 3-month LIBOR-OIS spreads  Basis points 400 Sterling US dollar Euro  350 300 250 200 150 100 50 0  Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr 2007 08 09 10  BIS Review 126/2009  9  Chart 8 – Nominal GDP and broad money growth percentage changes oya 20 M4-Intermediate OFCs  15  10  5 GDP 0  -5  -10 1987  10  1989  1991  1993  1995  1997  1999  2001  2003  2005  2007  2009  BIS Review 126/2009
Caleb M Fundanga: Catering for the un-banked population in Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the official opening of Stanbic Bank Limited’s Mazabuka branch, Mazabuka Town, 10 October 2006. *  *  *  •  The incoming Member of Parliament for Mazabuka, Honourable Gary Nkombo,  •  The Regional Managing Director of Stanbic Africa, Mr. Clive Tasker  •  The Town Clerk, Mr. Chingangu  •  The District Commissioner, Mr. Chinda  •  Traditional leaders here present; Chief Mwanachingwala, Chief Mwenda, Chief Hanjalika, Chief Nalwama, Chief Monze  •  The Chairman of Stanbic Bank (Zambia) and all Board members present  •  The Managing Director of Zambia Sugar Plc, and Managing Director of Stanbic Bank (Zambia) Ltd  •  Stanbic Bank Management and staff present  •  Distinguished invited guests, ladies and gentlemen  It is an honour and privilege to be invited to officiate at this important occasion. Today I join the Bank’s Board Chairman in thanking the people of Mazabuka for the effort and support that has been extended in establishing this Stanbic Branch, which I believe is the first in Southern Province. Distinguished Ladies and gentlemen, I have keenly followed the progress and growth of Stanbic Bank in the last few years and I must say that as Governor of the Central Bank, it has been very gratifying to witness the progressive strategies of a privately owned commercial bank.

The expansion of the Zambia Sugar Plc operations and the anticipated opening of the Nickel Mine around Munali hills will all make a significant impact in boosting the living standards and job opportunities for the community of this town and the surrounding areas. Besides, Mazabuka is a successful and expanding farming district. I therefore wish to take this opportunity, to extend my congratulations and good wishes, to the Board, Management and Staff of Stanbic Bank for the excellent business foresight in having decided to make Mazabuka the new location of your latest branch. Mr. Chairman, Ladies and Gentlemen, the Bank of Zambia, has on a number of occasions indicated that the cost of banking services is relatively high in Zambia as compared to our neighbouring countries. This contention has been backed by studies conducted by the Bank of Zambia whose results have been communicated to commercial banks. As such, we take this opportunity to implore  BIS Review 99/2006  1  commercial banks to reduce their lending rates and service charges in order to encourage greater economic activity. With these few words, Ladies and Gentlemen, I declare Stanbic Bank Mazabuka Branch officially open. I thank you. 2  BIS Review 99/2006
I therefore think it is all the more important to stress that the ECB’s recent decisions, in the face of the crisis, have aimed to preserve the effective transmission of monetary policy via the bank channel: the conditions for TLTRO-IIIs, these targeted longer-term refinancing operations, have been significantly eased (up to 50 percentage points lower than the deposit facility rate if the target for lending during the “Covid period” is reached, or currently –1%). This radical innovation represents a reduction of several billion euros in annual costs for the European banking system. New operations have also been announced (bridge LTROs, PELTROs or Pandemic Emergency Longer-Term Refinancing Operations). Since the implementation of these measures, the outstanding amount of refinancing provided by the Eurosystem to euro area banks has increased sharply, to more than EUR 1,000 billion, even before the June TLTRO. The easing of the collateral framework, for its part, has significantly increased the amount of assets eligible for operations, and supported the supply of credit to the private sector. First, by expanding the use of credit claims (bank loans) as collateral. But also by temporarily lowering the haircut applied to collateral by 20 percentage points for all assets (and by an additional 20 percentage points for credit claims), or by increasing from 2.5% to 10% the maximum share of unsecured bank debt securities in a credit institution’s 2/3  BIS central bankers' speeches  collateral pool.

The imminent entry into force of the regime allowing state-guaranteed loans to be accepted as collateral will give banks even greater access to Eurosystem financing. 2.3 Adaptation of prudential policy The ECB, ACPR and banking supervision bodies (the European Banking Authority, the Basel Committee, etc.) have also decided to take account of the impact of the crisis by making intelligent use of the flexibilities that they have as supervisors in the implementation of the regulations: we have reduced certain capital requirements and called on banks to reduce their precautionary reserves. We sometimes hear the suggestion that this is an unjustified relaxation: it is precisely the opposite. It is for this sort of exceptional circumstance that the reserves of capital and liquidity were built up. This is indeed in the spirit of the regulation that they should be used now, in a countercyclical way. This equates to a temporary reduction in the minimum capital requirement of about 3 percentage points for French banks. We have also temporarily reduced certain workloads by postponing stress-tests and easing certain reporting conditions. In addition, the European Commission recently proposed a series of targeted revisions to the CRR, to provide a regulatory response to the crisis on top of the flexibilities granted to the supervisor. While preserving the resilience of the banks, there is a need to make some adjustments to the prudential framework, to limit some procyclical effects of the current crisis on the level of capital requirements.