Page 8/8  Financial markets and monetary policy implementation – an evolving relationship Andréa M. Maechler Member of the Governing Board of the Swiss National Bank Money Market Event Geneva, 17 November 2016  Pre-crisis monetary policy focused on steering a short-term interest rate Conventional interest rate policy Banks  Capital market Reference rate  Monetary policy 1  Money market  Foreign exchange market  Demand  Inflation  Other financial markets  Financial markets  Economy  17.11.2016 Financial markets and monetary policy implementation – an evolving relationship | Andréa M. Maechler | © SNB  Forward guidance and negative interest aimed at strengthening monetary policy transmission Unconventional interest rate policy Banks  Forward guidance Negative interest  Monetary policy 2  Capital market Money market  Foreign exchange market  Demand  Inflation  Other financial markets  Financial markets  Economy  17.11.2016 Financial markets and monetary policy implementation – an evolving relationship | Andréa M. Maechler | © SNB  Quantitative easing and foreign currency purchases directly influence various financial market prices Balance sheet-related measures Banks  Capital market  QE Foreign exchange purchases  Foreign exchange market Money market  Monetary policy 3  Demand  Inflation  Other financial markets  Financial markets  Economy  17.11.2016 Financial markets and monetary policy implementation – an evolving relationship | Andréa M. Maechler | © SNB  (APP)  (LSAP1)  (LSAP2)  (MEP)  (APF)  (QQE)  APP = Asset Purchase Programme, LSAP = Large Scale Asset Purchases, MEP = Maturity Extension Programme, APF = Asset Purchase Facility, QQE = Quantitative and Qualitative Easing 4  17.11.2016 Financial markets and monetary policy implementation – an evolving relationship | Andréa M. Maechler | © SNB  Sources: Andrade et al.

Zeti Akhtar Aziz: Legal issues in the Islamic financial services industry Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 4th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry, Kuala Lumpur, 28 September 2009. *  *  *  It is my great pleasure to speak at this 4th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry that has brought together so many international experts and industry practitioners to discuss legal issues in Islamic Finance. Such dialogue is important to achieving a common understanding and solutions to issues in Islamic finance, thus contributing to its overall development. Islamic finance has continued to expand and demonstrate its resilience in the current more challenging international financial environment. This advancement has been in terms of the increased range of Islamic financial products and services, the development of the Islamic financial infrastructure and institutions, the greater maturity of the Islamic financial markets and the more comprehensive supporting legal and regulatory framework. More recently, the international dimension of Islamic finance has gained significance with the move to further liberalise domestic Islamic financial system and the strengthening of the international Islamic financial architecture. In Malaysia, Islamic banking assets at the end of the second quarter of this year, now constitutes close to 19% of total banking assets. Total financing now amounts to RM118 billion and accounts for 20.1% of the total financing portfolio of the banking industry. Net nonperforming financing remains low at 2.4%.