Henrique de Campos Meirelles: Inauguration speech Inauguration speech delivered by Mr Henrique de Campos Meirelles, Governor of the Central Bank of Brazil, at the Ministry of Finance in Brasilia on 7 January 2003. *  *  *  I am honored to take up this position that requires permanent and rigorous defense of the currency. In these past elections, society expressed its legitimate wishes. We all want high economic growth, low inflation, a stable exchange rate, high levels of international reserves, a low external deficit, low interest rates, abundant credit, and a fair distribution of income. These are certainly goals of both the government and society at large. The ultimate target of any policy is economic growth and social welfare. Among the several government entities and institutions that seek to fulfill society's wishes and achieve the government's targets, the task assigned to the Central Bank is to maintain a low level of inflation. The outgoing government chose price stability as a priority target, or at least that is what was perceived by society. There were several consequences of this choice, among which we highlight the extraordinary public attention drawn to Central Bank's role. We will work to keep price stability as a centerpiece of the Brazilian economic landscape, and we will work with resoluteness and long term horizons. President Luis Inácio Lula da Silva's government has clearly stated its objectives of economic growth and social inclusion. Many misunderstood this as a precipitously abandonment of monetary discipline and fiscal austerity.

Many of these Middle Eastern banks service Islamic financing needs. Singapore welcomes more banks from the Middle East to set up here and to partner us in the growth of our financial centre. Beyond Middle Eastern banks, we have also seen international banks such as Citigroup and Standard Chartered introduce Islamic finance and murabaha products from Singapore. More financial institutions are using Singapore as a launch pad for innovative new Islamic products. Singapore will continue to co-operate with market participants and other countries like Malaysia, Indonesia, Bahrain, Kuwait and the UAE on the development of Islamic finance. Integration of Awqaf into Islamic finance Let me now turn to waqf. Historically, the revenue generated in waqf has been applied to traditional uses like maintenance of religious buildings. But this is changing. Proceeds from the estates are now used to contribute more widely to society. Rules governing the administration of waqf have become increasingly progressive. In Kuwait and Qatar, revenue from waqf has been used to build hospitals, universities and commercial and office complexes. Townships have even been built in Morocco. Such innovative financial uses help to unlock the economic potential of waqf. In Singapore, we have the example of an integrated mixed-development at Bencoolen Street, comprising a mosque, service apartments and a commercial complex. This was made possible through the innovative financing solution provided by the launch of the musyarakah bond. MUIS, which administers a number of waqf, has also made use of the proceeds to fund Islamic education.