in malaysia, have implemented the prudential standards issued by the ifsb. these prudential standards which have been designed to take into account the unique features specific to islamic finance will contribute towards ensuring its soundness and stability. developments in the sukuk markets the year 2007 saw an exceptional growth of the global sukuk market which expanded by more than 70 percent during the year. new issues during the year reached a record high to about us $ 47 billion and the outstanding global sukuk market has now surpassed the us $ 100 billion mark. despite the more challenging international financial environment arising from the financial crisis that has occurred in a number of the advanced economies in the recent twelve months, the sukuk market while also affected, it has been to a lesser extent. up until june 2008, it has held its ground with a total global issuance now exceeding us $ 10 billion. with greater recognition of the sukuk market as a competitive and attractive form of financing, the global sukuk market is expected to continue its growth going forward. the international islamic financial hub evolving in malaysia is supported by five pillars. pillar 1 : sukuk origination following the first ever sukuk in the world that was issued in malaysia in 1990, malaysia has now developed a deep, liquid and vibrant sukuk market. recently, the largest sukuk ever was raised in the malaysian sukuk market in 2007. the magnitude was approximately rm15 billion or about usd5 billion equivalent. despite being issued during the height of the subprime crisis, it attracted huge demand and was oversubscribed by more than two times. sukuk origination has thus been identified as one of the important pillars of the malaysian islamic financial system. as of the end of 2007, more than 60 percent of the outstanding global sukuks originated from malaysia. it has been increasing by an annual rate of about 20 percent and it accounts for about 56 percent of the outstanding bond market in malaysia. several foreign multilateral development banks, quasi sovereign agencies and mncs have received the approval of the authorities for the issuance of sukuks in our domestic sukuk market. the malaysian foreign exchange administration rules have been extensively liberalised to enable non - resident corporations to raise ringgit and foreign currency denominated funds from our market. international issuers may thus issue multi - currency sukuks in addition to having the flexibility to swap domestic currency funding into other currencies. pillar 2

observation : january 2022 the inflation story in canada has three key elements. the first is the global shift toward goods and away from services during the pandemic, combined with pandemic - related disruptions to the production and delivery of goods. the second is a broadening of price increases to everyday items like food and energy, making it more difficult for consumers to avoid paying higher prices. and the third is the strength of the canadian recovery and the overall balance between demand and supply in our economy. these elements are all interacting, but i ’ d like to take each in turn. in the two decades before the pandemic, goods price inflation was generally low — indeed, on average, well below our 2 % target for overall inflation. this reflects a combination of factors. innovation drove the prices of many goods lower, particularly for computers and other goods with embedded technology. increasingly specialized and efficient global supply chains, together with reductions in international shipping costs, also put downward pressure on goods prices in canada and around the world. in contrast, the prices of many in - person services that are necessarily more local and more labour - intensive saw larger price increases on average. between 2015 and 2019, goods inflation averaged 1 %, while services inflation, excluding shelter, averaged 2. 4 % ( chart 2 ). - 4chart 2 : goods inflation has risen dramatically % year - over - year percentage change, monthly data - 2 - 4 goods inflation services inflation, excluding shelter goods inflation ( 2015 – 19 average ) services inflation, excluding shelter ( 2015 – 19 average ) sources : statistics canada and bank of canada calculations last observation : january 2022 the pandemic has dramatically shifted the relative pressures on the prices of goods and services. stuck at home, canadians — and indeed consumers in most countries — have spent less on services such as gym memberships or travel. as a result, many services prices have been rising more slowly than usual. in january, the rate of increase in prices of services, excluding shelter, was 1. 6 % in canada. but, unable to buy the services they wanted, consumers have shifted to goods. canadians have bought exercise bikes, office furniture and electronics to help cope with living, working and playing at home. this has put upward pressure on goods prices. supply problems have substantially exacerbated the situation. just as consumers were spending more on goods, the supply of these goods was squeezed as health concerns hit far - flung factories and ports became congested. pan