manage stocks and assets of johor corporation under endowment has essentially institutionalised the link between a corporate entity and waqf. this ensures efficient, transparent and professional management of waqf assets. success stories and good practices of waqf management should be emulated and be used by others as a benchmark to further spur the vibrancy of waqf development in this country. the second strategy is to ensure that we achieve the goals of social equity and economic efficiency in operationalisation of waqf projects. while projects developed from waqf proceeds should benefit society at large, it is my humble view that it makes sense from an economic efficiency standpoint to allow market mechanism to allocate these scarce resources. as waqf is intended to generate benefits in perpetuity for all generations to come, operating the fund on commercial terms allows it to be invested and managed in a manner that ensures preservation of capital. prioritising economic efficiency can help strengthen the position of waqf to carry out its social equity objectives effectively. to illustrate, rental of waqf - developed commercial complexes should be market determined, but lots with preferential rental rates could be designated for deserving community purposes, such as co - working spaces for start - ups and entrepreneurs. in healthcare, waqf hospital charges should be comparable with private medical fees, but different pricing tiers could be provided for the b40 segment and other deserving patients. similarly, waqf - owned universities should charge full tuition fees to all, but offer scholarships and other forms of need - and merit - based assistance for high - potential students from less privileged backgrounds. this approach is indeed in line with the conditions for waqf creation – ziyadah and nuqsan, idkhal and ikhraj, which grant flexibility and openness to redirect waqf benefits to those in greater need. if executed well, waqf can be both economically efficient and sustainable, while at the same time fulfiling its socio - economic objectives. the third imperative is to professionalise and modernise waqf management. for waqf to progress strongly, it requires a new character and a more modern image. in this regard, i would identify two priorities, namely professionalising those who are entrusted to manage waqf and putting in place proper governance framework. let me elaborate. the management of waqf must be entrusted to experienced and knowledgeable experts with the highest integrity – that is,

problems. third, we should not worry about a deflationary episode. the significant drop in headline inflation was due to very specific factors and we do not see a broad - based decrease in prices that would typically be associated with a disinflationary problem. about 40 % of items in the cpi basket still see prices going up. we also do not see a slowdown in consumption, which has been growing quite well this year. so, what should we worry about? first, there are a lot of uncertainties on the global front. to quote warren buffet, " only when the tide goes out do you learn who has been swimming naked. " one of the worries is that the world has been used to low interest rates for so long and now interest rates are rising in such a rapid and coordinated manner that we have never seen before. for anyone whose business models rely on the expectations that rates are going to stay low, cracks will start to appear. we have already seen the problems appear with liability - driven investment funds and pension funds in the uk, and the 4 / 5 bis - central bankers'speeches regional banks in the us. and there could be other problems out there waiting to surface. given how quickly and how much rates have risen, more cracks are bound to appear, more people you will see swimming naked. second, market volatility is bound to persist. exchange rates in thailand have been more volatile than we would like to see. last year, we went through an episode where the thai baht depreciated from 32 to 38 baht per usd in about 9 months and then came back down in about 4 months. so much of that has been driven by what is happening outside the country. first and foremost, the us dollar, which has been extremely volatile and will continue to be so given that inflation in the us remains high. the thai baht is also experiencing more pronounced volatility because, compared to other countries in the region, it is very correlated with the chinese yuan and gold prices. these global factors have been exacerbating the currency fluctuations in addition to uncertainty on the domestic front. third, the big uncertainty on the domestic front is over politics and policy. regardless of how things are going to be resolved, the uncertainty has already had an impact on the risk premium associated with thailand. on the policy front, there is danger from excessive populist policies that could undermine stability. stability at this juncture is at a premium. we