requirements are derived directly from money creation and not from other revenue sources. if limitations were placed on the snb balance sheet, its room for manoeuvre in the monetary policy domain would be restricted. due to the accumulation of currency reserves that have resulted from monetary policy measures, there are substantial risks weighing on the snb balance sheet. consequently, fluctuations in value may be much greater in future than they have been in the past. in addition, the relationship between equity and currency reserves has worsened. to ensure that the snb can fulfil its mandate in the long term, without any restriction, in the interests of the country as a whole, particular attention is given to its capital base through a prudent provisioning policy. bis central bankers ’ speeches

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,