and ensure products and services offered remain relevant. that would entail understanding issues faced by society at large. some of the most critical issues confronting the economy and society all over the world include accessibility to affordable housing, quality of living standards, and better avenues to good healthcare and education. how could islamic finance and shariah scholars contribute towards solving some of the problems in the real world? how should islamic finance position itself to become the preferred solutions providers on issues faced by the real economy and society? third, start “ walking the talk ”. as scholars, you will have plenty of ideas about how to make the world a better place. i call on you to translate these ideas and proposed solutions into concrete actions. we have enough of polemics and preaching. you will likely need to work with others to make this happen. therein lie my earlier point that i alluded, that we need to create a culture of greater collaboration and respect between the world of academia, regulators and industry players. my hope is that applied research and the development islamic finance becomes mutually - reinforcing, a “ virtuous circle ”, where extensive research translates itself into great solutions which can then be used to propel islamic finance to a new level of excellence. but it will require us to strengthen the linkages in transforming research insights into practice. you can do your part in promoting this close association through active engagements with the industry or by being a member of working groups to look into specific areas with the regulatory authorities. conclusion i certainly hope you would find time to reflect on your past, and to think about what you could contribute for islamic finance and the ummah in the future. you were once isra scholarshipholders, but even as you enter a different phase of your career, you continue to remain life - long scholars. continue to pursue the love of knowledge, and use it to make the world a better place. let me conclude this remarks by quoting a hadith ; “ he who introduced some good practice in islam which was followed after him ( by people ), he would be assured of reward like one who followed it ”. ( narrated by sahih muslim ). 2 / 2 bis central bankers'speeches

tiff macklem : opening statement before the standing senate committee on banking, trade and commerce opening statement by mr tiff macklem, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, 2 february 2022. * * * good afternoon. i ’ m pleased to be here with you to discuss last week ’ s policy announcement and the bank of canada ’ s most recent monetary policy report ( mpr ). i am especially pleased to have senior deputy governor carolyn rogers here for her first appearance before this committee. she has joined the governing council at an important time. our message is threefold. first, the emergency monetary measures needed to support the economy through the pandemic are no longer required and they have ended. second, interest rates will need to increase to control inflation. canadians should expect a rising path for interest rates. third, while reopening our economy after repeated waves of the covid - 19 pandemic is complicated, canadians can be confident that the bank of canada will control inflation. we are committed to bringing inflation back to target. let me take each of these in turn. the bank ’ s response to the pandemic has been forceful. throughout, our actions have been guided by our mandate. we have been resolute and deliberate, communicating clearly with canadians on our extraordinary measures to support the economy — and on the conditions for their exit. we said we would end emergency liquidity measures to support core funding markets when market functioning was restored, and we did. we said our quantitative easing ( qe ) program would continue until the recovery was well underway. we began tapering qe last spring and ended it in october. last week ’ s policy announcement marked the final step in exiting from emergency policies. we said exceptional forward guidance would continue until economic slack was absorbed. with the strength of the recovery through the second half of 2021, the governing council judged this condition has been met. as such, we have removed our commitment to hold our policy rate at its floor of 0. 25 %. second, we want to clearly signal that we expect interest rates will need to increase. a lot of factors are contributing to the uncomfortably high inflation we are experiencing today, and many of them are global and reflect the unique circumstances of the pandemic. as the pandemic fades, conditions will normalize, and inflation will come down. however, with canadian labour markets tightening and evidence of capacity pressures increasing,