This calls for accountability on the part of takaful operators to institute robust shariah governance framework within their organisation. The enhanced Shariah governance framework issued by Bank Negara Malaysia for the Islamic financial services industry recently aims to achieve this objective. It is envisaged that the enhancements made to the framework will lead to improved oversight, authority and accountability of key Shariah organs and greater Shariah observance through an end-to-end Shariah control mechanisms, thereby strengthening the overall shariah governance processes within Islamic financial institutions. Through its effective implementation, the framework lays the foundation for an Islamic financial institution to align Shariah with the organisation’s strategic orientation, in guiding Shariah compliance as an embedded culture within the organisation, beyond merely product design function to all other aspects of its day-to-day business operation. Given that effective shariah compliance is the cornerstone of the aims and objectives of an Islamic financial institution, takaful operators will find that such an approach that optimises and harnesses the strength of Shariah will manifest itself as a source of competitive edge for their organisation, whilst contributing immensely towards preserving the integrity of the Islamic financial services industry. With our steadfast commitment to continually enhancing the dynamism and competitiveness of the takaful industry in Malaysia, I am confident that the takaful industry is on-track for quantum leap performance in this next phase of growth and development. On this note, it is my great pleasure to congratulate ING Public Takaful Ehsan on its successful launch.

These research programmes will lead to solutions that seek to overcome Singapore’s constraints in energy and land arising from our small size and limited resources. More importantly, the outcomes from these programmes can contribute to addressing some of the global challenges in urban development and the growth of megacities, both within Asia as well as in other parts of the world. Demographics Third, uneven global demographics will present countries with both challenges and opportunities. Developing countries with young and growing workforces will face the challenges of creating enough jobs and investing adequately in infrastructure, industry and institutions. If they succeed, they will be able to reap their “demographic dividend” and grow rapidly into middle-income economies. If they fail, high unemployment will cause increasing restlessness and agitation for political change and revolution. The International Labour Organization, in its “Global Trends for Youth Employment 2012” report, attributed the Arab Spring protests partly to high levels of youth unemployment. Such instability could similarly affect other countries, and a demographic dividend could turn into a demographic curse. At the other end of the spectrum, many advanced economies are experiencing rapidly ageing populations. Decades of low birth rates coupled with affluence and access to medical care and nutrition mean that the elderly live much longer even as fewer babies are born. Even as life expectancy in the EU and North America increased, the average retirement age has fallen from 68 to 63 (from 1970 to 2010).