This is a dynamic process as the requirements and expectations of consumers are also changing rapidly in tandem with the increased education levels and growing affluence. In recent years, consumers have become more discerning and demanding better product choices, more efficient delivery channels and more customer friendly practices from takaful operators. Bancatakaful, for example, has made noticeable headway to account for 20.4% of takaful contributions in 2005, compared with only 6.5% in 2004, reflecting the consumers' preference for selected products to be made available through this channel. While product offering among takaful operators will eventually converge, the consumers ultimately expect speed in service delivery, simplicity in dealings, stretching or going the extra mile in satisfying customer's needs and unquestionable integrity. Thirdly, Malaysia still has competitive advantage in terms of takaful and is well-positioned to be a takaful and retakaful hub in this region . During the past two decades, we have seen the gradual opening up of takaful operation in many jurisdictions throughout the world, primarily in Islamic countries and countries with large Muslim communities. In this period, Malaysian takaful industry has gained significant attention with the remarkable growth rate recorded domestically and in other countries as far afield as Saudi Arabia. Malaysian takaful industry alone successfully garnered approximately 26% of global takaful contributions and our takaful operator has been recognized as among the leaders at the global front.

Usaha bersepadu di peringkat industri juga perlu dalam pembangunan sumber insan dan dalam merangka pendekatan yang lebih berkesan untuk memasuki pasaran global. Semangat "takaful", iaitu saling bantu-membantu, perlu diperkukuhkan untuk menjadi teras kepada usaha kita membangunkan Malaysia sebagai pusat kewangan Islam antarabangsa yang unggul. It is indeed a pleasure to be here today to commemorate the official launch of "Commerce Takaful Berhad". It was almost a year ago, in April 2005, that we witnessed the emergence of its related company - "Commerce Tijari Bank Berhad". Commerce Tijari has since developed into a new, emerging provider of Islamic banking and financial solutions that successfully leveraged on its strong group structure, thereby contributing towards spurring the growth of the Islamic financial services industry in the country. Alhamdulillah, today, the setting up of Commerce Takaful Berhad is another significant milestone reflecting the Group's strong commitment towards providing a complete range of Shariah-compliant financial solutions, covering Islamic banking and takaful and the capital market, that is competitive, comprehensive and tailor-made to meet the demands of the consumers. For the takaful industry in Malaysia, the emergence of Commerce Takaful Berhad in the Islamic financial landscape is indeed timely. This is particularly so in our efforts to further strengthen the institutional infrastructure of our takaful industry by increasing the diversity and strength of players in the Islamic financial system. These players will be the driving force, accelerating the expansion of takaful business, not only in Malaysia but regionally as well as globally.