The challenge then is for the leadership to chart a clear strategic direction at the group level that, in short term, prepares the organization in responding to those changing environment and, in long term, creates an organization that can sustain success. The strategic direction also must fully embrace the opportunities to leverage on the group's expertise, experience, infrastructure and its extensive networks abroad in offering diversified takaful products and enhancing customer services. Emphasis should also be directed on the enhancement of human capital that would serve as an enabler for the Commerce group to achieve greater height. With the entry of Commerce Takaful Berhad into the domestic takaful industry, we also hope that all takaful players fully internalize the spirit of "takaful", that is mutual cooperation and assistance among each other, so that the industry could collaborate towards common objectives of further enhancing the resilient and expansion of the industry. Initiatives such as developing human talent and finding better and more effective mechanism of venturing abroad should also be explored at industry level. More collaborative efforts may also be directed towards strengthening the retakaful sector in which we have also first mover advantages that would subsequently reduce dependency on conventional reinsurance as a risk mitigation tool. Indeed, in realizing our vision to sustain takaful as an important sector which contributes towards the economic growth of the nation, the industry players have to jointly demonstrate unwavering commitment towards elevating the industry to new and higher levels of achievement.

The industry has become a major contributor to the overall economic growth, with assets equivalent to nearly 25% of the country's gross national product. This strong progress is complemented by equally encouraging performance by the specialized non-bank financial institutions and ancillary institutions such as Tabung Haji and Cagamas Berhad. Structured development of the Islamic money and capital markets has further enhanced the enabling environment for the Islamic financial system to effectively play its role as an efficient conduit to mobilize resources and provide financing for productive economic activities. Today, we have a comprehensive Islamic financial landscape underpinned by strong institutional infrastructure and effective legal, regulatory and Shariah framework. Moving forward in this dynamic global economic environment, it is imperative for our players to take strategic steps towards gaining further sustainable competitive advantage so as to maintain the first mover advantage we currently enjoy. A famous philosopher had once said: "Well begun is half done". For this, let us take a moment to briefly reflect on the current dynamic operating environment of the takaful industry in order to consider how best a new takaful operator like Commerce Takaful Berhad can fit in, and satisfy the expectations of relevant stakeholders in this challenging landscape. Let me begin by sharing with you three points that relate to the state of takaful in Malaysia. Firstly, the Malaysian takaful industry has evolved in over two decades into an industry that is fast growing, full of potential, and very competitive.