It also strengthens the network among the workforce of the industry in the region. On this day, all of you have indeed achieved an important step forward in your professional career. The skills and knowledge acquired in achieving your qualifications will enhance your ability to contribute to the performance and development of the insurance industry. In this increasingly competitive and challenging economic and financial environment, knowledge has emerged as a critical factor in defining competitive advantage and success. Ladies and Gentlemen, Significant market developments continue to exert their influence in shaping both the global and the domestic economy. These developments include the increased pace of globalisation, the emergence of new technologies and the increasing importance assigned to the value of knowledge as a determining factor in a country's performance. As competition intensifies, and rapid and dynamic changes take place in the financial environment, the areas of comparative advantage will change. In recognition of these trends, Malaysia has allocated significant resources and attention to human capital development to strengthen the intellectual capacity of our nation. Indeed, human intellectual capital plays a pivotal role in driving future performance and competitiveness. In the financial services sector, the financial landscape will continue to evolve with the proliferation of financial products and services in line with the rapidly changing requirements of the economy and expectations of businesses and consumers. These trends are particularly evident in the insurance industry. Indeed, over recent decade, the insurance industry has seen significant progress and expansion.

Complementing the MII's efforts for the insurance industry, the International Centre for Education on Islamic Finance, or INCEIF which was launched in March this year seeks to produce high-caliber practitioners, professionals, specialists and researchers in Islamic finance. It offers the world's first certification on Islamic finance, the Certified Islamic Finance Professional (CIFP) programme as well as post-graduate programmes in Islamic finance. This initiative is aimed at supporting the global development of the Islamic financial services industry. Ladies and Gentlemen,  2  BIS Review 76/2006  The further development and growth of the insurance industry brings with it new potential and opportunities for professionals like yourselves. The challenge is to embrace the opportunities as they present themselves and to continuously develop new skills and competencies that will be needed in this changing environment. In relation to this, I would like to urge you to rise to the challenge by building on your achievements today to continually improve your skills and knowledge. The inculcation of a culture of lifelong learning is essential to enable you to adapt to the constantly changing environment and to contribute to the growth and development of the insurance industry, and to the overall financial services industry. In closing, let me congratulate once again all the graduands of MII. I wish each of you every success in your career and future endeavours. Thank you. BIS Review 76/2006  3