Encouraging the entry of new firms equipped with the latest technology and institutional structure into the market constitutes one of the pillars of a well-designed competition policy, whereas the other pillar is to facilitate the elimination of sluggish firms, which have difficulty adapting to changes In a competitive environment, firms will begin to allocate more resources to activities focusing on productivity gains and enriching the product range. It is clear that the ability to access, produce and use information is very important nowadays. In such an environment, only those firms, which closely follow the changes in consumer tendencies, have flexible organizational structures, are institutionalized, are ready to cooperate with other firms and their research units, and draw up their resource allocation plans with a long-term perspective aimed at enhancing the production capacity, will prevail in the arena of global competition. To sum up, in the recent period, important steps have been taken to create an efficient competition environment in the Turkish economy. Indicators such as the growth rate, the increase in productivity, direct foreign capital inflows and the number of new firms reflect the outcomes of these steps. However, there are still many reforms and regulations to be made. In this framework, it is important that policies regarding the enhancement of the competition environment go beyond general implementations and are established by taking into account the sub-items and their interaction with each other. There is no doubt that information sharing and cooperation among public institutions make up an important part of these policies.

Undoubtedly, it must compete and present a viable alternative to the conventional insurance. At the same time, it has a unique value proposition that can meet the Muslim demand and Shariah requirements. The sustained demand for takaful, especially among Muslims, has contributed towards the industry’s steady growth – from 3% market share a decade ago to almost 18% in 2018. The growth potential for takaful industry remains clear and promising. In 2018, almost half (45.8%) of the Malaysian population have yet to obtain protection. Based on a recent demand survey, 46% of Malaysian households and 48% of businesses responded that they are unaware about the comprehensive range of solutions that the takaful industry is able to offer. To reduce this gap, as an industry, takaful operators must collectively elevate the prominence of takaful and its capabilities to be a solution of choice for Malaysians. I wish to suggest three pathways for this aspiration to be realised: First, by offering good value solutions to customers; Second, by adopting innovative tools and effective distribution strategy; Third, by inculcating sound understanding of financial protection and prudent financial behaviours among Malaysians. Allow me to elaborate on these . Firstly, the takaful industry has the advantage of a business model that is grounded on the values of mutual assistance and solidarity. Unlike insurance, which is premised on the buying-and-selling of risks at a premium, takaful advocates 2/5  BIS central bankers' speeches  for value propositions that consumers are likely to find unique and take comfort in.