Marzunisham Omar: Takaful agents - striving for excellence in a disruptive world Speech by Mr Marzunisham Omar, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 1st National Takaful Annual Convention 2018 "Takaful Agents: Striving for Excellence in a Disruptive World", Kuala Lumpur, 14 April 2018. * * * Saya ingin mengucapkan terima kasih kepada pihak penganjur atas jemputan untuk menyampaikan ucaptama di Konvensyen Takaful Tahunan Kebangsaan yang pertama ini. Tahniah diucapkan kepada NAMLIFA atas inisiatif untuk menganjurkan program khusus bagi para ejen takaful buat julung kalinya. Forum seumpama ini penting bagi menyediakan platform untuk pertukaran idea, pengalaman dan pandangan antara pakar-pakar industri dan agen takaful. The future seems to be a favourite theme at various forums nowadays. Today’s is no exception, and rightly so. In a time of rapid, successive change, it is crucial that we seek to understand the underlying currents shaping our future. Just as important is where we see ourselves in that same future. There is a quote from Soren Kierkegaard, a Danish philosopher, that offers a practical advice on this matter: “Life can only be understood backwards, but it must be lived forwards.” Therefore, while we contemplate the forces of change and challenges of today, this must be coupled by action and determination to change for tomorrow. We need to be prepared for the future. Otherwise, we may become irrelevant. While agents are a formidable force in the insurance and takaful industry today, there is no certainty that this will be the case going forward.

The significance of having as our own the world’s second most important currency is not lost upon a central banker. For, beyond its proven economic benefits, the euro signifies the virtual elimination of the potential risk of an exchange rate crisis to which the currencies of small, open economies are exposed on a daily basis in a world characterized by the free movement of capital. We have now traded in this vulnerability for the greater security and credibility afforded by a major international currency. The euro has indeed been a success story in many respects. The disciplines of Economic and Monetary Union (EMU) were intended to promote the creation of a macroeconomic environment in which countries could thrive in an increasingly competitive market place. The euro area’s track record in terms of price stability, trade expansion and employment creation suggest that these expectations have been largely fulfilled. The Central Bank of Malta is, therefore, proud to have become a member of the Eurosystem. From an institution charged with the preservation of price stability in Malta and with safeguarding the integrity of our national currency, the Bank now shares responsibility with the other members of the Eurosystem for shaping monetary policy in the best interest of 320 million people in fifteen countries. This is a task which my colleagues at the Bank and I approach with confidence and enthusiasm. From a national perspective, the challenge now is to maximize the benefits of participation in monetary union by making further progress on the path of reform.