retakaful industry to expand in malaysia and optimise malaysia as a base for tapping global opportunities. in malaysia, the aspiration to achieve 4. 8 % to 5 % insurance and takaful penetration rate out of gdp has been outlined in the financial sector blueprint 2022 - 2026. latest developments in digital takaful, microtakaful, social and green finance, together with malaysia's changing demographic landscape towards ageing population present new growth areas in which retakaful can play greater role to spur further developments. indeed, takaful and retakaful markets are inter - dependent in terms of its growth and viability, similar to the symbiosis between insurance and reinsurance. as such, strong 1 / 3 bis - central bankers'speeches growth prospects for takaful means that retakaful also stands to reap its benefits if seized in a timely manner. however, while takaful is making strides in its development, there remains gaps in the retakaful market to serve as a tool of choice by takaful operators for managing their risks. this poses a question as to how retakaful ecosystem can be further strengthened to support takaful value chain. strengthening retakaful ecosystem to support takaful value - chain i believe with the comprehensive ecosystem and facilitative infrastructure in malaysia, which is reflective of a more mature islamic finance ecosystem, retakaful players in malaysia are well - positioned to serve both the global and domestic takaful value chain. the presence of major global retakaful players in malaysia, complemented by strong domestic retakaful players, further enrich malaysia's proposition as a global gateway for islamic finance as outlined in the financial sector blueprint 2022 - 2026. several dimensions which retakaful players can strive to grow in line with the mifc aspirations include greater diversification of risks with increased cross - border retakaful business within the region and beyond, as well as expansion of retakaful offerings in innovative segments which remain relatively untapped such as agriculture as well as climate and social resilience. however, i understand that doing so comes with its own set of challenges. this is where bnm commits to engage continuously with the industry players, to work together in addressing barriers and challenges that stunt developments or expansion of the industry. one such step that bnm has recently undertaken in the space of regulatory development includes providing clarity on shariah parameters on hajah ( need

are fraud, corruption, smuggling, illicit drug trafficking, and organised crimes. corruption, for example, is a systemic issue that infiltrates every sector and level of our society. it funds and enables other higher - risk and devastating crimes. those in the financial industry that facilitate or participate in these corrupt activities, without a doubt, leave repercussions for both victims and society at large. this is why bank negara malaysia ( bnm ) has zero tolerance for such serious lapses in integrity by employees of financial institutions, such as those that have made headlines recently. these employees had been recruited by criminal syndicates to facilitate corruption and fraudulent activities. while these cases are isolated, they can severely 2 / 4 bis - central bankers'speeches tarnish the entire industry's reputation and erode public confidence and trust. bnm has put in place robust supervisory and enforcement processes in these areas, including requiring banks to undertake screening and vetting of new hires and frontline staff on an ongoing basis. bnm will not hesitate to impose heavy penalties on financial institutions that have lapses in these areas. at the end of the day, fighting financial crime requires the full commitment of every single employee within the financial institution. strong governance and risk controls must be reinforced by a healthy risk culture. this begins with a rigorous hiring process that not only accounts for technical proficiencies but also integrity. an institution is as good as its people. it is for this reason that bnm sets high expectations in its employee screening requirements for financial institutions. each employee must see themselves as custodians of public trust and recognise the significance of their role within the financial system. part 3 : collaboration – continuous and sustained ladies and gentlemen, while it falls on each of us to bear our duties with integrity and competence, we must also be good collaborators with one another. financial crimes are not just confined to the financial sector. they permeate various facets of our daily lives, impacting our communities, businesses and the very fabric of our society. this reality underscores the necessity for a whole - of - nation approach where everyone has a role to play. one clear example of where synergies have been critical is in addressing frauds and scams. in the last 21 months since its establishment in october 2022, the national scam response centre has received approximately 105, 000 calls from scam victims, with a total reported loss of rm328 million. these numbers represent merely the tip of the iceberg