“ banking info ” website and more than 360, 000 booklets have found their way into the hands of consumers. the launch of the consumer education programme for the insurance and takaful industries today will be part of this on - going effort to enhance the ability of consumers to understand and draw meaningful comparisons of alternative financial products and make betterinformed decisions in financial planning. in formulating a consumer education strategy, the distinct features of the insurance industry have been taken into consideration to meet the information needs of insurance consumers. insurance contracts are essentially formed on the basis of disclosures made by prospective policyholders about the risks to be insured. such disclosures determine if an insurer will assume the risk and the price at which it is assumed. the ability to enforce a claim against an insurer will depend on the accuracy and completeness of the disclosures. this underwriting and claims assessment process distinguishes insurance from other financial products. there is also a wider range of intermediaries in the insurance industry compared with other financial service industries. the entire spectrum includes the insurance agents, insurance brokers and advisers in the distribution process, and the loss adjusters, managed care organizations, lawyers and auto repair workshops in the claims process. the unique features of insurance have significant implications on disclosures and liabilities which directly affect the insuring public. the implications become even more significant as competitive pressures give rise to the rapid introduction of new products that require a better understanding of what they entail on the part of the average consumer. the specific objectives of the consumer education programme for the insurance and takaful sector are therefore : · to promote public understanding of critical information when buying insurance and takaful products and services ; · to familiarise the public with the underwriting and claims processes ; and · to create awareness of ethical market practices such that consumers can be more assertive and discerning in making decisions. the consumer education programme seeks to provide relevant information to consumers about insurance products, their costs and benefits, processes and documentation involved in the insurance cycle, and more importantly, the rights and responsibilities of the various parties to an insurance contract. it is also to promote greater awareness among consumers about the means and avenues for redress in the event of dispute or dissatisfaction with any insurance product or service. this consumer education programme for the insurance sector will extend over a 10 - year horizon and will be undertaken on several levels under a step - by - step approach to reach out to the various target groups. similar to the consumer

encik abdul rasheed ghaffour : value - based intermediation ( vbi ) propelling islamic finance address by mr encik abdul rasheed ghaffour, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the value - based intermediation ( vbi ) dialogue, kuala lumpur, 24 august 2017. * * * over the years, finance has lifted the lives of many, enabled businesses to grow and helped to fund the construction of public infrastructure that we now depend on. yet, as the global economy transforms and society evolves, the question as to whether the financial sector is sufficiently serving the needs of the real economy continues to be debated. the evidence from the global financial crisis underlines the need for the financial sector to restore its balance with the real economy. there is a need to rethink, reassess and re - strategise the role and contribution of the financial industry. undoubtedly, there is an increasing expectation for the financial sector to deliver greater impact to the economy and society. i am pleased to be here with you today and be part of this important milestone in our islamic finance journey. the issuance of the value - based intermediation ( vbi ) strategy paper by bank negara malaysia marks the next step to realising the full potential of islamic finance. on behalf of the bank, i wish to thank all of you who have devoted time and effort to work with us in this important initiative. your input has been valuable in designing the strategies and approach to advance vbi as a key thrust in propelling the islamic finance industry further forward. today, i would like to share some of my thoughts on the concept of value - based intermediation. i will begin by giving an account of the achievements of our industry within the past decades. i will then touch on the role of vbi as a catalyst for growth with positive impact and the call for islamic finance to lead the way in realising the visions and objectives of vbi. islamic finance in malaysia has evolved and grown by leaps and bounds over the last 30 years. today, we have a well - developed and regulated islamic finance industry. there are diverse industry players, both local and foreign. prior to 2000, there were only two islamic banks and two takaful operators in the country with total market share and takaful penetration rate of less than 5 %. islamic banking assets have now grown to capture more than a quarter of the