2005, compared with only 6. 5 % in 2004, reflecting the consumers'preference for selected products to be made available through this channel. while product offering among takaful operators will eventually converge, the consumers ultimately expect speed in service delivery, simplicity in dealings, stretching or going the extra mile in satisfying customer's needs and unquestionable integrity. thirdly, malaysia still has competitive advantage in terms of takaful and is well - positioned to be a takaful and retakaful hub in this region. during the past two decades, we have seen the gradual opening up of takaful operation in many jurisdictions throughout the world, primarily in islamic countries and countries with large muslim communities. in this period, malaysian takaful industry has gained significant attention with the remarkable growth rate recorded domestically and in other countries as far afield as saudi arabia. malaysian takaful industry alone successfully garnered approximately 26 % of global takaful contributions and our takaful operator has been recognized as among the leaders at the global front. this strong performance is anchored by the strong legal, regulatory and shariah framework governing the industry, with full commitment of the government to position malaysia as a thriving international islamic financial centre. major initiatives, such as the recent establishment of a well financed inceif, or the international centre for education in islamic finance, are clear indication of the efforts to enhance talent and human capital development, an essential element to drive innovation and sustain market competitiveness of the industry. t he dynamism and viability of the takaful industry in malaysia that is supported by sound enabling environment have already drawn significant attention of m any strong international players seeking the opportunity to be part of the malaysian takaful industry. the advancement and progress that have been achieved thus far have provided competitive advantage to our malaysian takaful operators and opened up significant opportunity for our players to venture further abroad and become stronger global players, insyaallah. against this backdrop of growing opportunities and challenges, it is imperative for the takaful operators to enhance their institutional capabilities and operational efficiency in order to strengthen their competitive position in responding to the ever changing environment. it is our aspiration to see commerce takaful berhad emerges as an effective and progressive takaful operator with strong presence in the domestic financial landscape and acts as among the anchor players to expand takaful business at the global front. the challenge then is for the leadership to chart a clear strategic direction at the group

level that, in short term, prepares the organization in responding to those changing environment and, in long term, creates an organization that can sustain success. the strategic direction also must fully embrace the opportunities to leverage on the group's expertise, experience, infrastructure and its extensive networks abroad in offering diversified takaful products and enhancing customer services. emphasis should also be directed on the enhancement of human capital that would serve as an enabler for the commerce group to achieve greater height. with the entry of commerce takaful berhad into the domestic takaful industry, we also hope that all takaful players fully internalize the spirit of " takaful ", that is mutual cooperation and assistance among each other, so that the industry could collaborate towards common objectives of further enhancing the resilient and expansion of the industry. initiatives such as developing human talent and finding better and more effective mechanism of venturing abroad should also be explored at industry level. more collaborative efforts may also be directed towards strengthening the retakaful sector in which we have also first mover advantages that would subsequently reduce dependency on conventional reinsurance as a risk mitigation tool. indeed, in realizing our vision to sustain takaful as an important sector which contributes towards the economic growth of the nation, the industry players have to jointly demonstrate unwavering commitment towards elevating the industry to new and higher levels of achievement. on this note, it is my pleasure to congratulate the commerce group on the official launch of commerce takaful berhad. significant potential exists for commerce takaful berhad to achieve a quantum leap by leveraging on the integrated financial services and extensive operating infrastructure of the commerce group. i wish the board of director and the management of commerce takaful berhad every success in this endeavour and i look forward to its contribution towards further development of the islamic financial services industry in malaysia. dengan lafaz bismillahirrahmanirrahim, " commerce takaful berhad ". saya dengan sukacitanya merasmikan pelancaran terima kasih.