of the industry. it involves educating consumers on the key attributes of takaful, having great reverence for and understanding of consumer needs, ensuring that consumers are suitably advised in the marketing process to make informed decisions as well as treating consumers fairly. it needs no convincing that such high standard of market conduct is essential in maintaining public confidence, the lack of which will undoubtedly compromise industry ’ s reputation. equally important is the imperative to ensure that shariah compliance remains at the heart of governance and business operation. this calls for accountability on the part of takaful operators to institute robust shariah governance framework within their organisation. the enhanced shariah governance framework issued by bank negara malaysia for the islamic financial services industry recently aims to achieve this objective. it is envisaged that the enhancements made to the framework will lead to improved oversight, authority and accountability of key shariah organs and greater shariah observance through an end - to - end shariah control mechanisms, thereby strengthening the overall shariah governance processes within islamic financial institutions. through its effective implementation, the framework lays the foundation for an islamic financial institution to align shariah with the organisation ’ s strategic orientation, in guiding shariah compliance as an embedded culture within the organisation, beyond merely product design function to all other aspects of its day - to - day business operation. given that effective shariah compliance is the cornerstone of the aims and objectives of an islamic financial institution, takaful operators will find that such an approach that optimises and harnesses the strength of shariah will manifest itself as a source of competitive edge for their organisation, whilst contributing immensely towards preserving the integrity of the islamic financial services industry. with our steadfast commitment to continually enhancing the dynamism and competitiveness of the takaful industry in malaysia, i am confident that the takaful industry is on - track for quantum leap performance in this next phase of growth and development. on this note, it is my great pleasure to congratulate ing public takaful ehsan on its successful launch. i wish ing public takaful ehsan every success in its endeavors and look forward to its meaningful contribution in driving the takaful industry and islamic finance in malaysia forward. bis central bankers ’ speeches

of takaful in the eyes of the public and further widening the industry ’ s growth prospect. with this aim in mind, it is critical for industry players to leverage on the readily available channels to reach to the masses and employ agents and bancatakaful to the fullest to maximise its potential. the third dimension of growth which is integral to the nation ’ s high income agenda relates to the opportunities to be harnessed under the initiative to consolidate malaysia ’ s position as an international islamic financial centre ( mifc ). as industry is well aware, the mifc initiative seeks to enhance the international dimension of malaysia ’ s islamic finance. the prospect is most compelling for the takaful industry. malaysia is already at the forefront in the development of takaful, particularly family takaful, compared to other market. building on our strengths, experience and achievements, the malaysian takaful industry with the highest number of takaful and retakaful operators, is well - positioned to seize the enormous opportunity to export takaful benefits to the estimated 1. 5 billion muslims around the world whom are currently underserved by the insurance industry. this presents a huge window of opportunity for our takaful operators to accelerate their regional and global orientation and move up the global value chains. it is therefore important for strategic international partners such as ing to explore all possible avenues to elevate the business potential of takaful internationally. a critical factor that will determine the success in taking the industry to the next level of development is the existence of players with the right quality and calibre, as well their readiness in terms of capacity and capability to formulate and execute successful strategies in response to new market opportunities. in this rapidly evolving environment, responsiveness to consumer needs is a crucial test that defines success. the takaful industry in malaysia has never been about shariah conformity being its only value proposition. with consumers becoming increasingly discerning and the market being more competitive, factors such as innovative product design, price competitiveness, transparency and service quality have all been important determinants in winning and securing customer loyalty. the ability of takaful operators to deliver such value propositions has been, and will continue to be, amongst the key success factors to successfully position takaful in malaysia to appeal to both muslim and non - muslims, whether corporates or individuals. it is our earnest aspiration that the entry of ing public takaful ehsan will further add