muhammad bin ibrahim : charting new frontiers – financial advisers the future keynote address by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia, at the inaugural conference of the association of financial advisers “ charting new frontiers – financial advisers the future ”, kuala lumpur, 31 october 2012. * * * i would like to congratulate the association and its members for your commitment, which has resulted in the successful formation of the afa to champion and promote the interests of all licensed financial advisers in malaysia. the formation of afa is most timely, and marks a significant milestone in the progressive maturing of the financial advisory industry. since the introduction of fas in 2005, we have seen commendable growth within the industry, with the number of licensed fas rising from 2 to 17, and the number of licensed fa representatives increasing from 17 to 229 today. the formation of the afa is timely as it provides a platform to encourage greater collaboration among fas to instill greater professionalism among its members and i expect the afa to play an important role in coming up with clear strategies to propel the financial advisory sector towards greater progress and growth. developments in the insurance and takaful sectors there are some broad developments within the economy and the financial sector that will expand the opportunity for growth in the provision of independent financial advisory services. first, the insurance and takaful sectors have seen positive and continuous growth over the last five years, with total insurance premiums transacted and takaful contributions recording an average annual growth of 4. 9 %, with annual growth peaking at 13 % in 2010. in terms of insurance penetration, in 2011, 67 out of 100 malaysians had some form of life insurance or family takaful coverage as compared to only 59 out of 100 malaysians in 2006. this means there remains a large untapped segment of the population with no life insurance or family takaful protection that the profession can further develop. second, in terms of distribution channels, the agency force is still the dominant intermediation point for the insurance industry. at present, the market share of financial advisers as a delivery channel is still low and therefore, the prospect of growth is tremendous. the prominence of the agency force as a delivery channel of choice for the distribution of life insurance business is evidenced from the more than 10 % growth in the number of life insurance agents enrolled between 2006 and 2011. consistent with the increase in the agency force, the expenditure dedicated to maintain this

emmanuel tumusiime - mutebile : plans for a common platform integrating east african financial markets speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the opening of the stakeholders ’ workshop on developing the 5 - year financial markets development plan, kampala, 15 august 2007. * * * ladies and gentlemen, i would like to thank you for finding time in your busy schedules to participate in this one day ’ s stakeholders workshop. earlier this year the 10th eac meeting of the monetary affairs committee ( mac ) approved a financial markets development framework which includes involving stakeholders in the development of a 5 - year financial markets development plan in all the entire member states of the east african community. the harmonized regional plans are intended to form a common platform for integration of the east african financial markets. the bank of uganda was requested to take the lead and co - ordinate these efforts and the executive director operations chairs the financial markets development committee for the region. the original three east african countries have completed situational analysis for their financial markets in line with agreed parameters and have identified issues to be addressed in the various fields such as banking and capital markets reforms, the pension sector reforms, strategies for financial markets development in the areas of rural finance, leasing and additional financial products which should facilitate improved access to finance. this financial sector development plan represents a new approach to trying to address the current limitations in the ugandan financial markets. the small size of the ugandan financial sector is an obstacle to the development of financial systems, resulting in systems that are in place tending to be limited in scope, more expensive and of poor quality. the ugandan financial market has scope to become larger because the economy is fully liberalized and open to the flow of capital to and from foreign markets, participation of foreign financial intermediaries and now the integration efforts with the east african sister countries. you, as stakeholders, must join hands with the bank of uganda not only to help in the integration process of the east african financial markets but also to do your part in developing deepening and widening the financial markets as a way of accelerating economic development in uganda and the east african region as a whole. there are several challenges that have to be confronted : • as capital flows freely in and out of the country, the challenge that arises is the maintenance of financial markets stability. • increased diversity of financial services and products requires a financially literate consumers who can make informed choices. the consumers ought to