facts in the whole range of economic statistics ”. 6 yet since 1980, corporate profits have risen faster than wages ( chart 6 ). 6 keynes, j. m ( 1939 ) : " relative movements of real wages and output ", the economic journal 49 ( 193 ), pp 34 – 51. norges bank chart 6 labour share. labour costs as a share of gdp. 1 ) selected advanced economies. percent economic perspectives 15 february 2018 1 ) belgium, denmark, finland, france, germany ( data for west germany before 1992 ), ireland, italy, japan, netherlands, portugal, spain, south korea, sweden, switzerland, the uk and the us. gdp−weighted average. sources : european commission, thomson reuters and norges bank technological advances have reduced the relative cost of capital goods. tasks have been taken over by robots and other capital equipment. this probably explains some of the decline in the labour share. 7 the emergence of global technology companies is also reducing the labour share. with broad platforms and vast numbers of users, they dominate the market, which translates into both market power and substantial profits. the winner takes all. a few technology companies stand out by virtue of their size ( chart 7 ). alphabet is one example. 80 percent of the world ’ s web searches are done through its google search engine. 8 another example is amazon. in 2017, the company accounted for 44 percent of all us online retail sales. chart 7 the world ’ s largest listed companies. market capitalisation in billions of usd1 ) apple alphabet microsoft amazon facebook tencent berkshire hathaway jpmorgan icbc johnson & johnson exxonmobil bank of america 1 ) market capitalisation at 9 february 2018. source : bloomberg the decline in the labour share can primarily be explained by the fundamental transformation of the global labour market in recent decades. more countries are participating in global trade, labour mobility has increased, and offshoring production 7 hagelund, k., e. w. nordbø and l. sauvik ( 2017 ) : “ lønnsandelen ” [ the labour share ], aktuell kommentar 9 / 2017, norges bank ( norwegian only ). 8 source : financial times, january 2018 ( https : / / www. ft. com / content / 95d16c88 - f795 - 11e7 - 88f7 - 5465a6ce1a00 ). to low - cost

adnan zaylani mohamad zahid : leading in a disruptive world revolutionising takaful keynote address by mr adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the takaful rendezvous 2019 “ leading in a disruptive world – revolutionising takaful ”, kuala lumpur, 8 october 2019. * * * i am delighted to join all of you today at the 2019 takaful rendezvous. this is an important gathering for the finance and business community to exchange ideas on the opportunities and issues facing the global takaful industry. our backdrop today is of an economy and environment that has seen remarkable changes and challenges that emerge in just a short period of time. while we have thought the financial crises of recent times were safely behind us, the global and domestic economy has been beset with an escalating trade war that has rippled far. this has affected the trade and investment climate worldwide and could bring about large downside risks. malaysia ’ s economy will not be spared from this fallout. at the same time, we have a growing sense of urgency to deal with environmental challenges. globally, the focus is shifting towards climate change and sustainability. closer to home, we have just experienced an episode of the country ’ s now, alarmingly, annual haze seasonality. undoubtedly, each one of us can feel the impact and risks from environmental degradation on the quality of our daily lives. it will not be long from the time when we can clearly see its negative impact to the economy and financial stability. on a positive note, technology has transformed virtually every aspect of our lives – the way we interact with each other, consume our needs, follow the news, and navigate our movements. by 2018, more than half of the global population have become internet users. here in malaysia, almost 90 % of malaysians are internet users, and more than half of these users conduct banking and financial activities online. digitisation and technology adaptation is already making significant inroads in providing new solutions going forward and has become a key strategy for us to enhance financial inclusion and also protection. while this means financial institutions now have greater avenues to reach consumers, it also entails greater exposure to emerging vulnerabilities and risks such as cyber and technology risks. this needs to be properly managed, otherwise it can potentially trigger grave systemic consequences. in addition, there are also the gradual and structural changes that we cannot ignore.