islamic finance will need to be accorded with an even greater priority. existing talent needs to be equipped with the necessary skills to support the expansion into areas of specialisation that include investment intermediation. stronger knowledge in the value propositions of the investment instruments require a greater understanding on the risks associated with business ventures in the respective growth areas, including in the non - traditional markets. this would require determining the viability of such business and investment proposals. additionally, at the management level, and the directors and shariah scholars of islamic financial institutions need to be adequately equipped with the necessary knowledge so as to have an understanding important for steering the business to the new directions of the industry. to realise the vision of a highly competent and high performing workforce in the islamic financial sector, of equal importance is the standards of quality of the education programmes in islamic finance and to raise the level of professionalism of islamic finance practitioners. the finance accreditation agency, an international and independent quality assurance and accreditation body for the financial services industry that was established in malaysia in 2012, has raised the bar for islamic finance talent and professionals. the introduction of its finance qualifications structure that will be launched today has strategic significance, as it aims to link the various qualifications relevant to financial practitioners under a cohesive framework which will allow for greater mutual recognition on qualifications and provide clear and systematic learning path for financial professionals. complementary to this initiative is the launch of the learning standard to ensure more global consistency for learning contents across the financial services industry in line with international industry benchmarks. technology can also be explored to remove barriers or impediments in promoting greater interconnectedness in islamic finance as we aim to create stronger linkage with the real sector. as a catalyst to improve market access and enhance outreach, technology has the potential to disseminate information more efficiently, to promote greater market transparency and price discovery. today, the launch of the digital application for islamic finance is a further pioneering platform to facilitate sharing of information and for greater engagement, including between industry players that transcend borders. such innovation is an impetus for raising greater awareness on benefits of islamic finance as a form of financial intermediation. realising cross - border business opportunities for greater linkages the next frontier of islamic finance beckons the global islamic finance marketplace to evolve its business models to that which would strengthen the nexus of islamic finance with the real economy. this is an important consideration in our strategies, in parallel with the efforts to further increase the internationalisation of islamic finance that can cumulative

##ul needs to be more apparent. as it currently stands, many view it as being no different from insurance. some even view it as being unnecessary. it is disheartening to learn that 51 % of respondents to a mta survey cited these very reasons on why they have little knowledge or interest in takaful products. the issue of misperception also remains, with many non - muslims deeming takaful as being only for muslims. opportunity to reposition takaful for the future this is the grim reality of the state of the industry, but it need not be so. in fact, i am positive about the prospects and potential of takaful. however, to get out of this “ predicament ”, we need an immediate and radical change. takaful must shed its image as being an imitator, a follower or impersonator of conventional insurance. takaful operators, including the financial groups to which they belong, must see beyond takaful as yet another line of insurance products. in this, we need the right leadership, shareholders included, to set the right tone from the senior leadership that takaful must offer distinctive benefits highly valued by all. its impact must be lasting and profound. this is especially so in our system, where takaful is competing side by side with the insurance industry. 1 / 6 bis central bankers'speeches all this considered, allow me to suggest three priorities for the industry to embark on to realise the full potential of takaful : first, fulfill the promise of takaful in helping protect people and businesses. takaful is derived from the arabic word “ kafal ”, which means ‘ to help ’. to my mind, this calls for the industry to reach out beyond its comfort zone of focusing on mandatory products, such as motor and fire, or those that are easy to sell, namely mortgage related products. it must make serious inroads in other areas where protection gaps exist, such as in agricultural risk, annuity and trade credit. something that is consistent with the needs of our economy. ultimately, the industry must be ahead of the curve to innovate and deliver solutions that are truly needed and highly valued by customers, both individuals and businesses. in family takaful, the industry must position itself as a trusted and valued solution provider for all malaysians. it must dispel the image of takaful as being an overly - complicated form of insurance suitable