##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences

always push for a whole life plan as it may result in under insurance. it needs to place more emphasis on a pure protection plan like a simple term assurance which is a more cost - effective way of addressing the protection needs of singaporeans. the insurance adviser plays a critical role here. he or she is the first line of contact with the consumers and wields the greatest influence over what they purchase. he should sell what is appropriate to the protection needs of the customer and not maximise his or his company ’ s returns. he should always place the interests of his clients above his own. and it is the responsibility of every insurer to ensure that its advisers are properly trained and incentivised. this is especially important for customers from lower - income households where there are competing demands for limited income. otherwise, getting adequate insurance protection will be relegated to a lower priority in a working adult ’ s life, hence exposing his dependants to risks of the breadwinner ’ s premature death. 15. the insurance industry should also find ways to reach out to more singaporeans who are either uninsured or underinsured, and be prepared to go beyond the tied agency distribution model. i am pleased to note that over the years, the insurance industry has diversified its distribution channels to include banc assurance and direct sales. i urge the industry to do more, such as working with more employers and associations to offer group term insurance to cover the lives of their employees or their members. though group term insurance does not offer guaranteed renewability like individual term assurance policies, it nonetheless helps to supplement the shortfall in insurance coverage at an affordable rate. 16. given its social mandate and objectives, income should take the lead to address the shortfall in insurance protection. here, i must add that when my insurer notified me, upon my reaching 65, that my term assurance has lapsed, i heaved a sigh of relief that it expired before me! i treated the premium paid as an expense. 17. mas will also play its part in helping consumers make informed decisions when purchasing insurance. it will be working with the industry to enhance transparency in the disclosure of bundled insurance products such as the whole life plan. currently it is unclear how much of the premium paid for a bundled insurance product goes towards providing protection, how much to savings and what the return on the investment is. this will help consumers make a better decision in planning his protection and financial needs. conclusion 18. as you have declared publicly in