the construction of this completed commercial property, which will now house the nadi branch, is indeed a mission accomplished. i understand that this is a non - flood prone area, but even so ccfl has taken the necessary steps to meet challenges faced during times of natural disasters equipping the site with backup water supply and power generators and improving safety for staff and tenants. the building has been designed with a modern, functional and efficient concept ; and the significantly larger floor space also intends to provide comfort to both customers and staff. with these state of the art features, we can definitely expect to see a lift in ccfl ’ s profile and visibility in the west. concluding remarks ladies and gentlemen, the opening of this new building is testament to the commitment of the institution to its customers and to the country, as it seeks to increase its facilitation of financial intermediation, and grow its investment in fiji. my warmest congratulations to the credit corporation team on the opening of this new building, and i wish you all the very best in your future endeavours. bis central bankers ’ speeches official opening i thank the board and management again for the invitation to be here today, and now have much pleasure in declaring credit corporation ( fiji ) limited ’ s new namaka building, open. vinaka vakalevu. bis central bankers ’ speeches

net contribution, as compared to general takaful products that dominated a share of 63 percent back in 1984. the takaful industry exhibits high potential, as demonstrated by its robust expansion with annual growth rate of total assets and contributions averaging between 20 percent and 26 percent over the period of 2004 to 2009. globally, malaysia also signifies its presence in the takaful market, being the second largest takaful market in the world as its total assets of us $ 3. 2 billion dominated 26 percent of total global takaful assets in 2009. whilst sustaining the current pace of development, growth prospect remains strong for the takaful sector, in view of the large untapped potential, where out of the 53. 5 percent market penetration rate for both takaful and insurance, the market penetration rate for takaful was merely 10. 9 percent in september 2010. the takaful industry indeed represents an important component in the overall islamic financial system. given its role in providing risk protection, the takaful industry offers a suite of financial products and services that complement the existing range available for consumers. in recognising its importance, focus has been given in developing a dynamic and vibrant takaful industry within our islamic financial system. where the industry is today has been an outcome of an accumulation of efforts in instituting a comprehensive islamic financial landscape in malaysia ’ s financial system. a strong institutional infrastructure and effective legal, regulatory and shariah framework are the underpinnings of our islamic bis central bankers ’ speeches financial industry. in our pursuit to develop islamic finance, the recent enhancement to the central banking act has accorded formal recognition to the existence of islamic finance as an arm of the dual financial system, thereby giving significance and due prominence to islamic finance. moving forward, a number of initiatives are planned to further enhance the competitiveness and growth momentum of the takaful industry, emphasising on enhancement of the regulatory and supervisory framework and the shariah governance framework. such initiatives are laid down for industry players to capitalise on, to achieve sustainable success and to unleash their potential gains both locally and abroad. in light of this, allow me to share my thoughts on some key focus areas and developments which embed our aspirations on the future direction of the takaful industry. against a backdrop of growing opportunities and challenges as the business environment becomes more intensified and challenging, capacity and capability building measures for industry players to compete effectively and efficiently will continue to be pursued