efforts have to be intensified to enhance business efficiency and innovation. in this regard, the islamic subsidiaries, with their increased autonomy in business operations, would be better positioned to determine their own business strategies and to realise the vast growth potential in the islamic financial industry. on this note, it is my pleasure to congratulate the affin group on the occasion of the official launch of affin islamic bank berhad. i wish affin islamic bank berhad every success in maximising the potential opportunities and contributing to achieving its objectives. akhir kata, dengan lafaz bismillahir rahmanir rahim, saya dengan sukacitanya merasmikan pelancaran affin islamic bank berhad. terima kasih.

a financial environment that is transitioning towards greater deregulation and towards more market - based rules, it is important that the islamic financial institutions inculcate a high level of confidence among consumers not only on the shariah - compliance aspects of the islamic financial products offered, but also on their business operations. concerted efforts by the industry to develop standardized documentation and features of islamic financial contracts would enhance the level of public understanding of the different types and concepts of islamic financial products. islamic financial institutions also need to provide consumers with the information that accurately represents the unique features, risks and returns associated with the islamic products and services. enhanced financial literacy on islamic financial products will facilitate the process for consumers to make well - informed and effective decisions on their financial transactions, with a clear understanding and appreciation of the unique characteristics and features of islamic finance and its real economic value. indeed, the strengthening of the range of islamic products and services needs to be accompanied by an improved market understanding of the islamic financial products. this requires well trained staff who are equipped with the required skills and knowledge in islamic finance that are able to provide quality advice to the customers. correct terminologies need to be used with an ability to highlight the distinguishing features of the products and services. this is particularly important in a dual financial environment where both conventional and islamic financial system are operating in parallel. the regulatory framework governing market practices by the islamic financial institutions can also be strengthened further to ensure its continued soundness. this will involve the implementation of the prudential standards that have been issued by the islamic financial services board, the ifsb. greater transparency through the observance of minimum disclosure requirements needs to be adopted by the industry. good business practices need to be embedded in all aspects of islamic financial operations, not only as part of good governance and corporate social responsibility, but also as part of brand building. market efficiency in conducting islamic business activities can also be enhanced further to ensure its sustained competitiveness as an intermediation process. as we are advancing into the third phase of the financial sector master plan, where the environment will become increasingly more liberalised and dynamic, we now have to look beyond the 2010 strategies. a key feature of the new environment is increased competition. the benefit of this trend will be to the consumers and businesses in terms of better prices, better range of products and services that are of a higher quality. this in turn would contribute to the overall performance of the economy. to be at the leading edge of competition, continuous