. pembangunan seterusnya kini bergantung kepada sejauh mana pengendali takaful dapat menggunakan kelebihan yang ada, terutamanya dalam meneroka lebih jauh dalam pasaran global. fokus harus diberi kepada menentukan hala tuju strategik yang tepat dan menyeluruh, dan mengembleng inisiatif berterusan dalam meningkatkan kualiti perkhidmatan dan produk. usaha bersepadu di peringkat industri juga perlu dalam pembangunan sumber insan dan dalam merangka pendekatan yang lebih berkesan untuk memasuki pasaran global. semangat " takaful ", iaitu saling bantu - membantu, perlu diperkukuhkan untuk menjadi teras kepada usaha kita membangunkan malaysia sebagai pusat kewangan islam antarabangsa yang unggul. it is indeed a pleasure to be here today to commemorate the official launch of " commerce takaful berhad ". it was almost a year ago, in april 2005, that we witnessed the emergence of its related company - " commerce tijari bank berhad ". commerce tijari has since developed into a new, emerging provider of islamic banking and financial solutions that successfully leveraged on its strong group structure, thereby contributing towards spurring the growth of the islamic financial services industry in the country. alhamdulillah, today, the setting up of commerce takaful berhad is another significant milestone reflecting the group's strong commitment towards providing a complete range of shariah - compliant financial solutions, covering islamic banking and takaful and the capital market, that is competitive, comprehensive and tailor - made to meet the demands of the consumers. for the takaful industry in malaysia, the emergence of commerce takaful berhad in the islamic financial landscape is indeed timely. this is particularly so in our efforts to further strengthen the institutional infrastructure of our takaful industry by increasing the diversity and strength of players in the islamic financial system. these players will be the driving force, accelerating the expansion of takaful

subject to fiscal or financial dominance, respectively. fiscal dominance refers to a regime where monetary policy ensures the solvency of the government. as interest rates will rise in the process of normalisation, this danger could come to the fore in europe in the years ahead. financial dominance refers to the risk that monetary policy becomes increasingly concerned with adverse short - term developments in the financial system. the crisis made it obvious that price stability is not a sufficient condition for financial stability. thus, many central banks ’ mandates were extended by at least some aspects of preserving 6 / 8 bis central bankers'speeches financial stability. however, we know from tinbergen ’ s rule that every economic policy objective requires its own instrument. so it is important to keep the toolboxes separate when tackling the two objectives. inflation risks should be addressed with monetary policy instruments, and financial stability risks should primarily be addressed with macro - prudential instruments. that said, monetary policymakers are well - advised to take the implications of financial imbalances into account, since they can pose serious risks to price stability in the long run. 18 5 conclusion ladies and gentlemen, nelson mandela wrote in his autobiography “ long walk to freedom ” : “ i have discovered the secret that after climbing a great hill, one only finds that there are many more hills to climb. ” central banks all over the world were forced to climb great hills over the last decade. and there are more hills on the horizon. but central banks should beware of overburdening. 19 we are not superheroes. indeed, our powers are limited. neither can we compensate the adverse effects of demographic changes nor can we hasten the invention and adaption of new technologies. we cannot lift long - term growth. and we cannot erase inequality. wim duisenberg, the first president of the ecb, once said : “ don ’ t ask for monetary policy to perform tricks it cannot deliver. ” too much power undermines support for central bank independence. even fictional superheroes have drawn criticism when their feats involved considerable sideeffects. in the movie “ captain america : civil war ”, the first film featuring the black panther, the united nations created the sokovia accords in order to regulate the activities of the avengers. in order to defend their independence, central banks should interpret their mandates narrowly and seek the support of the broad public. people ’ s trust gives us scope to take decisions that are not always popular in the short run.