discharge these responsibilities with much greater diligence, and those that do not are likely to bear more severe consequences. the fourth reason that insurance broking is finding itself at a critical crossroad is a more obvious one – the technology revolution. this phenomenon is hardly new and we continue to experience new technological revolutions at an unrelenting pace. the challenge is in swiss re, sigma no. 3 / 2014 : “ world insurance in 2013 ”. bis central bankers ’ speeches understanding and anticipating how evolutions such as aggregator capabilities, internetbased insurance, and big data are impacting insurance broking business models. so far, brokers appear to be taking some comfort in views expressed that technology is having the biggest impact on the more commoditised market for personal insurance lines, while brokers will continue to retain their share in the corporate insurance placements. while this may be a legitimate view, technology will nevertheless have an important impact on the kind of services that brokers are offering their corporate clients and what clients are prepared to pay for such services. in many emerging markets, the technology revolution is starting to gain more traction in the delivery of financial services, including insurance, following greater stability in internet connections, advancements in security and payments infrastructure and strengthened data protection frameworks in these markets. correspondingly, brokers need to strategically review the strength of their value propositions in this changing environment and actively seek to lift their own services by leveraging on technology. these four reasons are just a few that should prompt the insurance broking community to reevaluate their business and operating strategies going forward. all of them – the fallout from the global financial crisis, asia ’ s growth trajectory, the focus on climate risk, and more entrenched technological revolution in the delivery of financial services – are converging to re - define expectations, possibilities and risks in the insurance broking sector in a profound way that will determine if a firm will thrive or be marginalised in the coming decade. going forward, brokers will be expected to play a far more significant role in delivering innovation and choice by developing deep knowledge of the industries that their clients operate in, and working with insurance providers to bring new products into the market that are meeting the changing needs of businesses. brokers will be called on to provide expertise and advice in managing a more complex set of risks that will include environmental, geopolitical, supply chain and cyber risks in a more interconnected global and regional economy. in other words

global financial stability. let me conclude my remarks. while the inherent strengths of islamic finance have contributed to its viability and resilience, going forward into the future, the foundations for its sustainability as a competitive form of financial intermediation will continue to be strengthened. concerted efforts are underway focusing on the further development of the islamic financial markets, the financial infrastructure, the investment in research and development to support innovation, and enhancing further the legal, regulatory and supervisory framework. tapping on the advances in technology and the development of human capital are also an important part of the development of islamic finance. finally, with greater liberalisation, effective infrastructure is also being put in place for enhancing interlinkages across jurisdictions. an important part of these developments will be for a more inclusive arrangement that would allow for greater interface with the current reform efforts being undertaken in the international financial system. our vigorous pursuit and commitment to strengthening the resilience of islamic financial industry would enhance the potential to contribute towards global financial stability and in turn enhance the prospects for global growth. thank you.