- 1 / 2 times their after - tax income, quite close to the average ratio during the preceding quarter century. roughly five years later, in early 2000, the ratio of wealth to disposable income peaked at more than 6 - - the highest value in the fifty years for which comparable wealth data are available. now, approaching the end of 2001, the wealth - income ratio has fallen back nearly to 5 - - still a bit high by historical standards but well below the peak. the primary driver of these recent developments has been the dramatic advance and partial retreat in the value of publicly traded equities. between early 1995 and the peak in early 2000, the wilshire 5000 stock - price index ( which is a broad measure of equity prices ) tripled, adding nearly $ 12 trillion to the wealth of u. s. households. since the peak, the wilshire 5000 has dropped by about one - third, corresponding to a loss in wealth of roughly $ 6 trillion. not only have the recent movements in u. s. stock prices been extremely large, they have arguably affected more households than did past movements in the stock market because of the broadening ownership of corporate equities in the united states. according to the survey of consumer finances, which is conducted every three years by the federal reserve, roughly 32 percent of american families owned equities in 1989 ( either directly or indirectly through mutual funds, retirement accounts, and other managed assets ). by 1998, 49 percent owned equities in some form. thus, in less than a decade, the united states evolved from a society in which one - third of families owned stocks to one in which one - half of families owned stocks. during the same period, the value of residential real estate rose, but more slowly and more steadily than did the value of equities. ten years ago, the value of residential real estate was about twice the value of the household sector ’ s corporate equities. as stock prices soared in the 1990s, the share of equity holdings in household portfolios surpassed the share of owner - occupied housing. however, the recent combination of a strong housing market and faltering stock market has put aggregate housing wealth back on par with aggregate equity wealth. now let me turn to the influence of these movements in asset prices on the conduct of monetary policy. the fundamental goal of our policy is to achieve maximum sustainable output and employment, which can be reached best in an environment of price stability. therefore,

that is common in conventional motor insurance, takaful participants could receive additional financial benefits when the takaful fund performs well through the sharing of surplus. often, the advantages of the takaful products are not sufficiently highlighted, potentially hampering the competitiveness of takaful products the key is to continuously espouse the value propositions of takaful products. this is an aspect that agents could certainly help to address. the market potential for takaful products is so much larger than what is realised today. let me offer you two key information. as at end - 2016, insurance and takaful penetration in the b40 segment of working age stood at 30. 3 %, compared with the overall penetration rate of 46. 8 %. second, the global halal industry is worth usd2 trillion annually and malaysia has a large and growing halal industry. the question is to what extent the takaful industry fulfills the insurance needs of the halal businesses. takaful agents can play a key role in reaching out to this broader market, particularly by understanding the takaful products, and being able to explain them simply without diluting the distinct value propositions of takaful. part of this will require greater acumen and empathy on the part of agents for the diverse needs and preferences of customers from all walks of life. but it is also about developing long - term strategic value : by being well - versed in both fields, agents stand to position themselves as an authoritative voice in advising both takaful operators and insurance firms in relation to the changing trends in the demands and needs of consumers and product features that would better cater to these. 3 / 5 bis central bankers'speeches embody what you sell i ’ ve spoken at length about the tools and methods that can help sharpen the niche of takaful agents as they enter a new, potentially disruptive phase in the industry ’ s development. but my final point makes a recourse back to unchanging core of this profession : in particular, the values embodied by takaful. the very existence of this industry rests on the ultimate objective of attaining the well - being of mankind as called for in islam. takaful agents, being an essential part of this ecosystem, must embody their role as ‘ wakeel ’ of takaful to the highest standards. trust, honesty and fairness are values that i am sure everyone in this room seeks to exemplify in all