At the other end of product spectrum, equal, if not more, emphasis needs to be given by the industry in extending coverage to low-income individuals via microtakaful. There is little doubt that the ability and commitment of takaful industry to deliver such value proposition that allows for the benefits of growth and development to be experienced across all communities will resonate strongly with the values espoused by takaful. This in turn could go a long way towards elevating the importance of takaful in the eyes of the public and further widening the industry’s growth prospect. With this aim in mind, it is critical for industry players to leverage on the readily available channels to reach to the masses and employ agents and bancatakaful to the fullest to maximise its potential. The third dimension of growth which is integral to the nation’s high income agenda relates to the opportunities to be harnessed under the initiative to consolidate Malaysia’s position as an international Islamic financial centre (MIFC). As industry is well aware, the MIFC initiative seeks to enhance the international dimension of Malaysia’s Islamic finance. The prospect is most compelling for the takaful industry. Malaysia is already at the forefront in the development of takaful, particularly family takaful, compared to other market.
Their expertise will surely benefit our audience today. I would also like to thank HSBC, Standard Chartered Bank, Citibank, BOC and BNP Paribas for sharing their experiences with everyone later today. 15. Ladies and gentlemen, I wish you all a fruitful workshop and I look forward to working closely together with the industry to develop green and sustainable banking in Hong Kong. Thank you very much. 2/2  BIS central bankers' speeches