This is a long overdue development and I note that the first phase has successfully gone live in September 2017 with four pilot insurers. Its success and benefits will very much depend on achieving the widest possible network effects. We expect all insurers to support these arrangements. Insurers who refuse to participate in this scheme will be looked upon unfavourably. We shall also take note of these recalcitrants’ failure to participate for a common good. Fourthly, insurers and takaful operators need to invest individually and collectively in creating a strong talent pipeline for the industry. We need to take stronger measures to professionalise the insurance workforce and foster the highest standards of conduct and competence. As the benefits of upskilling will accrue to the industry as a whole, talent development should also be a collective endeavour. Only through collective effort can this be achieved. In this regard, I am pleased to announce the establishment of a Talent Development Fund, funded by the industry that will be made available to support professional training and development initiatives for the sector. This will include the introduction of appropriate professional qualifications for key strategic and operational roles in the industry. Finally, there will be deeper engagements with shareholders, boards and management of individual insurers and takaful operators on the development agenda for the industry. We will make clear the areas of development focus in the coming years. Regular engagement with candid assessment of individual company’s performance will pave the way for companies to make more significant contributions to development objectives.
While these are inspiring examples from the past, it is no question that waqf remains relevant today. It can play an important part in our quest to develop a more dynamic, progressive and inclusive economy. It can do so by tackling some of the major challenges facing society, such as inequality and improving access to quality education and health. We must not allow intergenerational inequity to widen and magnify. And waqf, as a vehicle for those in a more privileged position to voluntarily give back and reinvest in the society, can help promote social mobility and stem this vicious cycle of inequity. As a sustainable, intergenerational mechanism for social investments, waqf could effectively contribute towards a more equitable society. As stated in the Quran, wealth that has been bestowed by Allah should not merely circulate among the rich. The Prophet said: “Blessed is the wealth of a Muslim from which he gives to the poor, the orphans and the needy travellers.” In Islam, wealth is regarded as a means and not an end, and Islamic wealth management acknowledges responsibility towards the community and benefitting those in need. Strategies to strengthen the effectiveness of waqf It is, therefore, timely to revive waqf and to bring back its glory days. Let me put forward three strategies that we can explore to unlock waqf’s full potential as a platform for Islamic social finance. First, is to broaden waqf assets and their applications. Fundamental to this is the need to correct the perception of waqf.