This represents 6.3% of the entire takaful and insurance industry funds assets and an increase of 11% as compared to the end of 2006. In terms of net contributions, RM1.2 billion was recorded in the first half of the year, an increase of 36% from the same period of last year. BIS Review 95/2007  1  Second, there is growing international consensus on the need to have a strategic direction for an orderly development of the global Islamic finance industry. The ten-year blueprint on the development of Islamic finance, a joint initiative by the Islamic Financial Services Board and Islamic Development Bank, has laid down guidelines on the strategic steps to be taken by several specific jurisdictions for this purpose. It is envisaged that with more orderly development of Islamic financial services, including takaful, a more comprehensive Islamic financial system will evolve in more jurisdictions. The number of takaful operators, which currently stands at more than 100, is set to increase. Third, dramatic growth of the global sukuk market can potentially become a key supporting factor for the strong growth of takaful and retakaful industry. Sukuk is increasingly becoming an important investment avenue for the takaful industry. Today, the global sukuk market, denominated in international currencies, is estimated to have exceeded USD50 billion [including domestic sukuk issuance]. Although the size of the market is modest by global standards, the sukuk market is experiencing remarkable growth, increasing at an average rate of growth of 40% per annum.
On that note, I wish you a successful and productive Convention. Wabillahi taufik walhidayah. Assalamualaikum warah matullah hi wabarakatuh. BIS Review 95/2007  5