The international reserves of Bank Negara Malaysia amounted to USD110.0 billion as at 13 April 2018.

Saya ingin mengucapkan terima kasih kepada pihak penganjur atas jemputan untuk menyampaikan ucaptama di Konvensyen Takaful Tahunan Kebangsaan yang pertama ini. Tahniah diucapkan kepada NAMLIFA atas inisiatif untuk menganjurkan program khusus bagi para ejen takaful buat julung kalinya. Forum seumpama ini penting bagi menyediakan platform untuk pertukaran idea, pengalaman dan pandangan antara pakar-pakar industri dan agen takaful.

The issue of globalisation has featured very prominently in the headlines, especially in recent times. In fact, it has been very trendy over the past decade to herald the end of financial globalisation and international banking.

Thank you for inviting me to speak today. Ten years ago, the word “payments” was only heard in small and exclusive circles. Those in banking understand the importance and criticality of the payment system. Huge resources are devoted to this function. Understandably so. Payment services are the bread and butter of banking and the lubricant for the economy. It is at the heart of all economic activities. Its services are indispensable. Yet, only a few took an interest in payments, except maybe those in the financial services community.

The Bank has issued the policy document on Bai` al-Sarf.  It aims to promote end-to-end Shariah compliance within the Islamic financial institutions (IFIs) by specifying Shariah and operational requirements in relation to its application in Islamic financial transactions. The Shariah requirements highlight salient features and essential conditions of a bai` al-sarf contract. The operational requirements outline the regulatory expectations with respect to the governance and oversight, structuring, risk management as well as business and market conduct of bai` al-sarf.

The Bank has updated the Financial Consumer Alert list. The list consists of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.

It is an honour to speak on waqf from an economic viewpoint. Waqf, or Islamic endowment, is a virtuous act which not only serves as a philanthropic tool but holds great potential for economic development.

The international reserves of Bank Negara Malaysia amounted to USD107.8 billion as at 30 March 2018. The reserves level has taken into account the adjustment for foreign exchange revaluation changes. The reserves position is sufficient to finance 7.4 months of retained imports and is 1.1 times the short-term external debt.

We refer to the article entitled "Cepat laksana gaji cukup hidup" published in Sinar Harian on 4 April 2018.