Kuala Lumpur, 17 April 2018 – Despite the competitive Shariah-compliant market for financial services structures and solutions in the Gulf Cooperation Council (GCC) region, Labuan IBFC is confident that its omnibus Islamic legislation and its strong Shariah Supervisory Council will continue to keep Labuan IBFC as a key jurisdictional option for Gulf businesses and families.
To further drive this message, the midshore jurisdiction’s promotional and marketing arm, Labuan IBFC Inc will be organising a week-long market development drive in the Gulf, which will include numerous business development meetings, participation in a wealth management conference and the hosting of a bespoke masterclass in Dubai, United Arab of Emirates, on April 25, 2018. In addition, market development visits to Bahrain and Abu Dhabi are also planned.
Led by Labuan IBFC Inc, the Roadshow will also be participated by trust and corporate service providers from the jurisdiction as well as advisors and other intermediaries, including ITMC Fiduciary Limited, Hans Advisory & Trust Co. Ltd and Rahayu and Partnership.
“Labuan IBFC is home to the only omnibus Islamic legislation in the world and unknown to many, our Shariah Supervisory Council is able to review and comment on the level of Shariah compliance of proposed financial structures and arrangements. This is unique to the jurisdiction and offers peace of mind to potential users,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc.
She added, “As a midshore jurisdiction, we offer flexible Islamic wealth management structures that could be a viable alternative to many wealthy families in the GCC region, especially in the use of the age old Waqf structures to meet certain contemporary demands of these families.”
Labuan IBFC offers the world’s only Waqf foundation, where private clients are able to marry the charitable elements of Waqf and the needs of private wealth management in a flexible manner.
As a key element in Malaysia’s offering in Islamic financial services, Labuan IBFC’s leadership in Islamic finance is entrenched, and as home to the world’s first Sukuk, the jurisdiction continues to innovate in the space of Islamic financial services.
Labuan IBFC last year entered into a Memorandum of Understanding with Abu Dhabi Global Markets to explore areas of common interest in Islamic finance, wealth management and reinsurance sectors. In addition, Labuan companies have also been accepted for a listing vehicle on Nasdaq Dubai.