Labuan IBFC to continue focusing on wealth control solutions

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Labuan: Labuan International Business and Financial Centre (Labuan IBFC) aims to continue focusing on facilitating business transactions and wealth management solutions, as well as Islamic finance, Labuan Financial Services Authority Director-General Ahmad Hizzad Baharuddin said.

“We will focus on offering legal structures like private trusts and foundations that will preserve wealth and ensure business continuity for generations to come.

“For Islamic finance, Labuan IBFC has tailor-made ‘Waqf’, an Islamic instrument which is almost similar to a trust and foundation,” he told a press conference after attending the Labuan IBFC’s 25th Anniversary Conference, here Friday.

The conference was held as part of Labuan IBFC’s 25th anniversary as a financial centre that connects the economies of Asia.

Ahmad Hizzad cited a highly-skilled talent pool as the critical success factor for Labuan IBFC to achieve its vision of becoming an eminent financial centre.

“We have put the necessary infrastructures, legal foundations and business facilitations. Our aim now is ensuring the supply of a highly-skilled talent pool to drive the financial centre,” he said.

Ahmad Hizzad said the unique business propositions offered by Labuan IBFC continued to attract multinational corporations from across the globe to its shores.

Sharing the latest statistics, he said as at September 2015, Labuan IBFC is now home to 12,281 companies.

On the Trans-Pacific Partnership (TPP) Agreement, Ahmad Hizzad said being a centre linking businesses in the region, Labuan IBFC stands to benefit from the trade pact.

Meanwhile, Labuan IBFC Incorporated Sdn Bhd Chief Executive Officer Danial Mah Abdullah said over the years, Labuan IBFC had aggressively promoted awareness and raise competency among wealth management providers, advisors and other intermediaries, especially in Malaysia and the region in order to build a larger range of intermediaries who were familiar with Labuan offerings.

He said the Labuan IBFC’s silver jubilee celebrations began with the Labuan IBFC’s Asean Roadshow 2015 in Kuala Lumpur in May before it was brought to Manila, Jakarta, Bangkok and Singapore, with the final leg held in Hong Kong last month.

They had attracted more than 300 delegates as well as 26 speakers and panelists ranging from regulators to industry practitioners, he said, adding that the Asean Roadshow would continue next year.

The Labuan IBFC’s 25th Anniversary Conference featured a talk on how key developments in Asia would shape the global economy by Norman Loayza, Lead Economist of Development Research Group, World Bank, while John Harris, Jersey Financial Services Commission Director-General John Harris espoused on the evolution of international financial centres. – Bernama

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Saturday, October 31st, 2015 EN

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