As the financial world churns with turbulence, Islamic financial services are increasingly being regarded as a viable alternative to conventional finance. Indeed, these products are gaining popularity among both Muslims and non-Muslims.
Islamic finance advocates real asset financing and investment, which departs from money lending and highly speculative financial activities. Importantly, Islamic finance detaches itself from the conventional interest-based pricing mechanism.
The specific benefits of conducting Islamic finance activities in Labuan are many, among them being Malaysia’s recognised leadership and reputation as a global hub for Islamic finance. Access to Labuan IBFC’s own Shariah Advisory Council for endorsement and advice on new products and structures is another advantage. Since Labuan Financial Services Authority (Labuan FSA) is a founder member, it contributed significantly to the establishment of the Malaysia International Islamic Financial Centre (MIFC), which, together with Labuan IBFC play active and complementary roles in attracting Islamic finance heavyweights to our shores.
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Labuan is unique in that it is probably the only jurisdiction with specific legislation relating to Islamic finance. The all-new Labuan Islamic Financial Services and Securities Act 2009 (LIFSSA) effective from February 11th. 2010 is a comprehensive set of regulations, covering the full spectrum of Islamic finance activities permitted in Labuan.
On the world stage, Labuan FSA continues to strengthen its ties with the International Islamic Financial Market (IIFM), of which it is a founding member, leveraging this relationship on behalf of Labuan financial institutions.
Add to this a wide range of tax incentives and access to Malaysia’s Double Tax Agreements with 69 countries, and we believe we’re justified in claiming leadership in this arena.