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Labuan FSA Unveils New Labuan International Waqf Foundations
Hailed as the first of its kind, Labuan Financial Services Authority (Labuan FSA) on 6 February 2015 issued guidelines on the establishment of Labuan international waqf foundations, which will come into effect on 1 March 2015.
 
A Labuan international waqf foundation is an Islamic foundation that is established to hold waqf properties, with the objective of managing waqf properties for identified beneficiaries and purposes based on the Shariah principles on waqf. Examples of different types of waqf that can be set up include the following, among others:

  • charitable waqf (al-waqf al-khai’ri
  • family waqf (al-waqf al-ahli
  • joint waqf (al-waqf al-mushtarak
  • self-dedicated waqf (al-waqf ala al-nafs). 

The guidelines outline the procedures and regulatory requirements for the establishment of an international waqf foundation in Labuan International Business and Financial Centre (Labuan IBFC). It also aims to promote best practices in managing waqf assets, taking into consideration the best interests of the beneficiaries and desired intentions of the founder.

A sample charter (waqfiyyah) is provided in the guidelines’ appendix, which will serve as a helpful reference to founders who intend to establish a waqf foundation in Labuan IBFC.

For the comprehensive guidelines on the establishment of Labuan international waqf foundations, please click here or refer to the attachments.

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