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April 2018
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.

Labuan IBFC has made changes to ensure an uninterrupted history of compliance, commitment to international standards key to the jurisdiction’s and to Malaysia’s reputation.

Global financial centres have been under the public spotlight since the Global Financial crisis of 2008, a decade on, fundamental changes are still being introduced to conform to the global requirements for higher transparency and substance creation. For Labuan International Business and Financial Centre (Labuan IBFC), the levelling of the “international playing field” and the shrinking of regulatory arbitrage has meant that its inherent proposition as a Asian-based cost-efficient, substance-enabling midshore jurisdiction has come of age...

The asset leasing industry is expected to have a bright prospect in Asia, with a projected annualised volume growth of 10-18 per cent, said Labuan International Business and Financial Centre (Labuan IBFC) Chief Executive Officer Farah Jaafar-Crossby.


The briefing paper explores some of the matters discussed at the Labuan IBFC Asset Leasing Symposium 2018, being the drivers for the new Guidelines, what clarifications on the operational and substance requirements were provided, the points discussed and issues raised at the symposium and also the thoughts of the writers on the clarifications which were provided.

Marko Milek, Head of State Street Global Exchange, APAC, in Hong Kong talks about the importance of data and how to convert the data into insights which is especially useful in the wealth management space.


According to Christian Mumenthaler, CEO of Swiss Re, technology is expected to fundamentally change the insurance value chain in the coming years.


Beijing’s long-term objective of making the Chinese yuan or renminbi (RMB) an international currency ran into headwinds when the currency depreciated against the US dollar between 2014 and 2016, undermining investor interest in RMB-denominated assets and reserves.


It has certainly been a strong start to the first quarter, and I would like to thank everyone for their kind support during my first 100 days as CEO. I am looking forward to your support towards building a stronger jurisdiction for all.

Keeping to the pace, we will be in Gulf in the 3rd week of April, attending as well as hosting conferences and market development meetings with tax and wealth intermediaries in Dubai, Abu Dhabi and Bahrain.

We believe our position as an Asian substance-enabling, cost-effective, midshore intermediation centre is a key to attracting even more Gulf-based businesses and families to Labuan IBFC. Of course, our unquestionable leadership in Islamic Finance is a distinct added advantage!

Finally, thank you for the support shown towards the recently concluded Asset Leasing Symposium 2018. For those unable to attend, the presentation decks are now available here and videos will be uploaded soon. Our article this month focuses on the need for the revision to the Guidelines and recaps the key changes.

Till next month, happy reading.


Farah Jaafar-Crossby
Chief Executive Officer, Labuan IBFC 

8.00 AM - 5.00 PM
Dubai, United Arab Emirates

2.00 PM - 5.15 PM
Dubai, United Arab Emirates

9.00 AM - 5.00 PM
Kuala Lumpur, Malaysia

1.30 PM - 5.30 PM
Tokyo, Japan

1.30 PM - 5.30 PM
Osaka, Japan


The proposed Labuan-Menumbok Bridge is scheduled for completion in 2023 and its techno-economic feasibility study for the proposed project will be completed in December this year.

The World Bank and the Saudi-based Islamic Development Bank want to increase the use of long-term investments in Islamic finance, tasking the industry with reducing its reliance on Islamic banks in favor of a wider array of institutions.

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