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March 2020
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.

The digital tsunami coursing through all facets of modern life continues to make its mark especially with the exponential growth of digital financial services. While the US is typically known to be a leader in digital technology, Asia is increasingly acknowledged to be an undeniable growing force, especially...

Malaysian-based mobile banking and investment trading platform provider Neurogine Group intends to collaborate with Universiti Malaysia Sabah’s Labuan International Campus (UMSKAL) to groom and mentor talents as well as provide new solutions for global financial markets.

Straits Inter Logistics Bhd today signed a binding definitive agreement with Labuan Port Authority to operate and manage the Labuan Liberty Terminal, after announcing the six-year contract in January.

The Guernsey Financial Services Commission (GFSC) has signed an MoU with Labuan Financial Services Authority (Labuan FSA) to widen links internationally and to raise the standards of financial services regulation worldwide.

Anyone who has ever visited Labuan knows about the island’s most famous and historic landmark – a chimney, constructed in about 1900. But what it is, and why it was built, has puzzled people for decades.

The acquisition, the insurance sector's largest ever, unifies the second and third largest brokers globally into a company worth almost US$80 billion, overtaking market leader Marsh & McLennan Companies Inc.

As I write this note, most, if not all of us have only one thing on our mind. The safety and health of our loved ones, ourselves and the community we live in. I would like to take a moment to send our thoughts and best wishes to you our “Labuan global family”, as collectively we rekindle the spirit of collaboration and empathy to overcome these challenging times.

In the meantime, am pleased to say business is as usual at Labuan IBFC Inc and any disruption if at all, will be minimal as alternative work arrangements are in place. Of course, as a market development unit, travel restrictions have had a profound impact on how we access and develop markets, but we also recognise challenges are opportunities!

Am pleased to announce the impending launch of our joint white paper with Singapore Management University entitled “Philanthropic Structuring: The Asian Context Paving the Way to Strategised, Sustainable and Impactful Giving”. It has been a joy working with Professor Tang Hang Wu and team on this paper, which aims to develop structured giving in Asia, facilitating financial inclusion and reducing the wealth gap in the region.

So please watch this space! In the meantime, to all our friends, near and far, please stay safe!

Farah Jaafar-Crossby
Chief Executive Officer, Labuan IBFC Inc

The banking industry has enjoyed over a decade of growth and relative prosperity. As the effects of coronavirus, or COVID-19, are felt in the banking industry, it is more important than ever to be aware of the changing banking ecosystem and make significant business model adjustments that reflect new competitors and new consumer expectations.​

Over the past decade, Islamic finance has grown at a significant yearly pace of 10 to 12 percent. International conferences on Islamic finance are being held almost every month around the world, hosted by countries such as Argentina, Spain, France, Turkey and many more. As of July 2018, it was reported that Islamic finance was a US$2.2 trillion industry, spread over more than 60 countries and expected to grow to US$3.8 trillion in value by 2022.

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