Labuan IBFC Inc Witnesses the Official Launch of Waafi Bank Ltd

The bank will serve the global Muslim diaspora and also act as a frontier bank to facilitate trade into Africa

Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc), the official marketing agency for the Labuan International Business and Financial Centre (Labuan IBFC), witnessed the official launch of Waafi Bank Ltd (Waafi Bank). The event was witnessed by Mr. Nor Rashidi Mohammad, Chairman of the Association of Labuan Banks; Mr. Syed Muhammad Abbas Taqvi, Head of Labuan Branch, Bank al-Habib Limited; Mr. Guill Alvarez Lawrence Jomiji, Senior Manager, Ambank (M) Berhad, Labuan Offshore Branch; Dr. Mohamed Ashraf Iqbal Mohamed Iqbal, Chairman, Waafi Bank Ltd; and Dr. Mohamed Qalib Daqane, Director, Waafi Bank Ltd.

Waafi Bank is only the second bank from Africa to establish its operations in the Labuan IBFC jurisdiction and is the first conventional bank from Africa with an Islamic window licence. As such, the establishment, and presence of Waafi Bank in the Labuan IBFC jurisdiction will further pave the way to promote to, and penetrate the African market.

Waafi Bank’s key focus areas complement the jurisdiction’s recently launched roadmap in terms of providing digital Islamic products and services in the Labuan IBFC jurisdiction. Furthermore, the bank’s dual business strategy of providing Shariah-compliant digital banking services and credit facilities to the global Muslim diaspora and supporting trade from the Far East into Africa will indirectly promote awareness on the business opportunities available in the jurisdiction.

Commenting after witnessing the launch, Datuk Iskandar Mohd Nuli, Executive Chairman of Labuan IBFC Inc said, “Labuan IBFC Inc is most honoured to welcome Waafi Bank to the Labuan IBFC jurisdiction. We are confident that the jurisdiction’s strategic location as well as progressive tax and regulatory frameworks will be more than sufficient to meet the requirements of Waafi Bank. We are also positive that our existing professional service providers, business intermediaries, corporate vehicles and legal frameworks will be able to facilitate and serve the operational and business needs of Waafi Bank.” Datuk Iskandar further expressed his gratitude to Waafi Bank for choosing the jurisdiction as its base.

Dr. Mohamed Ashraf Iqbal, Chairman of Waafi Bank Ltd commented, “Waafi Bank is not a digital bank but everything that we do, will be done digitally. Our business model only exists because of what digital technology gives us which is an instantaneous global reach without cost.” He further elaborated, “The two areas of technology that are rapidly evolving which are the retail space and trade finance dovetails nicely with our vision.”

As Malaysia’s international business and financial centre, Labuan IBFC currently houses and supports more than 880 licensed institutions and more than 17,000 companies. These include international organisations in banking, leasing, capital markets, insurance, reinsurance, risk management and wealth management.

For more information on Labuan IBFC, please refer to www.labuanibfc.com.
Media Contact

Labuan IBFC

Lalitha Sivanesan
lalitha@libfc.com
+6012-314 1194


ABOUT LABUAN IBFC
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through its internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in the Asia Pacific region.

It offers global investors and businesses the benefits of being in a well-regulated jurisdiction, while providing for fiscal neutrality and certainty, in addition to being an ideal location for substance creation.

Labuan IBFC boasts a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings. It offers services and solutions in niches such as asset leasing, risk management, commodity trading, wealth management, international business companies and Islamic financial services to global businesses looking at penetrating Asia and Asian entities aiming to go global.

Labuan IBFC operates within clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan Financial Services Authority.

To keep up with everything about Labuan IBFC, follow Twitter or Facebook @LabuanIBFC. Alternatively, visit www.labuanibfc.com

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