Labuan FSA, in collaboration with the Labuan International Insurance Association (LIIA), the Malaysian Institute of Insurance (MII) and the Chartered Insurance Institute UK (CII) has introduced a Professional Certification and Development Programme for appointed representatives of Labuan life insurance broking companies carrying on "client advising" and/or "client facing" activities.
All Labuan life insurance broking companies are required to comply with Labuan FSA’s guidelines and ONLY employ financial advisers and/or business development managers/coordinators who have acceptable qualifications as per the programme or received equivalent credits to provide client advising or client facing activities, respectively, for and on behalf of their companies.
Labuan banking means the business of receiving deposits on current accounts, deposit accounts, savings accounts, and includes the investment banking business, Labuan financial business, Islamic banking business and such other transactions and terms and conditions as specified by Labuan FSA in any currency including Malaysian Ringgit where permitted by Bank Negara Malaysia.
Investment banking means the business of providing credit facilities and consultancy and advisory services relating to corporate and investment matters, including making investments on behalf of any person. Other activities include undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities.
Islamic banking is defined as a banking business that is in accordance with Shariah principles.
Organisations that meet the following minimum criteria may apply for a Labuan banking licence:
RM10 million or its equivalent in any other currency.
