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Labuan IBFC has successfully developed and incorporated Islamic finance into its conventional financial services industry and is globally recognised as a pioneering jurisdiction in Islamic finance. Growing from strength to strength, we are now home to the world’s first omnibus legislation which encompasses all requirements for Sharia-compliant financial services and streamlines procedures for all Sharia-related activities. Islamic Financial services is a long standing pillar of the jurisdiction, allowing Labuan a first mover advantage in this ever growing area of financial services. Development of the Labuan Islamic Financial Services and Securities Act 2010 is testament to this fact and serves to further strengthen Labuan’s leading position in this area. As the world’s first omnibus legislation governing all Islamic business for an international financial centre, it has clarified, streamlined and consolidated all aspects of Islamic finance in Labuan. Every aspect of Islamic Financial Services is covered in the Act including Banking, Takaful, Retakaful, Sukuk issuance, Wealth and Fund management. The Act has also introduced changes to the Sharia governing system in Labuan IBFC by establishing Sharia Supervisory Council and all rulings made by the Council are now deemed admissible in Court. With an all encompassing dedicated Act, Labuan IBFC provides a greater degree of comfort and certainly in Islamic financial services, reinforcing our position as the world’s leading Islamic financial centre.
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