MALAYSIA: The Labuan International Business and Finance Center (Labuan IBFC) is seeking to attract Islamic wealth management assets from Asia Pacific, as personal wealth in the region continues to grow in tandem with strong economic growth.
Ahmad Hizzad Baharuddin, the director general of the Labuan Financial Services Authority, noted that Labuan IBFC has implemented initiatives such as the Labuan Islamic Financial Services and Securities Act 2010 to provide for a range of Shariah compliant wealth management vehicles.