Labuan IBFC Positioning Itself to Become a Global Digital-Based Gateway with Islamic Finance Capabilities

Labuan International Business and Financial Centre (Labuan IBFC), a special economic zone of the Government of Malaysia, is positioning itself to become a digital-based gateway with Islamic financial capabilities for global investors and players, according to a statement issued on the 22nd of October 2021. Labuan IBFC comes under the Labuan Financial Services Authority (Labuan FSA), which provides a licensing regime to support the evolving digital financial landscape, permitting digital financial services (DFS) firms to operate within a live market environment.

Why it Matters?

According to Nik Mohamed Din Nik Musa, Director General of Labuan FSA, the digital transformation in Islamic finance contributes to the innovation and evolution of Islamic fina...