Malaysia’s Finance Minister says Labuan IBFC Could be Instrumental in Expanding the Country’s Islamic Fintech

Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, Malaysia’s Minister of Finance has stated that the Labuan International Business and Financial Centre (Labuan IBFC) can be the platform to increase the country’s digital Islamic finance capabilities. Tengku Zafrul added that in order to achieve this goal, the Government of Malaysia will collaborate with the relevant stakeholders.

Why it Matters?

According to Tengku Zafrul, the Government is ready to widen digital Islamic finance as an alternative to conventional financial technology (fintech) mostly as the economy starts to recover and pick up speed in 2022. Moreover, Tengku Zafrul hopes that a complete range of Shariah-compliant products and structures to suit the demands of global in...