LABUAN FSA AWARDED “BRANDLAUREATE E-BRANDING BESTBRANDS AWARD FOR FINTECH ISLAMIC FINANCIAL SERVICES”

Kuala Lumpur, Malaysia, 9 December 2022 /PRNewswire/ — Labuan Financial Services Authority (Labuan FSA) received an accolade as the BrandLaureate Brand of the Year Awards 2022 when it was awarded “The BrandLaureate e-Branding BestBrands Award for Fintech Islamic Financial Services”. At a glittering awards gala held at the Majestic Hotel on Wednesday, 7 December 2022the Director General of Labuan FSA, Mr Nik Mohamed Din Nik Musa was presented with the award by guest of honor Tan Sri Rainer Althoff and Dr. KK Johan, world president of The BrandLaureate Awards. The award is in recognition of Labuan FSA’s contribution to promoting Islamic finance, particularly in relation to the initiative to promote Labuan as an Islamic Digital Asset Center (IDAC) embedded in the Labuan IBFC Strategic Roadmap 2022-2026.

The Labuan Islamic Digital Asset Center or IDAC was unveiled in October 2022, makes virtual listing available using blockchain technology to enable global investors looking for new asset classes, including Shariah-compliant digital investment products, to use Labuan IBFC. Shariah-compliant products are in the form of security token offerings issued by companies seeking to raise funds and securitize their assets and are traded on the stock exchange. In pursuit of Labuan’s ambition which Asia’s Islamic Finance Centre, Labuan FSA has issued the Guidance Note on Issuance of Green, Social and Sustainable Sukuk, and will launch relevant guidelines for digital assets and RAMZ (Arabic term for token) in the near future, to further strengthen the governance of the centre. This is in line with the strategic roadmap which expects Labuan IBFC to play a more significant role as a hub for fundraising and investment in the global digital space, with a niche in ESG and Shariah compliant activities.

MR. Nik Mohamed Din so, “Labuan FSA is honored to receive BrandLaureate eBranding BestBrands Award for Fintech Islamic Financial Services”. This award recognizes and affirms Labuan FSA’s efforts and commitment to promoting IDAC. Earning the award is also a collective reflection of the achievement of the Labuan IBFC industry to expand and innovate Shariah finance business.

Labuan’s role in Islamic finance is gaining strength underpinned by the extensive infrastructure that supports and provides security as well as integrity for Sharia-based structures. Started with only two Islamic banks in the year 2000, the number grew to 19 Islamic banks including windows with total Islamic banking assets of over USD 1.9 billion per 2nd quarter 2022. A similar trend has been observed in the retakaful sector, where the number of operators increased from 3 to 29 from the year 2000 to June 2022and the re-takaful contribution stood USD 59 million starting in the first half of 2022. The Labuan FSA will continue to provide thought leadership and formulate strategic policies to enhance Labuan as an Islamic Digital Asset Center or IDAC for Asia and beyond. Labuan Financial Services Authority 8 December 2022

SOURCE Labuan FSA