The significance of the Labuan International Business and Financial Centre in Malaysia / Imelda Jeimis

The Labuan Financial Services Authority (Labuan FSA), formerly known as Labuan Offshore Financial Services Authority (LOFSA) was set up on 15 February 1996 as a single regulatory body to spearhead and coordinate efforts to promote and develop Labuan as an International Business and Financial Centre (IBFC). Its establishment further underscores the government's commitment to make Labuan a premier IBFC of high repute. Labuan FSA is expected to streamline the government machinery in supervising the International Business and Financial Centre and undertake research and development works as well as to draw up plans for further growth and greater efficiency of the Labuan International Business and Financial Centre. The challenge for Labuan Financial Service Authority is to strategically position Labuan as a vibrant financial centre region. Towards this end, Labuan FSA currently embarks on a two-prong plan to develop the Labuan IBFC by creating an integrated business and financial centre which offers a wide range of products and services including the development of Islamic instruments and providing a legal framework conducive for the development of industry in Labuan IBFC.