Labuan, 1 December 2023 – Labuan IBFC Inc. Sdn. Bhd. (Labuan IBFC Inc.), the official promotional and marketing arm for Labuan IBFC, hosted a year-end appreciation dinner at the Labuan Golf Club. The dinner, which had over 100 attendees, was attended by Labuan and non-Labuan stakeholders, including exco members from the Labuan Investment Bank Group, Labuan International Insurance Association, Association of Labuan Banks and Association of Labuan Trust Companies. Labuan Financial Services Authority representatives were also present, as were associates from Labuan’s digital financial services space and members of the media.

The dinner kicked off with a cocktail session, allowing attendees to network, as well as share their thoughts on the gains made, challenges faced, and trends observed by the Labuan industry in 2023. It was indeed a unique opportunity for Labuan industry representatives to mingle and discuss shared commonalities and find solutions to common issues.

This was followed by welcome remarks by Labuan IBFC Inc.’s Executive Chairman cum CEO, Datuk Iskandar Mohd Nuli who thanked the Labuan industry for working tirelessly to ensure the jurisdiction’s continued competitiveness vis-a-vis other financial centres. He reiterated that both captive and Islamic finance will continue to be Labuan IBFC Inc.’s key verticals for the upcoming year, also adding that “Labuan IBFC is also poised to tap into the growing demand for wealth and fund management services, and to leverage on our expertise in commodity trading.”

Next was a special presentation on Labuan IBFC Inc.’s achievements for 2023, whereby we consolidated our position as the region’s captive hub with 71 captives incorporated and a very successful hosting of our flagship event – the Asian Captive Conference 2023 which attracted participation from 300 global attendees and was supported by almost 25 partners and sponsors.
 
We made meaningful strides in promoting awareness of the Islamic Digital Asset Centre (IDAC) and made significant inroads in China, one of our key target markets. We also signed an MoU with Qatar Financial Centre Authority to ensure mutual market growth and development. Finally, we are proud to announce that we finished the year strong by receiving the Highly Commended Award for International Captive Domicile 2023, awarded by the Captive Review European Awards.

Post-presentation, attendees availed themselves to a delicious buffet spread. The night ended on a high note, with all stakeholders of the Labuan industry ready to take up Labuan IBFC Inc.’s call to work more collaboratively in our efforts to bring the jurisdiction to greater heights.