Labuan International Offshore Financial Center (Labuan IOFC): Performance, Challenges and Prospects
Labuan was declared as an International Offshore Financial Centre (IOFC) in 1990, with a goal of developing an international Malaysian capital market. Malaysian government has spared nothing in building up-to-date infrastructures in Labuan to portray the image of world class IOFC. Its objective...
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| Main Authors: | , |
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| Format: | Book chapter |
| Language: | English |
| Published: |
Kolej Universiti Islam Malaysia
2012
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| Online Access: | http://ddms.usim.edu.my/handle/123456789/5585 |
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| Summary: | Labuan was declared as an International Offshore Financial Centre
(IOFC) in 1990, with a goal of developing an international Malaysian
capital market. Malaysian government has spared nothing in
building up-to-date infrastructures in Labuan to portray the image of
world class IOFC. Its objective is to be a financial 'supermarket'
offering a wide range of offshore financial products, which
specializes in Islamic financial instruments. Labuan has done well at
the onset of its operation by attracting some renowned world-class
international banks, including triple-A rating of Bayerische
Landesbank. However, the financial crisis that hit Asia in 1997 did
indeed some damages to the rising IOFC. In the meantime, many
Islamic countries are also in doubt on some of its Islamic financial
instruments, making its niche fumbled. Recent developments in
Islamic financial instruments, nevertheless, have given Labuan its
much needed vehicle to survive and excel. |
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