Labuan FSA Wins ‘Best International Jurisdiction For Islamic Banking & Finance 2024
By Jailani Hasan
LABUAN, Sept 23 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) has been named the ‘Best International Jurisdiction for Islamic Banking and Finance 2024’ at the 14th Global Islamic Finance Awards (GIFA).
Labuan FSA director-general Nik Mohamed Din Nik Musa said the award recognises Labuan FSA’s pivotal role in advancing Islamic finance within the Labuan International Business and Financial Centre (Labuan IBFC), particularly through its promotion of the Islamic Digital Asset Centre (IDAC) initiative.
“We are deeply honored to be recognised as the Best International Jurisdiction for Islamic Banking & Finance 2024 by GIFA.
“This award validates our continuous efforts to advance Islamic finance globally,” he said in a statement to Bernama today.
Nik Mohamed Din said the award was presented during the GIFA gala dinner on Sept 17 in Maldives, which was attended by key figures from the Islamic finance sector, including leaders from top financial institutions and regulatory bodies.
During the event, Labuan FSA’s former chairman Tan Sri Dr Zeti Akhtar Aziz was also honoured with the GIFA Lifetime Achievement Award in Islamic Banking and Finance, in recognition of her outstanding contributions to the global Islamic financial system.
“Her leadership has been instrumental in positioning Labuan IBFC as a hub for Islamic finance, attracting numerous Islamic banks and Sukuk issuances,” he said.
Meanwhile, Nik Mohamed Din said since its launch in October 2022, the IDAC initiative has introduced innovative platforms such as the Islamic digital exchange, enabling the issuance, listing and trading of Shariah-compliant securities tokens, or RAMZ (Arabic for digital tokens).
“This platform has opened new fundraising opportunities for corporations and small and medium enterprises, with four RAMZs currently listed, representing a combined value of US$800 million (US$1=RM4.20),” he said.
He added that Labuan is expected to become a key player in the global digital financial space, with a focus on environmental, social and corporate governance and Shariah-compliant activities.
He also highlighted the Labuan IBFC’s Masterplan, which includes the world’s first Shariah-compliant blockchain hub and new incentive packages for Islamic digital banks under the i-Box regulatory sandbox, emphasising its commitment to innovation and excellence in the Islamic finance sector.
--BERNAMA