Labuan FSA To Launch Five-Year Blueprint To Boost Islamic Finance

LABUAN, April 10 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) is set to launch a new five-year blueprint by the end of this year or early next year, with a strategic focus on strengthening Islamic finance and the digital economy.

Its Director-General Affendi Rashdi said the blueprint, covering the period from 2027 to 2031, will replace the current 2022–2026 framework, which is scheduled to expire at the end of this year.

“We are still refining two other key areas in the blueprint. We need both bottom-up and top-down approaches to further the performance of the Labuan International Business and Financial Centre (Labuan IBFC),” he told a press conference here yesterday.

Affendi said the improved Labuan IBFC ranking in the Global Financial Centres Index (GFCI 39) — it advanced to 55th position from 60th previously — is an achievement for Labuan and Malaysia.

He added that the centre’s innovation capabilities in financial technology have also strengthened significantly, with Labuan IBFC ranking 37th globally in fintech offerings, placing it ahead of several major regional financial centres.

“We will continue to build on this momentum,” he said.

Affendi also emphasised that Labuan FSA, as the regulator of the island’s financial services industry, is focusing on translating these positive developments into tangible benefits for the real economy.

“We need to work closely with Labuan Corporation on this, leveraging the infrastructure within the IBFC to contribute meaningfully to Labuan’s real economic growth,” he said.

-- BERNAMA