The volume of transactions in the Islamic fintech sector within OIC countries is expected to grow to USD128 billion by 2025, at a CAGR of 21%. As at January 2022, there were approximately 283 Islamic fintech companies worldwide, ranging from blockchain and data analytics, to name a few. Investment in Islamic fintech is also associated with impact investing, such as SRI and ESG – largely attributable to innovative services that make cross-border halal investing more accessible.
Labuan IBFC is committed to helping Malaysia develop a more sustainable Islamic finance sector, capitalising on its Shariah-compliant regulatory framework and suite of products and services. This is in line with the recently-launched Labuan IBFC Strategic Roadmap 2022 – 2026 which highlights Islamic finance as a prospective segment of growth.
To work towards this vision, Labuan IBFC has established an Islamic Digital Asset Centre (IDAC) which will serve as a complete digital ecosystem, bringing together technology solutions offerings in terms of fund raising and promoting economic development in other sectors within Islamic finance. IDAC will not only focus on leveraging cutting-edge technology such as blockchain in areas such as tokenizing sukuk, but will also capitalise on takafultech, expanding the range of products and services as well as serving the underserved by creating ummah-linked companies to achieve the maqasid (the objectives) of Shariah.
Hence, this session will witness the launch of IDAC, accompanied by a panel session that will see panellists share their insights on Shariah and ESG Issuances/Investment through Asset Tokenization including:
Join the session to discover the thriving digital ecosystem of Labuan IBFC and learn how the digital-friendly international business and financial centre has been playing an instrumental role in its position as a leader in the Islamic financial services.
Register now to secure your place on Tuesday, 4 October 2022 at 9.00am – 12.00pm.
Established by the Malaysian government in 1990, Labuan International Business and Financial Centre (Labuan IBFC) is a well-regulated and supervised jurisdiction, which adheres to international standards and best practices. It also provides fiscal neutrality and certainty in a currency-neutral operating environment.
The jurisdiction offers a wide range of business structures and investment solutions to facilitate cross-border transactions and international business dealings carried out by global investors and businesses. Key service areas include banking, insurance, wealth management, businesses related to the capital markets, leasing, money broking and commodity trading. The jurisdiction’s suite of solutions is available in conventional, Shariah-compliant and digital forms.
The Labuan IBFC jurisdiction is now home to more than 880 licensed institutions and more than 17,000 companies. Recent amendments to three principal Labuan IBFC legislations, namely the Labuan Companies Act 1990, Labuan Financial Services and Securities Act 2010 and Labuan Islamic Financial Services and Securities Act 2010 were made to further improve the investment environment in Labuan. In addition, the Labuan IBFC Strategic Roadmap 2022 – 2026 launched in June 2022 is aimed at transforming the jurisdiction into a hub for digital financial innovations.
The Labuan IBFC jurisdiction is supported by Labuan IBFC Incorporated (Labuan IBFC Inc), its official promotional and marketing agency, a wholly-owned subsidiary of the regulator – Labuan Financial Services Authority (Labuan FSA). Labuan FSA is a statutory body reporting to Malaysia’s Ministry of Finance.
Labuan IBFC Inc’s mission is to promote and develop the financial services industry in the jurisdiction. In view of this, a two-pronged approach is adopted whereby Labuan IBFC works closely with the industry to develop mutually rewarding engagements spanning the broad range of solutions and structures available in the jurisdiction and secondly, partnering with market players, the media and key influencers to curate a jurisdiction that is constantly evolving and adapting to the latest developments while adhering to the key principles of transparency and accountability.
Moderator:
Panellists:
Mr. Nik Mohamed Din is the Director General of Labuan FSA. Prior to his appointment, Mr. Nik Mohamed Din was the Director of Money Services Business Regulation, Bank Negara Malaysia (BNM) since 2016.
At his previous post, he was responsible for the regulation, supervision, policy-making and development of cross-border remittance, currency exchange and currency wholesale business in Malaysia. He joined BNM in 1991 and had served in various areas within the Central Bank, including bank regulation, Islamic banking and takaful as well as market development of international finance of the Labuan IBFC.
Mr. Nik Mohamed Din is the Vice Chairman of International Islamic Financial Market (IIFM). He is also Chairman of the Financial Stability Committee of Labuan FSA and a board of director of Financial Park (Labuan) Sdn Bhd.
Besides holding a Chartered Banker certificate from the Asian Institute of Chartered Bankers, Mr. Nik Mohamed Din holds a Bachelor of Science in Economics and Accounting from the University of Bristol and a Master’s degree in Business Administration from the University of Warwick.
En Jaffree Ismail is the Director of the Business Development Department and Acting Deputy Director General of Labuan FSA. He is also the Chief Executive Officer of Pristine Era Sdn Bhd, wholly owned subsidiary of Labuan FSA that is managing Labuan International School since 2018.
Currently, En. Jaffree oversees the operations of business policy, tax policy, Islamic policy, and authorization and licensing. Since joining Labuan FSA in 1999, he has served and held various positions in the Registrar of companies, business operations, legal and enforcement as well strategic developments.
En. Jaffree graduated with LLb (hons) from University Teknologi MARA in 1997 and was called to the Malaysian Bar in 1998. He is also a qualified financial investigator under the CFIP programme organised by BNM and MACC.
He is currently the Head of Islamic Finance in Labuan FSA. Previous positions were Head of Strategic of Cooperative Bank and General Manager of the Simpanan Shariah Department of Employees Provident Fund.
He was a Vice-President of Calyon Bank prior to him joining EPF. He was with Bank Negara Malaysia (BNM) for 15 years whereby he was actively involved in the development of Islamic Money Market and Isalmic Financial Market. His last position held with BNM was as a Manager of the Islamic Money Market.
Dr.C.K. Lee is a qualified member of the ACCA and Malaysia Institute of Accountants. He also has a professional qualification from Hong Kong Institute of Certified Public Accountants and extended his professional services covering accounting, tax, corporate structuring planning with the special focus on cross-border client nature.
He also established Cross-Border Business Association (CBBA) – a Non-Government Organisation (NGO) to provide information and professional advance in Cross-Border Business for its investment members.
From 1995 to 2013, he started his professional career as a Chartered Accountant in Malaysia, Hong Kong, and China. After GreenPro went public in 2013, CK started to take charge of the overall strategy and business direction of GreenPro Capital Group.
Datuk Prof. Dr. Mohamad Akram is currently the Executive Director of International Shari’ah Research Academy for Islamic Finance (ISRA) and Professor at International Centre for Education in Islamic Finance (INCEIF). Prior to joining ISRA he was an Assistant Professor at the Kulliyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University, Malaysia (IIUM). In the period 2002-2004, he was a Visiting Assistant Professor at the University of Sharjah, Sharjah, United Arab Emirates. At present, he is the Member of Bank Negara Malaysia Shari’ah Advisory Council, Chairman of Shari’ah Board of Employees Provident Fund Malaysia (EPF), Member of Shariah Supervisory Council of Labuan Financial Services Authority (FSA), Member of Board of Trustees of Malaysian Islamic Economic Development Foundation (YaPEIM), Member of Shariah Advisory Board ZI Shariah Advisory, Member of Shariah Advisor of Dar Al Takaful, Dubai, Member of Shariah Advisory Board, Eco Islamic Bank, Republic of Kyrgstan, Member of Shariah Advisory Council International Islamic Financial Market (IIFM),Bahrain, Member of Shariah Advisor of National Takaful Company PSC, Watania, Abu Dhabi, Member Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria, Member of The Panel of Recognized International Market Experts in Finance (“P.R.I.M.E. Finance”) and other Boards locally and internationally.
Datuk Prof. Akram holds a B.A. Honours degree in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan and a Ph.D. in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, United Kingdom. He has presented many papers related to Islamic Banking and Finance and other Fiqh topics at national and International level and has conducted many training sessions particularly on Islamic Banking and Finance for different sectors since 1999. He is a registered Shariah Advisor for Islamic Securities with the Securities Commission of Malaysia and has acted as Shariah advisor in the issuance of several sukuks. In addition, he is also prolific author of academic works specifically in the areas of Islamic Banking and Finance. He is the recipient of Zaki Badawi Award for Excellence in Shariah Advisory and Research. Recipient of the Most Outstanding Individual Contribution to Islamic Finance during KLIFF 2016 organised by CERT. Winner of the 2017/1439H Malaysian Islamic Personality Award conferred by The Government of Malaysia on the occasion of the birthday of the Prophet Muhammad (peace be upon him).
Aqim Marzuki is the founder and CEO of Cattle Queen Ranch(CQR), rearing thousands of cattle for the Malaysia market. “Sustainable Farming creates Sustainable Communities” is the principle behind her 1000 acre cattle farm in Kluang Johor.
Prior to this engagement, Aqim has worked with UN accredited international organizations on capital development and agricultural movement. Aqim is creating a sustainable shariah business model and farm practices that is applicable to small and medium scale farmers in South East Asia to transform economy status and uplift communities.
The communities that CQR engages with includes youth, educational institutes, farmers, local communities, small and medium enterprises and non government organizations She believes by practicing green initiates that is grounded by shariah principles, a farm serves a better and more holistic centre for communities to live and excel in life than the busy cities or factories.
Greg Miller was appointed Chair of the KiwiRail Board and Chair of The New Zealand Railways Corporation Board in November 2018, after a 32-year career in supply chain logistics domesti-cally and abroad. In May 2019, he was appointed Group Chief Executive Officer. Through his work as a Managing Director and Chief Executive of Toll, he led large global supply chain strategies across multiple transport modes including rail, road, ports, sea and air freight services, estab-lishing businesses across Asia, USA, Australia and the Pacific.
He has significant experience in business transformation acquisition and divest-ment, was previously a director and managing director of Tranz Rail Holdings subsidiary Tran-zlink International and a senior executive of the Mainfreight Group. Greg fostered the Maori trans-port network Te Kupenga Mahi and held former roles as the Kahui Ariki representative of the Maori King and Chair of the Waikato Tainui Tribal Parliament. He holds several directorships in New Zealand technology companies, bio-scienc-es and in the dairy sector. He is a director of the Asean Business Council, and a Fellow of the Chartered Institute of Transport and Logistics. Greg is of Nga Puhi/Ngai Te Rangi/Rongowhakaa-ta descent.