Islamic Offshore (Labuan)

UAE Laws and Islamic Finance

An Example For the World

In November 1989, the Malaysian government announced that the Federal Territory of Labuan would be given the status of an International Offshore Financial Center.  (IOFC)  Consequently, Labuan Offshore Financial Service Authority (LOFSA) was established on February 15, 1996 under the Labuan Offshore Financial Services Authority Act 1996.  LOFSA initiated its operations in March of 1996 and is the single regulatory authority of the financial services sector  in Labuan.

Labuan Offers the following non-exhaustive List of Services:

Islamic Financing

Islamic Insurance (Takaful)

Islamic Reinsurance (re-Takaful)

Islamic Trust

Islamic Investment Funds

Islamic Capital Market Instruments

Islamic Code of Conduct

The Islamic Code of Conduct is based on Shari’ah principles and is the origin and basis of Islamic banking/insurance and finance principles with a strong emphasis on Muamalat (social, financial, and economic affairs of personal relationships).  Under this principle, legislation should not contradict pre-ordained divine laws to meet the needs…

View original post 947 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: