The Labuan Offshore Financial Services Authority (LOFSA) has issued a circular to the jurisdiction's finance industry outlining new guidance on the format for submission of Islamic product instruments.
The guidance aims at standardising information submitted by offshore financial institutions for approval and endorsement by LOFSA and the Shariah Advisory Council (SAC).
Efforts are continuing to be directed at further developing Islamic banking in Labuan, in line with the strategic move to promote Islamic finance in the Labuan IOFC and to tap into the large pool of investible wealth in the Middle East which is estimated at some $1 trillion.
In 2005, there were three full-fledged Islamic offshore banks and three Islamic investment banks operating in Labuan. As at end-2005, the total Islamic banking assets of the industry, including those of conventional offshore banks with Islamic windows, accounted to USD708.9 million (2004: USD678.7 million), and represented 3.9% of the total assets of the offshore banking industry (2004: 3.4%).
LOFSA is also keen to develop Labuan as a major centre of Islamic reinsurance, and the regulator is developing a framework to allow more conventional reinsurers to establish a retakaful division in Labuan.
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