Ali Abdul Hassan Sulaiman, Chairman of the Labuan Offshore Financial Services Authority, announced yesterday that the Labuan International Financial Exchange, an international Islamic money market and e-commerce gateway, would be established this year on the island.
Mr Ali said the Exchange, to be established as a subsidiary of the Malaysian Kuala Lumpur stock exchange, would provide listing and trading facilities for investment funds and structured debt instruments based on both Islamic and conventional principles. The new exchange will be Internet-based and will trade in US dollars. Companies would be considered for listing from April. The Islamic money market is expected to start in October, he added.
Presenting the Authority's annual report, the Chairman said that the offshore banking industry on the island returned to the black last year as Asia's economic crisis eased, registering a combined pre-tax profit of US$57 million, compared with a US$268.9 million loss the previous year. "The turnaround in performance was made possible following the improved business environment in the region," Mr Ali said.
The number of new companies incorporated or registered in Labuan last year was 396 compared with 268 in 1998. In 1999, Labuan liberalised its entry criteria for offshore banks.
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