Bank Negara Malaysia said last week that Citibank Bhd's vice-president, Noorazman Abdul Aziz, has been appointed the new director general of Labuan Offshore Financial Services Authority (LOFSA).
The appointment of Noorazman Abdul Aziz will take effect on May 1 2001 and will see current chief Mohd Razif Abdul Kadir return to his role as assistant governor of Bank Negara.
LOFSA was established as a regulatory body in 1996 to spearhead and co-ordinate efforts to promote and develop Labuan as a first-class international offshore financial centre. The new director general will now take up the challenge of creating an offshore centre which can offer a wide variety of offshore products including the development of Islamic instruments, and providing a legal framework necessary for the development of a prosperous offshore sector.
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