Labuan IBFC Recognised As Leading Global Islamic Wealth Management Centre

KUALA LUMPUR, Jan 15 (Bernama) -- The Labuan International Business and Financial Centre (Labuan IBFC) has won an accolade as a leading Islamic wealth management provider in a survey conducted by London-based Edbiz Consulting. In a statement Friday, Labuan IBFC said nearly 55 per cent of more than 10,000 global respondents recognised it as a leading Islamic wealth management provider. "Malaysia is recognised as one of the most developed jurisdictions in Islamic financial services, boasting a comprehensive regulatory framework for Islamic banking, finance, takaful as well as asset management," Labuan IBFC Chief Executive Officer Danial Mah Abdullah said. "As an extension of this, Labuan, as Malaysia’s international business and financial centre is a natural choice for Syariah-compliant wealth management solutions," he said. He described the Islamic finance advisory firm Edbiz Consulting's survey as timely in view of the number of Islamic high-net-worth individuals looking for Syariah-compliant types of investment is growing and Islamic wealth management is fast becoming the new frontier for the Islamic finance industry. "The growing investor demand and awareness, coupled with evolving market dynamics had created a greater demand for Syariah-compliant solutions," he added. Meanwhile, Edbiz Consulting Chairman Prof Humayon Dar said with increasing number of Muslim individuals and families appearing in the global wealth list and growth in Islamic financial assets, it is not unrealistic to assume that there is an upsurge in Islamic wealth globally. The report, which was it was part of the recently launched co-branded Islamic Wealth Management Report 2016, could help assist the players to narrow the demand supply gap. It is aimed at assessing the knowledge, attitudes and practices towards Islamic wealth management in order to better understand the demand for Syariah-compliant wealth management services within the investing community and their clienteles. According to Thomson Reuters, 84 per cent of the total Islamic assets under management were held in eight countries, with Saudi Arabia and Malaysia accounting for 69 per cent of the total in 2014. -- BERNAMA