Captive Insurance Industry News | Labuan IBFC publishes strategic roadmap

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The Labuan International Trade and Financial Center (Labuan IBFC) has released its Strategic Roadmap 2022-2026. The roadmap outlines five main areas the company wants to focus on.

The first of these is to consolidate the position of Labuan IBFC as a dynamic and sustainable international center. The company will connect Asian markets to promote economic growth, while contributing to Malaysia’s national economy. This initiative is based on the fact that Labuan IBFC is a stable and well-regulated market with comprehensive financial offerings, including digital innovations.

The company also emphasizes the importance it places on ESG and Shariah-compliant digital solutions.

Second, the company will aim to unlock business opportunities from current developments and growth potentials in Asia. This component of the roadmap follows the activities of Labuan IBFC over the past 10 years and pursues the company’s intercontinental connectivity objectives.

The roadmap also contains updates to the 2018 three-year transformation plan. Continuing with its previous strategies, the company aims to strengthen market stability by building on the experience of the past three years.

Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026 and Securities Commission Malaysia’s Capital Market Masterplan 3 were also released recently. Labuan IBFC aims to work alongside these other growth plans to advance the Malaysian financial markets as a whole.

Labuan IBFC experienced significant growth in the first half of 2022, with its insurance industry’s total gross premium recorded at US$993 million.

In his keynote address at the 2022 Malaysian Finance Association International Conference, Nik Mohamed Din Bin Nik Musa, Managing Director of Labuan FSA, said: “The roadmap articulates the priorities and new initiatives to be pursued in the short and medium term, with the objectives of creating greater sustainability and efficiency of businesses with defined niches, to achieve greater market relevance, inclusion and synergy between Labuan IBFC and Labuan Island. The approach is two-pronged to reach the international market virtually, as well as physically face-to-face.

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