Press Release on Labuan FSA Presents 2024 International Finance Lecture Series - Navigating The Intersection Of Islamic Finance and Innovation
Press Release on Labuan FSA Presents 2024 International Finance Lecture Series - Navigating The Intersection Of Islamic Finance and Innovation
Labuan, 8 November 2024 – Labuan Financial Services Authority (Labuan FSA) has successfully hosted the Labuan International Finance Lecture Series 2024 in Labuan, themed “Synergising Digital Innovation & Islamic Finance”. The event brought together nearly 200 industry leaders, experts, and stakeholders to discuss the integration of digital transformation and Islamic finance, with Labuan International Business and Financial Centre (IBFC) as the hub for Islamic digital finance.
The annual event commenced with the welcoming remarks by Mr. Nik Mohamed Din Nik Musa, Director General of Labuan FSA. In his speech, he emphasised the importance of embracing digital innovation to enhance the Islamic finance sector’s growth and sustainability. He said “the integration of financial technology innovation and Islamic finance presents unique opportunities to enhance transparency, fairness, security, and efficiency in our financial systems. This convergence is revolutionising traditional practices, reshaping the finance industry, and expanding access, facilitating greater inclusion in the digital age.”
The lecture series kicked off with an insightful keynote speech by Mr. Mohammad Ridzuan Abdul Aziz, Country Director and Head of ASEAN Business at World Remit, as well as the former President of the Fintech Association Malaysia. Titled “Harnessing Digital Transformation through AI Initiatives & Blockchain Innovation,” his keynote captivated the audience with valuable insights into the latest advancements in artificial intelligence and blockchain technology and their transformative applications in the financial industry.
Following the keynote, the session continued with a dynamic panel discussion with distinguished panellists - Mr. Razi Shafeek Fakih, a member of Shariah Supervisory Council of Labuan FSA and Mr. Fuad Alhabshi, Executive Director of Halogen Capital Sdn. Bhd. The session was moderated by Mr. Ja’afar Rihan, Head of the Islamic Business Development Unit of Labuan FSA. The discussion delved into Shariah compliance in digital transformation and exploring how Maqasid Shariah can be integrated within digital financial ecosystems. The conversation also highlighted the intersection of blockchain technology and Shariah principles in Islamic finance, providing thought-provoking perspectives on their potential synergy.
The annual event commenced with the welcoming remarks by Mr. Nik Mohamed Din Nik Musa, Director General of Labuan FSA. In his speech, he emphasised the importance of embracing digital innovation to enhance the Islamic finance sector’s growth and sustainability. He said “the integration of financial technology innovation and Islamic finance presents unique opportunities to enhance transparency, fairness, security, and efficiency in our financial systems. This convergence is revolutionising traditional practices, reshaping the finance industry, and expanding access, facilitating greater inclusion in the digital age.”
The lecture series kicked off with an insightful keynote speech by Mr. Mohammad Ridzuan Abdul Aziz, Country Director and Head of ASEAN Business at World Remit, as well as the former President of the Fintech Association Malaysia. Titled “Harnessing Digital Transformation through AI Initiatives & Blockchain Innovation,” his keynote captivated the audience with valuable insights into the latest advancements in artificial intelligence and blockchain technology and their transformative applications in the financial industry.
Following the keynote, the session continued with a dynamic panel discussion with distinguished panellists - Mr. Razi Shafeek Fakih, a member of Shariah Supervisory Council of Labuan FSA and Mr. Fuad Alhabshi, Executive Director of Halogen Capital Sdn. Bhd. The session was moderated by Mr. Ja’afar Rihan, Head of the Islamic Business Development Unit of Labuan FSA. The discussion delved into Shariah compliance in digital transformation and exploring how Maqasid Shariah can be integrated within digital financial ecosystems. The conversation also highlighted the intersection of blockchain technology and Shariah principles in Islamic finance, providing thought-provoking perspectives on their potential synergy.
IDAC Initiative Surpasses Milestones: On Track to Reach USD 1 Billion in Shariah-Compliant and ESG Digital Assets
Mr. Nik Mohamed Din said “the Islamic Digital Asset Centre (IDAC) initiative launched in 2022, has surpassed several milestones. Collectively valued at an impressive USD820 million - now four RAMZ (digital assets) with nine listings on Labuan exchanges, it is on track to reach USD1 billion in Shariah-compliant and ESG digital assets this year. This achievement marks a significant milestone in expanding access to Shariah-compliant as well as ESG compliant digital assets on a global scale.”
Looking ahead, Labuan IBFC is committed to driving growth and innovation by capitalising on the newly announced 0% tax incentives for Labuan entities involved in Islamic financial activities, including Labuan takaful and takaful-related businesses, where Labuan IBFC is set to introduce more innovative digital products. These products will cater to the unmet needs of unserved and underserved markets, leveraging on the tax incentives to expand outreach, enhance effectiveness, and solidify Labuan’s leadership in providing Islamic and sustainable financial solutions on a global scale.
Labuan Financial Services Authority
8 November 2024
Mr. Nik Mohamed Din said “the Islamic Digital Asset Centre (IDAC) initiative launched in 2022, has surpassed several milestones. Collectively valued at an impressive USD820 million - now four RAMZ (digital assets) with nine listings on Labuan exchanges, it is on track to reach USD1 billion in Shariah-compliant and ESG digital assets this year. This achievement marks a significant milestone in expanding access to Shariah-compliant as well as ESG compliant digital assets on a global scale.”
Looking ahead, Labuan IBFC is committed to driving growth and innovation by capitalising on the newly announced 0% tax incentives for Labuan entities involved in Islamic financial activities, including Labuan takaful and takaful-related businesses, where Labuan IBFC is set to introduce more innovative digital products. These products will cater to the unmet needs of unserved and underserved markets, leveraging on the tax incentives to expand outreach, enhance effectiveness, and solidify Labuan’s leadership in providing Islamic and sustainable financial solutions on a global scale.
Labuan Financial Services Authority
8 November 2024
FOR FURTHER INFORMATION, PLEASE CONTACT:
Corporate Communication & External Relations Unit
Tel : +603-8873 2000 Fax : +603-8873 2209
E-mail: communication@labuanfsa.gov.my
Website:www.labuanfsa.gov.my
