The award was received by Mr. Jaffree Ismail of Labuan FSA. The GIFA was attended amongst others, by prominent figures in the Islamic finance industry, including leaders from major Islamic financial institutions, and regulatory bodies. GIFA also made a special recognition to Tan Sri Dr. Zeti Akhtar Aziz, the former Chairman of Labuan FSA, for her leadership, dedication and contribution in advancing the frontiers of Islamic finance in the global Islamic financial system. Her efforts have also had a profound impact on Labuan IBFC in the global Islamic financial arena attracting Islamic banks to Labuan and sukuk issuances via Labuan IBFC. Labuan FSA extends its heartfelt congratulations to Tan Sri Dr. Zeti Akhtar Aziz on receiving the “GIFA Lifetime Achievement Award in Islamic Banking and Finance.”

The IDAC initiative, unveiled in October 2022, with one of the pillars of IDAC to develop Islamic digital exchanges for the virtual issuance, listing and trading of Shariah-compliant securities token or RAMZ (Arabic for digital tokens). This first-of-its-kind platform has created a new avenue for corporations and SMEs to raise funds and issue a new asset class for investors around the world online. Currently, four RAMZs are listed on Labuan exchanges, with a combined value of USD800 million. Under the IDAC initiative, it is envisioned for Labuan to play a significant role as a fund raising and investment hub in the global digital space, with a niche in ESG and Shariah compliant activities. “We are honoured to be recognised as the Best International Jurisdiction for Islamic Banking & Finance 2024 by this distinguished GIFA award. The award solidifies our efforts in furthering the development Islamic finance globally. With the recent launch of Labuan IBFC’s Masterplan for the world’s first Labuan Shariah-compliant blockchain hub and the unveiling of the incentive package for Labuan Islamic digital banks under the sandbox regulatory requirement (i-Box) in support of IDAC, the GIFA is a resounding testament to our unwavering commitment to excellence and innovation in the Islamic finance”, said Nik Mohamed Din Nik Musa, Director General of Labuan FSA.

Labuan Financial Services Authority
23 September 2024