Speech by Mr. Nik Mohamed Din Bin Nik Musa, Director General of Labuan FSA at the Signing of MoU between Labuan FSA and IRB
Signing of MoU between Labuan FSA and IRB

27 July 2023

Speech By

Mr Nik Mohamed Din Bin Nik Musa
Director-General, Labuan FSA


Yang Berhormat Senator Tan Sri Anifah bin Aman Pengerusi Perbadanan Labuan.

Yang Berbahagia Datuk Dr. Mohd Nizom bin Sairi Ketua Pegawai Eksekutif Lembaga Hasil Dalam Negeri Malaysia

Yang Berbahagia Dato’ Che Nazli binti Jaapar Setiausaha Bahagian Cukai Kementerian Kewangan Malaysia

Yang Berbahagia Datuk Abu Tariq bin Jamaluddin Timbalan Ketua Pegawai Eksekutif (Pematuhan) Lembaga Hasil Dalam Negeri Malaysia Merangkap Ahli Lembaga Labuan FSA

Yang Berbahagia Datuk Hajam bin Lajah Alam Pengarah Hasil Negeri Sabah Lembaga Hasil Dalam Negeri Malaysia

Yang Berbahagia Datuk Norliza binti Awang Alip Mayor Bandaraya Kota Kinabalu

Yang Berusaha Tuan Hj. Rithuan bin Ismail Ketua Pegawai Eksekutif Perbadanan Labuan

Tetamu-tetamu kehormat, Pengarah-Pengarah, Pegawai-Pegawai Kanan serta wakil-wakil daripada LHDNM, Kementerian Kewangan Malaysia, Labuan Financial Services Authority, Perbadanan Labuan dan Dewan Bandaraya Kota Kinabalu, yang dihormati sekalian.

Assalamu’alaikum Warahmatullahi Wabarakatuh dan selamat datang.

Terlebih dahulu, kami ingin mengucapkan rasa syukur kepada Allah Yang Maha Kuasa kerana dengan limpah kurniaNya, kita dapat bersama-sama pada pagi yang penuh berkat ini untuk berada di Majlis menandatangani perjanjian persefahaman (MOU) berkongsi maklumat di antara Lembaga Perkhidmatan Kewangan Labuan dan Lembaga Hasil Dalam Negeri (LHDN).

MOU ini adalah di antara lain untuk berkongsi maklumat antara Labuan FSA dan LHDN, bertujuan untuk mengeratkan kerjasama dan meningkatkan hubungan dalam mengawalselia pusat perniagaan antarabangsa Labuan IBFC. Diharap juga MOU ini dapat merangka pembangunan Labuan IBFC dan seterusnya menyumbang kepada ekonomi nasional.

Dengan izin, Labuan has progressed well since 1990s kini mempunyai lebih 930+ licensees dan lebih kurang 5,000 companies yang aktif, with well-established laws and regulations, giving a tax revenue in excess of RM1 billion sejak kebelakangan ini.

After 30 years, IBFC is now the largest GDP contributor to Labuan island at 53%, largest white-collar employer (10,000), which we hoped had brought banyak kesan limpahan kepada komuniti Labuan.

We are now the 3rd most important international financial centre in Asia. Small ones like Maldives and Samoa only serve the hinterland, while others like Brunei and Bangkok IBF closed.

After some soul-searching, what we think Labuan can be in the very near future is the world's best Islamic digital asset centre (di bawah inisiatif IDAC kami) and an Islamic Blockchain hub leveraging on Malaysia’s expertise and reputation in Islamic finance and digital fintech space.

Ini insyaAllah akan menjadi kenyataan setelah beberapa syarikat telah mulakan aktiviti perniagaan ini di Labuan IBFC.

IDAC inisiatif ini akan membangunkan sebuah digital platform, through a Labuan virtual exchange, where asset-backed tokens or Securities Token Offerings yang patuh Syariah dan ESG can be created to raise funds. Tokens will be sold and traded on the exchange. As a platform for fund raising and investment, ini adalah suitable to capture the opportunities of BIMP-EAGA’s initiatives and establishment of new capital for Indonesia which is located nearer to us. In fact, we are arranging roadshows soon.

We also want to be the best captive centre in Asia where currently we are at number two not far behind from S’pore.

The purpose of a captive is to reduce the company's total cost of risk, and usually risks which are low or no one wants to underwrite.

We have won awards from the European Captives Award in Luxembourg for being the best international jurisdiction for captives and most commendable captive centre in 2021 and 2022. The achievements are due to modern regulations, innovative structures and rising new captives in our centre.

Already we are amending the captive guidelines to modernise and make it more attractive in this current high-cost of doing business environment around the world.

These have been embedded in Labuan IBFC 5 years Strategic Roadmap 2022 – 2026.

Akhir sekali, sebelum saya menamatkan ucapan, saya akhiri dengan lapan rangkap pantun:
Labuan FSA dan IRB berjumpa,
Mengadakan MOU yang terkemuka.
Dengan senyuman dan gelak tawa,
Kerjasama kita pasti berjaya!

Labuan FSA, penyelia kewangan,
IRB, pemungut cukai yang rajin.
Dalam MOU ini, kita bersatu,
Menjadi pasukan yang jitu.
Mr Nik Mohamed Din Bin Nik Musa
Director-General, Labuan FSA
Copyright © Labuan FSA 
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