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On 2 April 2009, Farah Jaafar-Crosby, Head of Communications of Labuan IBFC Incorporated Sdn Bhd, together with Imran Abdul Rahman, Marketing Executive paid a courtesy visit to the Bar Council.  On hand to receive them were Tony Woon, Treasurer, Malaysian Bar and Corrinne Wong, CEO of the Bar Council Secretariat.

This courtesy visit was to promote the Labuan International Business and Financial Centre (Labuan IBFC) that was launched on 28 January 2008 by the Labuan Offshore Financial Services Authority (LOFSA). 

Labuan IBFC Incorporated Sdn Bhd is a fully owned subsidiary of LOFSA and was set up to promote Labuan IBFC and to generate awareness about its focus for future growth in the following areas:-

1)    Holding Companies
2)    Captive Insurance
3)    Investment Funds
4)    Islamic Finance, and
5)    Trading Companies.

The existing legal regulatory framework and its related legislation will also be amended to reflect this new focus of Labuan IBFC.  The legislative bills are expected to be tabled in Parliament during the 3rd or 4th quarter of this year.  The Labuan IBFC will also be adopting a more flexible tax framework, a more conducive legal framework and competitive pricing structure to ensure it becomes the jurisdiction of choice.

The Labuan IBFC hopes to work together with the Bar Council to reach out to advocates & solicitors in Malaysia as well as their clients to capture business opportunities created in Labuan through this Centre.  They hope to grow this alliance through the Bar Council’s Corporate and Commercial Committee which will include a briefing on Labuan IBFC and discussions on possible joint activities.