Labuan IBFC begins ASEAN roadshows with session on shari'ah-compliant solutions

Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, has launched a series of roadshows across ASEAN.

The Labuan IBFC ASEAN Roadshow 2016 will visit key countries in ASEAN and, for the first time will include events as well as closed door briefings in the emerging economies of Cambodia, Laos, Vietnam and Myanmar. The roadshows have kicked off in Jakarta, Indonesia, will continue through till end-July.

“Our approach to the roadshow this year is distinct as we are targeting business owners in the region looking to internationalise or even regionalise their businesses. We believe that with as businesses embrace higher tax transparency requirements, it would be natural for them to consider to establishing substance in a well-regulated jurisdiction facilitate cross border transactions and investments.” said Danial Mah Abdullah, Chief Executive Officer, Labuan IBFC.

He went on to state that the roadshow will also focus in meeting the wealth management needs in the region, adding that as ASEAN has a large Muslim population, the Jakarta chapter of the roadshow focuses on shari'ah-compliant wealth management solutions.

Themed Innovative Solutions towards Islamic Wealth Management the kickoff masterclass was aimed at Indonesian service providers, intermediaries and high net worth individuals who are looking to better understand shari'ah-compliant wealth management offerings, wealth preservation and succession planning solutions.

Mah, who is also the Deputy Director General of Labuan FSA, said, “What makes Labuan IBFC different is that it was established with the main aim of intermediating crossborder trade and investments in the region. The expectations are that intra-Asia and ASEAN trade and investments will grow, and there is a need for a well-regulated jurisdiction in the region able to facilitate these trades and investments. ”

The masterclass included a presentation on the Labuan International Waqf Foundation, a shari'ah-compliant wealth management tool, which incorporates the element of waqf* (وقف‎) in its structure.

Labuan IBFC is the only jurisdiction in the region offering foundation structures including Islamic foundations with waqf elements built in.

The event also included a panel session titled Opportunity and Challenges: Islamic Wealth Management in Asia with Dr Aida Othman, Director at ZICO Law Shariah Advisory Services, Maikel Sajangbati, CEO and Founder of MaeSa Consulting Indonesia as well as Aderi Adnan, Business Development Director of Labuan IBFC.

The panel focused on the new Islamic wealth management environment in light of more stringent global regulatory requirements, evolving Islamic wealth management strategies amidst changing family legacy mindsets, experiences and cultural differences in Asia.

Interested?

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*Waqf refers to a donation made for a religious, educational or charitable cause.

posted from Bloggeroid

Jebel Ali Free Zone reaches out to Japanese businesses

HE Moez Al Fahim, Charge d’Affaires, UAE Embassy in Japan with Ibrahim Aljanahi, Deputy CEO of Jafza and his team at the UAE Embassy in Tokyo.

A five-day roadshow across Japan of the Jebel Ali Free Zone (Jafza), Dubai's flagship free zone entity and the trade and logistics hub for the wider Middle East region spanning West Asia, the CIS, Africa and the Indian subcontinent, has positioned the Jafza as the halal industry hub in the region.

Ibrahim Mohamed Aljanahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World, the parent company of the Free Zone, said: "The overwhelming response that Jafza's halal-focused roadshow received reflects Japan's sharply growing interest in serving rapidly growing markets for halal products. Japan seeks to reach and serve over 2 billion consumers of halal food and other products in the world including the wider Middle East region which forms the sector's largest market. This is the market Jafza as a trade and logistics hub serves. Jafza provides everything that Japanese businesses require to become a significant force in the halal industry particularly in food, pharmaceutical and healthcare sectors."

In presentations to Japanese businesses, Jafza talked about two state-of-the-art Halal Zones being developed - one in Jafza and the other in TechnoPark, its sister company, to serve regional, international, as well as the local markets.

Adil Al Zarooni, SVP Sales, Jafza said: "These Halal Zones will be all-inclusive hubs, supported with world-class infrastructure, perfectly suited to attract leading enterprises in the entire gamut of halal industry. Halal Zones will integrate a one-stop-shop system to service each and every need of customers in the halal supply chain, offering ease of doing business.

"Jafza seeks to collaborate and attract organisations, associations, accreditation bodies, R&D, as well as advisory firms to support the entire halal value chain right from R&D, product development to sourcing, production, logistics, sales and marketing."

As a part of its ,ission the Free Zone will promote the halal standards globally. The standards are developed and evolved by Emirates Authority for Standardization & Metrology and Dubai Accreditation Department.

"Looking at the interest of Japanese businesses we are sure to attract a significant number of new Japanese companies in food, pharmaceutical, healthcare sectors besides other streams including energy, infrastructure, electronics and transportation," said Al Zarooni.

Jafza is currently home to 142 top Japanese companies including Toyota, Honda, Nissan, Sony, Toshiba, Panasonic, Mitsubishi, Mitsui, Nippon Steel, Marubeni Itochu Steel and JX Holdings. Most of these companies are serving markets in West Asia, the CIS, Africa and the Indian subcontinent from their respective regional headquarters in the Free Zone.