Labuan has been developed primarily as an international centre for business and financial services for investments in Asia. Labuan International Business and Financial Centre (Labuan IBFC) is one of the few integrated midshore financial centres well established in the vicinity of developing economies in Asia. It offers a full range of financial products and services for corporations and individuals, both in the conventional and Islamic space. These include banking, capital markets, leasing and insurance to also include protected cell companies, partnerships, trusts, foundations and an international shipping registry, among others.
Since its inception in 1990, Labuan IBFC has evolved to become a midshore financial centre to serve the growing demands for international financial services within the region. The Centre has served as an international financial and investments gateway to and from the wider regional and global economy primarily for Asian jurisdictions. Labuan is now home to more than 50 banks and more than 200 insurance related entities. It continues to grow in reputation among the fastest growing captive market in Asia with 52 captives well harmonized with a steady support of well rated Insurers and Reinsurers.
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