Labuan

The Labuan Offshore Financial Services Authority or LOFSA was set up on 15 February 1996 as a single regulatory body to spearhead and coordinate efforts to promote and develop Labuan as an International Offshore Financial Centre (IOFC). Its establishment further underscores the government's commitment to make Labuan a premier IOFC of high repute.

LOFSA is expected to streamline the government machinery in supervising the offshore industry and undertake research and development works as well as to draw up plans for further growth and greater efficiency of the Labuan IOFC.

The challenge for LOFSA is to strategically position Labuan as a vibrant offshore financial centre region. Towards this end, LOFSA currently embarks on a two-prong plan to develop the Labuan IOFC : by creating an integrated offshore financial centre which offers a wide range of offshore products including the development of Islamic instruments; and providing a legal framework conducive for the development of offshore industry in Labuan.

Since its establishment, LOFSA has reviewed the existing legislations in order to make the required changes as well as to propose new activities to expand and deepen the offshore financial services industry. LOFSA is also taking measures to attract a greater number of professionals and skilled workers to live and work in Labuan to support the offshore industry.

As a one stop-agency, LOFSA is highly professional and focused on developing and promoting the growth of the Labuan IOFC. It is deeply committed to the objective of turning Labuan into a full-fledged and premier international offshore financial centre in the world, perhaps second to none in Asia.

The Labuan Offshore Financial Services Authority (Lofsa) projects a 10% increase by year-end from the current 5,678 companies registered with Labuan International Offshore Financial Centre (IOFC).

Lofsa is a governmental agency that streamlines, administers and supervises Labuan IOFC that acts as a facilitator of offshore finance and investment in Labuan.

June 2007, Labuan IOFC has over 300 financial institutions that provide conventional and Islamic financial services that include offshore banking, investment banking, insurance, investment holding, trust, fund management and leasing.

Lofsa is also looking forward to increasing its financing volume. Its director-general Datuk Azizan Abdul Rahman said it had already appointed a consultant to evaluate and provide targets for Labuan IOFC to develop.

The Labuan Offshore Financial Services Authority or LOFSA

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