Dear All
As we kick off the last quarter of 2019, it's a pleasure to
note that Labuan IBFC has continued to grow during the first half
of the year with the banking sector recording a 23% increase in
total deposits now amounting USD10 billion via the 55 banks
licensed; clearly a sign of confidence in the jurisdiction.
In insurance, we are now home to 217 licensees which
collectively reported a higher retention ratio of 64.5% compared to
59.1% year on year. With foreign premiums standing close to 60%,
these numbers simply reinforces Labuan IBFC's role in the Asian
risk management landscape. For more details read the exclusive interview with Labuan FSA's
Director General, Danial Mah Abdullah.
