Labuan: Labuan IBFC Incorporated Sdn Bhd and the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) have formalised a strategic partnership to strengthen collaboration in advancing the Islamic finance landscape. The memorandum of understanding (MoU) was signed yesterday at Sasana Kijang here in conjunction with the Global Islamic Finance Forum (GIFF) 2025.

According to BERNAMA News Agency, Labuan IBFC Inc stated that the landmark MoU reflects both institutions’ shared commitment to enhancing cooperation in key areas such as business development, talent cultivation, research, and advocacy. This initiative aligns with the growing global demand for innovative, ethical, and sustainable Islamic finance solutions.

Labuan IBFC Inc emphasized that the partnership’s key priorities include advancing research on emerging issues, enhancing shariah governance, and increasing market awareness through joint programmes, publications, and outreach initiatives.

Labuan IBFC Inc board member Datuk Chin Chee Kee remarked that the signing of this MoU marks a pivotal step forward for Labuan IBFC as it continues to position the jurisdiction as a centre of excellence for Islamic financial services. He highlighted that ASAS’ strong foundation in shariah principles, integrated with Labuan IBFC’s global shariah-compliant business platform, creates a powerful synergy that broadens access, strengthens governance, and fosters sustainable growth.

Meanwhile, ASAS chief executive officer Makhtar Abdullah stated in the same release that the collaboration not only fosters institutional partnership but also strengthens the wider ecosystem by creating opportunities for meaningful dialogue, innovation, and the advancement of Islamic finance in Malaysia and beyond.

The statement further mentioned that the alliance supports Malaysia’s long-term ambition to be a global leader in Islamic finance thought leadership and reinforces Labuan IBFC’s role as a complementary jurisdiction within the national financial services framework. It added that the partnership is expected to catalyse high-impact initiatives combining regulatory insight, robust shariah governance, and strategic market engagement to nurture a more resilient, inclusive, and globally connected Islamic finance ecosystem.