Labuan: Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC), brought together industry practitioners and experts at a forum to discuss Islamic wealth planning, estate administration and Shariah governance.
According to BERNAMA News Agency, the 'Islamic Wealth and Legacy Forum 2026 - Beyond Faraid: Islamic Wealth Governance, Labuan Structures and Legacy Continuity', held in the capital yesterday, was organised in partnership with the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) and the Society of Trust and Estate Practitioners (STEP) Malaysia.
In a statement, Labuan IBFC Inc said the forum brought together Islamic estate planning professionals, Shariah advisers, trust and estate practitioners, wealth managers as well as legal experts to explore effective approaches to preserving, managing and transferring wealth. Discussions encompassed estate administration beyond faraid, Shariah estate administration governance, succession planning and the use of trusts, takaful and other wealth structures.
In his keynote address, Labuan IBFC Inc chief executive officer Ben Quah highlighted Labuan IBFC's role as a platform for Islamic private wealth planning and cross-border wealth solutions. He noted that as wealth becomes increasingly global, families need flexible solutions that offer asset protection and long-term continuity, with Labuan IBFC being well positioned to meet these needs while complementing Malaysia's leadership in Islamic private wealth through strong ecosystem collaboration.
Meanwhile, STEP Malaysia Branch chair Farah Deba, in her welcome address, said the three organisations brought different perspectives, with STEP serving as advisers to families across generations, Labuan IBFC providing the international family wealth and structuring dimension, and ASAS bringing the core Shariah perspective. She emphasized that 'Beyond Faraid' means faraid is only one part of estate planning, but does not mean planning beyond Islamic principles.
Labuan IBFC Inc said the programme opened with 'Beyond Faraid - The Real Challenges in Muslim Estate Administration', examining practical challenges in estate administration while exploring solutions to translate succession intentions into effective estate planning. This was followed by a dialogue which explored how effective governance and proper documentation can help ensure wealth planning arrangements are implemented consistently with Shariah requirements.
The afternoon session focused on the practical implementation of wealth plans, covering liquidity, takaful, trusts and other structures, with panellists outlining how various structures could support wealth preservation, risk management and intergenerational wealth transfer. The event concluded with a panel discussion on strengthening the Islamic wealth planning ecosystem, bringing together perspectives from wealth management, financial planning, estate administration and Shariah practice.
ASAS exco member Yusaini Yusof, in her closing remarks, said Shariah governance ensures that the legacy is properly structured, successfully implemented and ultimately serves Maqasid Shariah. She affirmed that ASAS shall continue to support this journey for greater engagements and increased professionalism of the wider Shariah fraternity and practitioners. The session built on the strategic partnership established through a memorandum of understanding between Labuan IBFC Inc and ASAS, while further strengthening engagement with STEP Malaysia and the wider professional community.