Labuan IBFC Inc. and STEP Malaysia organized a symposium on wealth management and estate planning in Malaysia and Labuan IBFC, highlighting the jurisdiction’s robust ecosystem, regulatory framework, and significant growth in assets under management. The event fostered discussions among stakeholders on various aspects of estate planning, taxation, and strategies for family businesses, affirming Labuan IBFC’s position as a leading hub for wealth management in Asia.
28 June 2024 – Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC), together with The Society of Trust and Estate Practitioners Malaysia (STEP Malaysia), hosted a successful event yesterday focused on wealth management and estate planning structures in Malaysia and Labuan IBFC. Held at the Sime Darby Convention Centre, the symposium titled “Navigating Succession and Estate Planning in Malaysia and Labuan IBFC” attracted over 200 stakeholders, including practitioners, investors, service providers, regulatory bodies, government agencies, and media representatives.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., delivered the opening remarks, emphasizing Labuan IBFC’s role as Asia’s premier international financial hub for wealth management and estate planning. He highlighted the jurisdiction’s comprehensive ecosystem, robust regulatory framework, adherence to international standards, and a wide range of wealth management service providers tailored to the needs of High Net Worth Individuals (HNWIs) and families. Notably, Labuan IBFC’s cost-efficient structures were underscored as particularly attractive for managing wealth.
In 2023, Labuan IBFC’s wealth management and estate planning segment flourished, witnessing the establishment of 25 new foundations and a significant 66% increase in assets under management to USD817.9 million. Currently hosting 226 foundations and 11 registered trusts, Labuan IBFC continues to gain prominence as the preferred domicile for wealth management and estate planning in the region.
Ms. Farah Deba Mohamed Sofian, Chair of STEP Malaysia, highlighted Malaysia and Labuan IBFC’s unique offerings in wealth management and estate planning. She emphasized the jurisdiction’s dual legal system accommodating diverse needs, blending Shariah and common law principles, and its multicultural background that supports comprehensive legacy planning across generations.
The symposium featured seven informative sessions led by industry leaders, covering various aspects from estate planning fundamentals and taxation considerations to strategies for family businesses and multi-generational wealth transfer practices in Malaysia. It served as a platform for professionals to discuss the evolving trends, benefits, and challenges in the wealth management industry, reinforcing Labuan IBFC’s distinctive role in global financial markets.
