KUALA LUMPUR, June 28 2024 (Bernama) — Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC) and The Society of Trust and Estate Practitioners Malaysia (STEP Malaysia) hosted an event yesterday on wealth management and estate planning structures and solutions in Malaysia and Labuan IBFC, Asia’s premier international financial hub at the Sime Darby Convention Ccentre.
Themed Navigating Succession and Estate Planning in Malaysia and Labuan IBFC, the symposium witnessed the participation of more than 200 stakeholders comprising practitioners, investors and professional service providers from the wealth management and estate planning industry as well as representatives from regulatory bodies, government agencies and the media. The event comprised seven informative sessions captained by industry leaders across various segments in the wealth management and estate planning industry, comprising presentations and panel discussions.
In his welcome address, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. highlighted the potential of Labuan IBFC as a wealth management and estate planning hub. “Labuan IBFC possesses a complete ecosystem to support estate wealth management and estate planning. This includes a robust regulatory framework, adherence to international standards and best practices as well as wealth management service providers that are ever-ready to cater to the needs of HNWIs and families.” He further added, “Labuan IBFC’s most attractive proposition is the jurisdiction’s cost-efficient structures to manage wealth.”
2023 was a stellar year for Labuan IBFC’s wealth management and estate planning segment. The segment witnessed the establishment of 25 new foundations, with the sector’s assets under management experiencing a significant increase to USD817.9 million, corresponding to a 66% rise. Labuan IBFC is currently home to 226 foundations and 11 registered trusts, which highlights the jurisdiction’s rising prominence as the region’s preferred wealth management and estate planning domicile.
“Malaysia and Labuan IBFC offer unique wealth management and estate planning solutions. Our dual legal system caters to the diverse needs of wealth owners of local and international origin, blending both legislative framework with Shariah and common law principles. Our multi-cultural and religious background and strong adherence to family values form the backbone for this rich diversity in our legacy planning considerations to serve the needs of families across generations” said Ms Farah Deba Mohamed Sofian, Chair of STEP Malaysia.
The conference closed after engaging and fruitful discussions on estate planning fundamentals and taxation considerations to issues and strategies for family businesses, multi-generational wealth transfer practice in Malaysia, along with highlighting Labuan IBFC’s unique wealth and estate planning and management offerings. The event also served as a platform for professionals to have meaningful exchanges on the benefits, challenges and prevailing trends in the wealth management industry.
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