6 INTERVIEW: FARAH JAAFAR-CROSSBY www.captiveinternational.com
Labuan prides itself on being a unique midshore jurisdiction that doesn’t compete with,
but rather complements, its Asian neighbours, as Farah Jaafar-Crossby, CEO of the
Labuan International Business and Finance Centre Inc, tells Captive International.
lthough some international
companies may look to the likes
of Hong Kong and Singapore as
captive domiciles of choice, Labuan
has been making great strides over the last few
years in establishing itself as one of the key
players in Asia-Pacific insurance centres.
Situated off the north coast of Borneo and
a federal territory of Malaysia, the island of
Labuan has the benefit of falling within the
same time zone as Singapore, Hong Kong,
Indonesia and much of India and China.
As one of the biggest and fastest-growing
domiciles in Asia-Pacific for captives, the
midshore centre prides itself on being a cost-efficient,
having an internationally-recognised
framework with business-friendly legislation.
At the heart of the jurisdiction’s promotional
activities—where key conversations are
had with stakeholders and prospective
international clients—is Farah Jaafar-
Crossby, CEO of the Labuan International
Business and Finance Centre (Labuan IBFC)
Inc, a wholly-owned unit under the Labuan
Financial Services Authority.
Speaking with Captive International, Jaafar-
Crossby explains that Labuan is not looking to
compete with the other Asia-Pacific domiciles,
but rather to complement them.
“We believe we are unique in our own way
especially in terms of our offerings. For example,
we offer Shariah-compliant captive insurance
structures such as the Takaful captive and we
have a legal framework that specifically deals
with Shariah-compliant structures.
“Labuan IBFC is probably the only jurisdiction
in the region that offers Shariah-compliant