KUALA LUMPUR: Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC), in collaboration with the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) and the Society of Trust and Estate Practitioners (STEP) Malaysia, brought together industry specialists and practitioners to explore integrated approaches to Islamic wealth planning, estate management, and Shariah governance. The focus was on cross-border solutions and family governance.
The forum united professionals specialising in Islamic estate planning, Shariah advisors, trust and estate practitioners, wealth managers, and legal experts. Discussions centred on effective strategies for preserving, managing, and transferring wealth, including estate administration beyond faraid, Shariah governance, succession planning, and the utilisation of trusts, takaful, and other wealth structures.
In her welcome address, Farah Deba, Chair of STEP Malaysia, stated, “Beyond Faraid means recognising that faraid is only one aspect of estate planning. However, this does not imply disregarding Islamic principles. We come from three perspectives — STEP as advisors to multi-generational families, Labuan IBFC with its international family wealth and structuring expertise, and ASAS, which offers the core Shariah perspective.”
Delivering the keynote, Quah highlighted Labuan IBFC’s role as a platform for Islamic private wealth planning and cross-border solutions. “As wealth becomes increasingly globalised, families require flexible options that safeguard assets and ensure long-term continuity. Labuan IBFC is well positioned to meet these needs, complementing Malaysia’s leadership in Islamic private wealth through a robust ecosystem,” he explained.
The programme began with “Beyond Faraid – The Real Challenges in Muslim Estate Administration,” which examined practical issues in estate management and explored solutions to translate succession goals into effective estate plans. This was followed by a discussion on how governance and proper documentation can ensure wealth planning aligns with Shariah requirements.
Labuan IBFC was further featured in “Labuan IBFC as a Platform for Islamic Wealth and Family Governance,” highlighting its adaptable legal structures and solutions for cross-border wealth management, succession planning, and asset structuring.
The afternoon sessions focused on the practical aspects of implementing wealth plans, including liquidity management, takaful, trusts, and other structures. Panellists discussed how these tools support wealth preservation, risk mitigation, and intergenerational transfer.
The event concluded with a panel discussion emphasising the importance of collaboration in strengthening the Islamic wealth planning ecosystem, bringing together views from wealth management, financial planning, estate administration, and Shariah practice. The discussion underscored the need for a united approach to advance comprehensive Islamic wealth solutions.
In her closing remarks, Yusaini Yusof, EXCO member of ASAS, stressed, “Shariah governance ensures that legacies are properly structured, successfully implemented, and aligned with Maqasid Shariah. ASAS remains committed to supporting this journey through increased engagement and professionalism within the wider Shariah fraternity.”
This session builds on the strategic partnership established through the Memorandum of Understanding between Labuan IBFC Inc. and ASAS, further strengthening ties with STEP Malaysia and the broader professional community.-pr/BNN
