LABUAN IBFC CHINA DESK TO FUZHOU, QUANZHOU AND XIAMEN, CHINA
Event Summary
Bank Islam Trust Ltd. (Bank Islam Trust) has been a key strategic partner in the 3-year LIBFC China Desk project, working closely with Labuan IBFC. This collaboration was highlighted during a successful 3-day trip to Fuzhou, Quanzhou, and Xiamen in China from 22nd to 24th July 2024. Bank Islam Trust was represented by Chairman Mr. Nik Azmir Nik Anis, CEO Ms. Masdayana Md Setamam, together with Head, Marketing and Business Strategy, Ms. Nurhafizan Abdul Nasir. The project is also supported by Fidelity Law Firm China, a prestigious legal firm in Fujian Province, known for its expertise and extensive legal services. Established in 1989, Fidelity Law boasts over 400 licensed lawyers and has received accolades such as “Civilized Law Firm by the Ministry of Justice” and “National Excellent Law Firm.”
Throughout the trip, Bank Islam Trust Ltd. played a prominent role in the “Business Exchange Meeting: Investment of Chinese Enterprises into Malaysia and Beyond,” held in each city. The delegation used these events to introduce the Bank Islam Trust brand to key stakeholders and potential clients in China. Ms. Masdayana Md Setamam, CEO of Bank Islam Trust Ltd., presented a comprehensive ecosystem designed to assist Chinese businesses in expanding into Malaysia through Labuan IBFC. This ecosystem includes initial inquiries through the Labuan IBFC China Desk, the establishment of Labuan entities facilitated by Bank Islam Trust, and the opening of offshore accounts with the Bank Islam Labuan Offshore Branch (BILOB). For clients looking to expand further into Malaysia, Bank Islam Trust Ltd. also provides assistance with work permit applications in Labuan and to refers to Bank Islam Malaysia Berhad for domestic banking and retail services.
The events in Fuzhou, Quanzhou, and Xiamen were all highly successful, each building on the momentum of the previous one. In Fuzhou, the delegation laid the groundwork, offering participants a clearer understanding of Labuan IBFC and generating enthusiasm for the initiative. This success continued in Quanzhou, where the program sparked significant interest and numerous inquiries from attendees. The journey culminated in Xiamen, where the positive response from participants further solidified the impact of the initiative. The significance of these events was further underscored by their coverage in prominent media outlets, including Xinhua Finance, a major platform under China’s central party. The media coverage reached an audience of approximately 330,000 readers, amplifying the visibility and impact of Bank Islam Trust Ltd.’s efforts in China.
In conclusion, these events not only fostered stronger relationships between China and Malaysia but also positioned Labuan as a key hub for assisting Chinese clients in investing in Malaysia. Through Labuan as the vehicle, Bank Islam Trust Ltd. aims to make Labuan IBFC the gateway for Chinese enterprises looking to expand their footprint in Malaysia.
