LFSA sees strong momentum in leasing, Islamic finance

Gabenor of BNM, Tan Sri Dr. Zeti Akhtar Aziz on press conference for 3rd Qtr 2013 GDP in Bak Negara Malaysia. November 15, 2013. FAIHAN GHANI/The Star.

KUALA LUMPUR: Labuan Financial Services Authority (LFSA) is set to continue seeing a strong momentum for its leasing, Islamic financing and foundations segments this year.

“From 2008 to 2013, LFSA had shown growth each year by broadening its areas of business and reinventing itself. It has been evolving with the changing demand especially in the Asia-Pacific region. This accounts for the fact that most of the numbers show growth despite a challenging international financial environment,” Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz (pic) told reporters when releasing LFSA’s results for last year.

Islamic financing activities in LFSA jumped 46.8% year-on-year, to US$775.6mil last year, while the number of foundations rose to 93 from 65.

Leasing was a top performing sector with 72 new companies having been approved last year, bringing the total number to 312.

Other segments such as banks, however, would not grow as strong this year, Zeti said.

“We don’t expect double-digit growth for banks for example. It is not a focus, but an important area to provide support to all the other activities,” she added. The number of banks remained unchanged at 59 in Labuan last year.

Their total assets inched up to US$42.7bil from US$42.1bil, and total loans rose to RM27.7bil from RM26.2bil. – Bernama

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