Offshore financial centres are urged to continue to enhance competitiveness in managing present challenges facing the industry.

Authority Member of the Labuan Offshore Financial Services Authority (LOFSA) Dato' Mohd Azlan Hashim said, this could be done by capitalising on their inherent strengths.

"With technology as a driver, offshore financial centres have to continue to develop their capabilities, human and technology resources in outstanding, innovative ways to better serve market requirements," he said.

Noting that there are over 70 offshore financial centres world wide currently, he said each should develop its own niche area to remain competitive.

The Offshore Institute is a leading multi-disciplinary international professional body with members in more than 50 countries and has the objective of promoting education and ethics within the international financial industry. Its Annual Conference is a unique international forum for the interchange of information on common issues facing practitioners and governments in offshore jurisdictions, with a special focus on the dynamic forces that are re-shaping and re-defining the offshore services industry.

Datuk Dr Awang Adek Hussin, former Assistant Governor at Bank Negara Malaysia (BNM), has been appointed as Chairman of the Exchange Committee of the Labuan International Financial Exchange (LFX).

The appointment, which is for a two-year term effective 16 September 2002, was approved by the Minister of Finance in accordance with the provisions of the Labuan Offshore Securities Industry Act 1998 (LOSIA).

The Labuan International Financial Exchange (LFX) is pleased to announce the secondary listing of the Malaysian Government's USD600.0 million Sukuk Al-Ijarah Trust Certificates on the Exchange today. This brings the total number of listings on LFX to nine.

LFX’s flexibility and versatility in gaining greater acceptance in the international financial arena was proven by the secondary listing of five Insinger de Beaufort funds on the Exchange.

A well-established Anglo-Dutch banking organization- Insinger de Beaufort will take the lead as the first international asset manager to be involved in the Labuan International Financial Exchange (LFX).

The first primary listing on Labuan International Financial Exchange (LFX) took place on 25 January 2002 with the listing of a USD150 million Serial Islamic Lease Sukuk.

The inaugural listing on Labuan International Financial Exchange (LFX) took place on 20 June 2001 with the secondary listing of a USD250 million bond issue by 1st Silicon (Labuan) Inc.

Labuan International Financial Exchange (LFX) wishes to announce the appointment of Mr. S. Loganathan as General Manager with effect from 1 June 2001.

THE first company to be listed on the Labuan International Financial Exchange (LFX) has rescheduled its listing plan in favour of better timing, the Kuala Lumpur Stock Exchange said in a press release last Friday.

The listing on the LFX, which was to be held last Friday, has been rescheduled to a more appropriate date upon the request of listing sponsor, K&N Kenanga Holdings Bhd.

Labuan International Financial Exchange (LFX) has been established and will continue to be developed to be an efficient, cost effective exchange for the benefit of all.

Chairman of LFX Dato’ Mohd Azlan Hashim said the opportunities offered by LFX to all global investors and companies are unlimited.