Labuan IBFC Inc., ASAS and STEP Malaysia strengthen Islamic wealth planning practices

Joint initiative highlights integrated approaches to wealth planning, succession and cross-border solutions

KUALA LUMPUR, Malaysia, Aug. 13, 2026 /PRNewswire/ -- Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC), together with the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) and the Society of Trust and Estate Practitioners (STEP) Malaysia  brought together industry practitioners and experts to explore the intersection of Islamic wealth planning, estate administration and Shariah governance, with a focus on cross-border wealth management and family governance.

The forum brought together Islamic estate planning professionals, Shariah advisers, trust and estate practitioners, wealth managers as well as legal experts to explore effective approaches to preserving, managing and transferring wealth. Discussions encompassed estate administration beyond faraid, Shariah estate administration governance, succession planning and the use of trusts, takaful and other wealth structures.

In her welcome address, Mdm. Farah Deba, Branch Chair of STEP Malaysia, said, "Beyond Faraid means faraid is only one part of estate planning. However, this does not mean planning beyond Islamic principles. We come from three different perspectives - where STEP speaks as advisors to families across generations while Labuan IBFC brings the international family wealth and structuring dimension, whereas ASAS brings the core Shariah perspective."

Delivering the keynote address, Mr. Ben Quah, CEO of Labuan IBFC Inc., highlighted Labuan IBFC's role as a platform for Islamic private wealth planning and cross-border wealth solutions. "As wealth becomes increasingly global, families need flexible solutions that offer asset protection and long-term continuity. Labuan IBFC is well positioned to meet these needs while complementing Malaysia's leadership in Islamic private wealth through strong ecosystem collaboration," he said.

The programme opened with "Beyond Faraid – The Real Challenges in Muslim Estate Administration," examining practical challenges in estate administration, while exploring solutions to translate succession intentions into effective estate planning. This was followed by a dialogue which explored how effective governance and proper documentation can help ensure wealth planning arrangements are implemented consistently with Shariah requirements.

Labuan IBFC was then featured in "Labuan IBFC as a Platform for Islamic Wealth and Family Governance," showcasing its flexible legal structures and solutions for cross-border wealth management, succession planning and asset structuring.

The afternoon session focused on the practical implementation of wealth plans, covering liquidity, takaful, trusts and other structures. Panellists outlined how these can support wealth preservation, risk management and intergenerational wealth transfer.

The event concluded with a panel discussion on strengthening the Islamic wealth planning ecosystem, bringing together perspectives from wealth management, financial planning, estate administration and Shariah practice. The discussion underscored the importance of collaboration in advancing holistic Islamic wealth planning solutions.

In her closing remarks, Mdm. Yusaini Yusof, EXCO member of ASAS, emphasised, "Shariah governance ensures that the legacy is properly structured, successfully implemented and ultimately serves Maqasid Shariah. ASAS shall continue to support this journey for greater engagements and increased professionalism of the wider Shariah fraternity and practitioners."

The session builds on the strategic partnership established through the Memorandum of Understanding between Labuan IBFC Inc. and ASAS, while further strengthening engagement with STEP Malaysia and the wider professional community.

For more information on Labuan IBFC and its Islamic finance and wealth management solutions, visit www.labuanibfc.com.