Farah Jaafar-Crossby has been named to succeed Danial Mah Abdullah as chief executive of the Labuan International Business and Financial Centre Inc, the marketing and promotional arm of the Labuan IBFC, a financial services entity located on the Malaysian island of Labuan that calls itself a “midshore” financial services jurisdiction.
Mah had been Labuan IBFC Inc CEO since May, 2015. In September he was named director-general of the Labuan Financial Services Authority, a role which he took up in October.
Jaafar-Crossby assumes her new role on 1 January, the Labuan IBFC Inc said in a statement announcing her appointment.
Jaafar-Crossby, pictured above, currently heads the Labuan IBFC Inc’s marketing intelligence and strategic communications unit.
Labuan IBFC Inc chairman Dato Azlan Mohd Hashim said Jaafar-Crossby was ” the natural choice to lead Labuan IBFC Inc”, given her “deep industry knowledge” in financial services as well as marketing.
A native of Malaysia and University of Sheffield law graduate, Jaafar-Crossby came to the Labuan IBFC from the Association of Stock Broking Companies Malaysia, where she had been general manager. She has also worked at various times for the Malaysian stock exchange (Bursa Malaysia), as well as the Asian Institute of Finance.
The island of Labuan, on which the Labuan IBFC is located, is situated off the northwest coast of Borneo, and in 1990, was designated an “international financial centre” by Malaysia, to provide specialist financial services to companies looking to access the Malaysian and Asian markets, and to take advantage of Malaysia’s network of double taxation agreements, which now number more than 80.
Financial services businesses in Labuan tend to focus on cross-border financial transactions, in the form of risk-management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, according to Labuan IBFC marketing materials.