Labuan Offshore Financial Services Authority (Lofsa) has begun developing a tax convention about cross-border taxation of Islamic financial products in line with the Organization for Economic Cooperation and Development (OECD) agreement on double taxation.
Malaysian Deputy Finance Minister Datuk Dr Awang Adek Husin says that:
"Islamic banking assets amounted to RM117 [US$31.8] billion, takaful assets RM6.2 [US$1.7] billion and Islamic private debt securities RM125 [US$34] billion."
"In the first half of this year, a total of 26 new corporate sukuk issues with a total value of RM23 [US$6.3] billion were announced and as at end-June this year, sukuk issues made up 70 percent of the total Malaysian bond market,"
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