Kota Kinabalu: Dato’ Mohd Husni Mohamed Salleh who succeeded Sabahan Tan Sri Anifah Aman as Labuan Corporation Chairman is confident the Federal Territory of Labuan can be the financial hub that can bankroll the growth of halal industry throughout the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA).
Mohd Husni, who has more than 36 years of experience in public policy, strategic investment, venture capital, and economic transformation, said: “Recently, discussed this with the Asian Development Bank and they are also looking into launching something out of Labuan for the funding opportunity in this region.”Mohd Husni advocates mobilising halal-aligned capital (sukuk, Islamic VC/PE, tokenization) to scale industries across the BIMP-EAGA region.
He is bullish that Labuan, with tax incentives, a strong oil and gas and financial services base, and ambitions to anchor regional funding, can build the BIMP-EAGA halal value chain end-to-end, prioritizing Shariah-compliant funding structures and coordinated action via Islamic finance instruments.
“In Labuan, we have about 1,000 banking institutions and insurance companies. They have a publicly traded market cap of over seven trillion dollars worldwide.
They are present in Labuan. But what is missing? I came to Labuan last year to become the new chairman to succeed former chairman Tan Sri Anifah Aman.
“What I saw is that the opportunity for Labuan to be the financial centre for the BIMP-EAGA region, because we have established ourselves for the last 35 years as a financial centre, but we have yet to gather all these companies, a thousand of them, to really look into the opportunities that are available in the BIMP-EAGA region, especially funding, infrastructure, and all that,” Mohd Husni said.
He noted that as in Cayman or British Virgin Island or the others, there is onshore credibility in Labuan.
“We have the compliance as well. So basically, we are above Cayman and BVI in all that in terms of compliance. So we are more compliant to the ECB kind of what they call the thing for the financial centres around the world.
“We are also Islamic. In a way, because we have a lot of sukuk issuance and also tokenizations of real world assets in Labuan as well. So we are not big until we have 100,000 population in Labuan.
“The good thing is that if you see that the oil major firms, most of the oil majors in the world, be they are drilling companies, or they are in exploration, or they are in support services. They are in Labuan.”He said there are only two billion Muslim populations and there are 50 countries that are majority Muslim.
“Throughout these years, we were dependent on the western world to produce food for us. Otherwise, the two billion Muslims will be starved of not having halal food to eat,” he said.
The global halal economy is undergoing a profound transformation, emerging as one of the world’s fastest-growing and most dynamic markets. Beyond its traditional foundations, the halal sector now spans manufacturing, logistics, tourism, pharmaceuticals, digital services, and Islamic finance, creating significant opportunities for trade, investment, Innovation, and job creation.
BIMP-EAGA is uniquely positioned to capture these opportunities. With its large Muslim population out of 81 million people, established halal ecosystems, growing connectivity, and strategic location at the heart of Southeast Asia, the sub-region can serve as a gateway for expanding halal trade and investment while strengthening regional value chains and enhancing the competitiveness of local enterprises.
The Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area, BIMP-EAGA, is a cooperation initiative established in 1994 to spur development in remote and less developed areas in the four participating Southeast Asian countries.
Brunei’s halal industry covers food, beverages, pharmaceuticals, and related consumer goods, serving both domestic consumption and export markets.
The government actively promotes halal development as part of its broader economic diversification strategy under Brunei Vision 2035, which aims to reduce dependence on oil and gas and strengthen non-energy sectors, including halal manufacturing and trade.
Indonesia’s halal industry represents a dynamic and rapidly expanding sector within its national economy. Supported by strong institutional frameworks, a large domestic consumer base, and active international engagement, Indonesia is steadily advancing towards its ambition of becoming a global halal hub.
Malaysia’s halal trade industry is a mature, well-regulated, and globally competitive ecosystem supported by strong institutional governance, strategic policy frameworks, and international recognition of its certification system.