Malaysia’s strongest card in multi-hub push could be Islamic finance

South-east Asia is building a new generation of financial centres to draw global capital. The second instalment in our series examines Malaysia’s multi-hub strategy. [KUALA LUMPUR] From Labuan’s offshore financial jurisdiction off the coast of Sabah, to Kuala Lumpur’s purpose-built Tun Razak Exchange (TRX), Malaysia has assembled different pieces of an international financial ecosystem, backed by targeted rules, incentives and infrastructure. Forest City – while not formally an International Financial Centre (IFC) – adds a newer and more targeted play, having been designated a special financial zone in 2023. Asia-Pacific aviation: is up really the only way?