18 Facts About Labuan

Labuan, officially the Federal Territory of Labuan, is a Federal Territory of Malaysia.

Labuan's capital is Victoria and is best known as an offshore financial centre offering international financial and business services via Labuan IBFC since 1990 as well as being an offshore support hub for deepwater oil and gas activities in the region.

The name Labuan derives from the Malay word labuhan which means harbour.

Labuan was formed to exploit coal deposits on the island and adjacent coast of Borneo but soon became involved in a dispute with James Brooke.

Not proving itself a great commercial or strategic asset, administration of Labuan was handed to the British North Borneo Company in 1890.

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In World War II, Labuan was occupied by Japan from 3 January 1942 until June 1945 and garrisoned by units of the Japanese 37th Army, which controlled Northern Borneo.

Labuan became the main objective for the Allied forces to repossess.

Name of Labuan was later restored by the British and the island was administered under the British Military Administration together with the rest of the Straits Settlements.

Labuan Island is mainly flat and undulating; its highest point is Bukit Kubong at 148 metres above sea level.

Labuan has a tropical rainforest climate with no dry season.

Labuan IBFC is embarking on an aggressive growth strategy to become the premier international business and financial centre in the Asia Pacific region.

Labuan's business focus is on five core areas: offshore holding companies, captive insurance, Shariah-compliant Islamic Finance structures, public and private funds, and wealth management.

Labuan Corporation is the municipal government for the island and is headed by a chairman who is responsible for development and administration of the island.

Labuan has one representative in each of the Lower and Upper Houses of Parliament.

Typically, the current member of parliament of Labuan will be appointed to become chairman of Labuan Corporation.

Labuan has a matriculation college, Kolej Matrikulasi Labuan, the only matriculation college in East Malaysia.

From 1867, Labuan officially used the postage stamps of the Straits Settlements but began issuing its own in May 1879.

The first stamps of Labuan therefore depict the usual profile of Queen Victoria but are unusual for being inscribed in Malay-Arabic and Chinese scripts in addition to "LABUAN POSTAGE".