LABUAN: The Labuan Financial Services Authority (LFSA) has approved MobilityOne Sdn Bhd to operate a fully Shariah-compliant digital Islamic bank, marking a significant milestone in the fintech industry. This achievement makes its owner, Dato Hussian A Rahman, the first Labuan-born entrepreneur to secure such an international Islamic banking licence.
Hussian, a Kuala Lumpur-based businessman from Kampong Temiang and an alumnus of SMK Labuan, has extensive experience in financial technology. His company, MobilityOne, has been operating for over 20 years and gained recognition after winning the “Most Innovative Payment Solutions” award in 2018.
MobilityOne Sdn Bhd is also a subsidiary of MobilityOne Limited UK, which is listed on the London Stock Exchange (LSE). As a founder of the company, Hussian is well-positioned to expand into the global Islamic finance sector.
Describing the approval as an important milestone, Hussian said the licence would allow the company to offer a wide range of financial products designed to serve the global Muslim community with greater speed and convenience.
Operations are expected to begin soon under MBO Bank (Labuan) Ltd, which will provide advanced digital banking services. A key focus will be on transforming pilgrimage finance, particularly for Hajj and Umrah.
Hussian noted that with over two million Hajj pilgrims annually and tens of millions performing Umrah, pilgrimage represents one of the largest recurring financial ecosystems in the Muslim world, yet it remains largely fragmented. He said MBO Bank aims to address this gap.
The bank will also focus on the BIMP-EAGA corridor and plans to expand into South Asia, Africa, and Central Asia. It aims to collaborate with Islamic banks, fintech companies, and Hajj operators worldwide to develop a unified digital infrastructure for pilgrimage savings and payments.
Hussian added that he values the LFSA’s approval and is committed to placing Labuan on the global map as a hub for digital Islamic banking.