Labuan FSA is governed by a board known as the Authority, whose members are appointed by the Minister of Finance for a term not exceeding three years, after which they are eligible for reappointment.
The current members comprise business leaders from the private sector as well as representatives from the government and statutory bodies. The roles and responsibilities of the Authority include setting the direction and policies relating to the conduct of business activities in Labuan IBFC. The day-to-day administration of Labuan FSA is entrusted to the Director-General.
Datuk Ahmad Hizzad Baharuddin was appointed as the Chairman of the Labuan Financial Services Authority (Labuan FSA) for a two-year term effective 15 November 2025.
He currently serves as an Independent Non-Executive Director of Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). In addition, he is the Chairman of FWD Takaful Berhad and KAF Digital Bank Berhad.
Previously, Datuk Hizzad held several prominent leadership positions, including Chairman of Payments Network Malaysia Sdn Bhd (PayNet) and Chairman of Mizuho Bank (Malaysia) Berhad.
Datuk Hizzad brings with him over 32 years of distinguished service with Bank Negara Malaysia (BNM). Prior to his retirement, he served as Assistant Governor, having held various key roles including as Director overseeing the Islamic Banking and Takaful Department, Payment Systems Department, and Financial Sector Development Department. He also previously served as the Director General of the Labuan Financial Services Authority.
Datuk Hizzad is a Fellow Chartered Banker of the Asian Institute of Chartered Bankers and an Adjunct Professor at the School of Islamic Banking, Universiti Utara Malaysia. He holds a Master of Business Administration from St. Louis University, Missouri, and a Bachelor of Business Studies from Eastern Illinois University, Illinois, both in the United States of America.
Director General Labuan Financial Services Authority
Affendi Rashdi
Director General Labuan Financial Services Authority
Encik Affendi Rashdi was appointed as the Director General of Labuan Financial Services Authority (Labuan FSA) for a two-year term effective 1 May 2025.
Prior to his appointment as the Director General of Labuan FSA, Mr. Affendi served as the Chief Services Officer of Bank Negara Malaysia (BNM), where he led the strategic vision and execution of the Bank’s Centralised Shared Services sector to ensure institutional excellence and the efficient delivery of services. Over the course of his career at BNM, Mr. Affendi held several pivotal roles, including Director of the Finance Department, Deputy Director and Manager of the Development Finance and Inclusion Department, as well as a core member of the Financial Sector Blueprint team.
Throughout his distinguished career, Mr. Affendi has been instrumental in the development of financial sector policies and regulatory frameworks, particularly in strengthening the role of Development Financial Institutions. His notable contributions include the review and enhancement of the Development Financial Institutions Act (DFIA) 2012, the corporatisation of Agrobank, the establishment of SME Bank, and the formation of the Cooperatives Commission of Malaysia as a regulatory body. He also made efforts in shaping central bank accounting best practices and provided strategic financial, tax, and treasury advisory to BNM’s management and Board. In addition, he played a key role in shared services strategy covering procurement, facilities management, administration, and security.
Mr. Affendi holds a Master’s degree from Harvard University and a Bachelor of Accountancy from Universiti Teknologi MARA (UiTM). He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW), a Fellow of the Association of Chartered Certified Accountants (FCCA), a Chartered Accountant with the Malaysian Institute of Certified Public Accountants (MICPA), and a member of the Malaysian Institute of Accountants (MIA). He is also a Chartered Banker, certified by the Asian Institute of Chartered Bankers (AICB).
Steven Choy Khai Choon has served as a Member of the Authority since 1 November 2020. He was reappointed for a further two-year term, effective 1 January 2026.
Steven Choy is currently the Non-Independent Non-Executive Chairman of Zurich Life Insurance Malaysia Bhd and Zurich General Insurance Malaysia Berhad. He serves on the Board of Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd and Asian Banking School Sdn Bhd. Additionally, he is a Non-Independent Non-Executive Director of Kenanga Investment Bank Malaysia Berhad and Kenanga Investors Berhad.
Previously, he held senior positions at several financial institutions and served as President and CEO of Cagamas Berhad for six years before retiring in March 2012.
Steven graduated with a Bachelor of Commerce degree from the University of New South Wales, Australia in 1982 and a Master’s degree in Business Administration from Oklahoma City University, USA in 1988. He is a Fellow of CPA Australian.
Under Secretary of Tax Division Ministry of Finance Malaysia (MOF)
Dato' John Patrick Antonysamy
Under Secretary of Tax Division Ministry of Finance Malaysia (MOF)
Dato' John Patrick Antonysamy is currently the Under-Secretary of the Tax Division at the Ministry of Finance responsible for facilitating an optimum direct and indirect taxation system whilst encouraging private sector investments to enhance national economic growth.
He has served in the Government Administrative and Diplomatic Service for over 31 years, holding a wide range of positions across key ministries. His service includes extensive experience at the Ministry of Finance since 1995, where he was attached to the Budget Division, the Economics and International Relations Division, and the Tax Division. He has also served at the Ministry of International Trade and Industry as well as the Public Private Partnership Unit under the Prime Minister’s Department.
Dato’ John Patrick holds a Degree in Mathematics and Education and, in his capacity as a civil servant, obtained a Diploma in Public Administration. He also pursued a Master’s Degree in International Economics.
Board Member ZICO Shariah Advisory Services Sdn Bhd.
Dr. Aida Othman
Board Member ZICO Shariah Advisory Services Sdn Bhd.
Dr. Aida Othman has served as a Member of the Authority since 1 January 2022. She was re-appointed for a further two-year term, effective 1 January 2026.
Dr. Aida Othman is the Managing Director of ZICO Shariah Advisory Services Sdn Bhd.
Dr. Aida specialises in Islamic banking and finance, Islamic capital market instruments and takaful products and operations. She also advises on Shariah compliance and governance, including on the legal and regulatory framework for Islamic finance. Currently, she serves as a Shariah committee member of several Islamic financial institutions.
Dr. Aida holds a Bachelor of Laws (First Class Honours) and a Bachelor of Islamic Law (Shariah) (First Class Honours) from the International Islamic University Malaysia. She obtained her Master of Laws from the University of Cambridge, United Kingdom, and subsequently earned her PhD in Comparative Law and Middle Eastern Studies from Harvard University, where she also completed a Postdoctoral Fellowship.
Datuk Nor Azimah Abdul Aziz has served as a Member of the Authority since 1 January 2022. She was re-appointed for a further two-year term, effective 1 January 2026.
Datuk Nor Azimah is the Chief Executive Officer (CEO) of the Companies Commission of Malaysia (SSM). She was appointed to this role on 1 May 2020, having previously served as Deputy Chief Executive Officer (DCEO) for Regulatory and Enforcement, and subsequently as DCEO for Corporate Services between 2016 and 2020. She joined SSM in 2003 as General Manager of the Corporate Policy, Planning and Development Department.
Datuk Nor Azimah began her career in 1992 as an Advocate and Solicitor, before transitioning into academia as a Law Lecturer in the Accounting Department, Faculty of Business and Management, Universiti Kebangsaan Malaysia (UKM). In July 2000, during her tenure at UKM, she was seconded to the Regulatory and Standards Department of the Malaysian Institute of Accountants (MIA).
She has extensive experience in law reform and regulatory initiatives and has overseen the enactment of several major pieces of legislation under the purview of SSM. These include the Companies Act 2016, Interest Schemes Act 2016, Limited Liability Partnership Act 2012, and the Companies (Amendment) Act 2007. She currently serves on several boards and committees, including as a Board Member of the Audit Oversight Board (AOB), the Integrity Officer Accreditation Board (LPPIB), and the Financial Reporting Foundation (FRF). She is also a Member of the Approval and Implementation Committee of the Iskandar Regional Development Authority (IRDA) and an Executive Committee Member of the Corporate Registers Forum (CRF), an international association of corporate registries. She was recently appointed as an Adjunct Professor at Universiti Kebangsaan Malaysia.
Datuk Nor Azimah holds a Bachelor of Laws degree from Universiti Teknologi MARA (previously known as Institut Teknologi MARA) and a Master of Laws (LLM in Business Law) from Aberystwyth University, United Kingdom.
Mr. Mohamad Ali Iqbal Abdul Khalid was appointed as a Member of the Authority of the Labuan Financial Services Authority (Labuan FSA) for a two-year term, effective 15 January 2026.
Mr. Iqbal currently serves as an Assistant Governor at Bank Negara Malaysia (BNM), a position he has held since 1 June 2024. In this role, he oversees the Investment, Market Operations and Development, Treasury Risk and Infrastructure, and Foreign Exchange Policy departments.
Mr. Iqbal joined BNM in 2002 and has since served in various capacities across the organisation. His experience spans several key departments, including the Investment Operations and Financial Market Department, the Governor’s Office, and the International Department. He has also held the position of Chief Representative at Bank Negara Malaysia’s Representative Offices in New York and London.
Mr. Iqbal holds a Master of Business Administration from the Massachusetts Institute of Technology, a Master of Science in Wealth Management from Singapore Management University, and a Master of Engineering from the University of Durham, United Kingdom. He is a Chartered Financial Analyst (CFA) charterholder and a Chartered Banker (CB) with the Asian Institute of Chartered Bankers (AICB).
Deputy Chief Executive Officer (Compliance) Inland Revenue Board of Malaysia (IRBM)
Datuk Hisham bin Rusli
Deputy Chief Executive Officer (Compliance) Inland Revenue Board of Malaysia (IRBM)
Datuk Hisham Rusli is the Deputy Chief Executive Officer (Compliance) of Inland Revenue Board of Malaysia (IRBM). He joined IRBM in 1998 and has served in various areas of tax administration, including stints in audit, investigation, intelligent and profiling, tax policy and management of branch and state offices.
He holds a BA (Hons) Accounting and Finance from University of Plymouth United Kingdom and an MBA of Management from Open University Malaysia Kuala Lumpur.
Executive Director Securities Commission of Malaysia (SC)
Dato' Zain Azhari Mazlan
Executive Director
Securities Commission of Malaysia (SC)
Dato’ Zain Azhari Mazlan was appointed as a Member of the Authority of the Labuan Financial Services Authority (Labuan FSA) for a two-year term, effective 15 January 2026.
Dato’ Zain Azhari Mazlan is the Executive Director of Corporate Finance and Investments at the Securities Commission of Malaysia (SC). He provides leadership and direction on matters related to issues and investments, including the issuance of securities, takeover and merger activities, collective investment schemes and the registration of prospectuses.
With more than 25 years of experience in corporate finance and investment banking prior to joining the SC in 2020, Dato’ Zain was previously the Managing Director of Corporate Finance at CIMB Investment Bank. His investment banking experience includes originating and executing corporate finance transactions, including mergers and acquisitions, equity fund raising exercises, initial public offerings, equity, and debt restructuring and other financial advisory work.
Dato’ Zain holds a Bachelor of Science (Hons) in Economics from the London School of Economics and Political Science, United Kingdom.
