Labuan IBFC and Qatar Financial Centre (QFC) have jointly launched a publication titled “Mutual Cooperation Towards Global Connectivity”, following an MoU signed last year. The publication highlights potential areas for collaboration in Islamic finance, emphasizing the pivotal roles both jurisdictions play in advancing digitalization and globalization in the industry.
14 May 2024 – Labuan International Business and Financial Centre (Labuan IBFC), renowned as Asia’s premier business and financial hub, and Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, have jointly launched a publication titled “Mutual Cooperation Towards Global Connectivity”. This initiative follows the signing of a Memorandum of Understanding (MoU) last year between Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and Qatar Financial Centre Authority, aimed at fostering collaboration and promoting the development of Islamic finance.
The publication provides an overview of the Islamic finance capabilities of both jurisdictions, along with their respective solutions and offerings. It further explores potential areas for collaboration through two in-depth cases that complement the strengths of each jurisdiction. Emphasizing factors that will contribute to meaningful collaborative efforts, the publication concludes by highlighting the pivotal roles both Labuan IBFC and QFC play in advancing the digitalization and globalization agenda in Islamic finance.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., expressed confidence in the joint publication, stating that it signifies a significant step towards ensuring active participation from both Labuan IBFC and QFC in the digitalization and globalization of Islamic finance. He highlighted the introduction of the Islamic Digital Asset Centre in Labuan IBFC as a Shariah-compliant digital gateway and emphasized both jurisdictions as ideal platforms for intermediaries looking to establish their presence in the Asian and MENA regions.
Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, echoed the sentiment, expressing excitement about the collaboration and the potential areas of cooperation in Islamic finance showcased in the joint publication. He emphasized their shared vision to advance Islamic finance solutions across sectors and regions, promoting closer collaboration and bridging markets to drive economic growth in both jurisdictions.
Strategically positioned in Asia and the Middle East, Labuan IBFC and QFC play crucial roles in expediting regional economic growth. A continued strategic relationship between these financial centers will serve as a platform to expand the marketing of solutions and services, particularly Islamic products, enhancing their acceptability in both regions. Additionally, it will facilitate the growth of fintech and its supporting ecosystems, easing entry into new markets and providing mutual recognition of both jurisdictions and their intermediaries.
