QATAR, Doha, May 9 (Bernama) — Labuan International Business and Financial Centre (Labuan IBFC), Asia’s premier business and financial centre, and Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, have launched a joint publication titled “Mutual Cooperation Towards Global Connectivity”. This joint publication is an initiative following the signing of a Memorandum of Understanding (MoU) last year between both Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan IBFC, and Qatar Financial Centre Authority, which is responsible for the development and promotion of QFC. The non-binding MoU is valid for a period of three years.
The publication provides an overview of both jurisdictions’ Islamic finance capabilities as well as solutions and offerings. It then highlights, via two in-depth cases, potential areas for collaboration which complement the respective jurisdictions’ strengths. Positive factors that will contribute towards ensuring the collaborative efforts are meaningful and achieve their intended objectives are also outlined. The publication concludes by noting both jurisdictions have pivotal roles to play in advancing the digitalisation and globalisation agenda in Islamic finance.