Labuan International Business and Financial Centre (Labuan IBFC) and Qatar Financial Centre (QFC) have joined forces to launch a groundbreaking joint publication titled “Mutual Cooperation Towards Global Connectivity”. This initiative comes on the heels of a Memorandum of Understanding signed last year between Labuan IBFC Inc. and Qatar Financial Centre Authority, solidifying their commitment to collaboration in the financial sector.
The publication delves into the Islamic finance capabilities of both jurisdictions, showcasing solutions and offerings while identifying areas for potential collaboration. It emphasizes the importance of digitalization and globalization in Islamic finance and highlights the pivotal roles that Labuan IBFC and QFC play in advancing these agendas.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., expressed confidence in the publication’s significance, stating that it marks a milestone in the collaboration between the two financial centers. He highlighted the introduction of the Islamic Digital Asset Centre in Labuan IBFC as a Shariah-compliant digital gateway, positioning both jurisdictions as ideal platforms for intermediaries looking to establish a presence in Asia and the Middle East.
Yousuf Mohamed Al-Jaida, CEO of QFC, echoed these sentiments, emphasizing the shared vision to advance Islamic finance solutions and drive economic growth in their respective regions. The strategic partnership between Labuan IBFC and QFC is poised to facilitate regional economic growth, expand the marketing of Islamic products, and promote the growth of fintech and supporting ecosystems.
The joint publication serves as a testament to the commitment of Labuan IBFC and QFC to foster closer collaboration, bridge markets, and drive economic growth through Islamic finance solutions. This partnership sets the stage for continued cooperation and mutual recognition of both jurisdictions and their intermediaries, ultimately benefiting the global financial landscape.