Labuan IBFC, Qatar Financial Centre launch joint publication in Islamic finance

QATAR, Doha: 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.

Datuk Iskandar Mohd Nuli, executive chairman cum CEO of

Labuan IBFC Inc commented: “The launch of this joint publication marks a milestone in the collaboration journey between Labuan IBFC and QFC.

“We are confident that this publication is a significant step towards ensuring both Labuan IBFC and QFC are active participants in the push for the digitalisation and globalisation of Islamic finance.

“This is underscored by the introduction of the Islamic Digital Asset Centre in Labuan IBFC that acts as a Shariah-compliant digital gateway.”

He further added, “The publication also serves to underscore both jurisdictions as an ideal platform for intermediaries looking to establish their presence in both the Asian and MENA regions”.

Strategically located in Asia and the Middle East, both Labuan IBFC and QFC play a key role in expediating regional economic growth.

A continued strategic relationship between both financial centres will serve as a platform to expand the marketing of solutions and services especially Islamic products and enhance their acceptability in both regions.

It will also serve to facilitate the growth of fintech and its supporting ecosystems, thus easing entry into new markets as well as expanding and providing mutual recognition of both jurisdictions and their intermediaries. — Bernama