QFC signs MoU with Labuan IBFC to enhance Asia, Mena financial sector

Qatar Financial Centre Authority has signed a Memorandum of Understanding with Labuan IBFC Inc, to develop long-term co-operation and boost economic and financial sector ties between the two financial centres

Qatar Financial Centre Authority (QFC Authority) has signed a Memorandum of Understanding (MoU) with Labuan IBFC Inc, to develop long-term co-operation and boost economic and financial sector ties between the two financial centres. The MoU, which QFC CEO Yousuf Mohamed al-Jaida and Labuan IBFC Inc CEO Farah Jaafar-Crossby signed on April 15, entails a commitment to collaborate on certain objectives including, but not limited to, marketing, awareness activities and identification of mutually beneficial initiatives. Under the structure of the agreement, QFC and Labuan IBFC commit to exploring a mutually beneficial framework to allow relevant financial institutions in the State of Qatar to operate in Labuan IBFC and allow relevant financial institutions in Labuan IBFC to operate in the QFC, subject to the approval of all competent authorities. Both financial centres also agree to collaborate on financial sector domains, such as setting up business operations with respect to Islamic finance, digital finance, capital markets, asset and investment management, and other relevant financial institutions and financial service providers within their ecosystems.