The Labuan International Business and Financial Centre (Labuan IBFC) and the Qatar Financial Centre (QFC) released a joint publication titled “Mutual Cooperation Towards Global Connectivity”.
The launch was accompanied by a masterclass series that included panel discussions on Shariah-compliant leasing and wealth management solutions.
This publication follows the two organisations’ Memorandum of Understanding (MoU) from last year. The MoU aims to strengthen cooperation between Asia’s leading economic and financial hubs. The non-binding MoU will remain in effect for three years.
The publication is an invaluable resource for industry stakeholders interested in Islamic finance. It emphasises the significance of global connectivity in shaping the development of Islamic finance in Asia and beyond.
Labuan IBFC Inc. Executive Chairman and Chief Executive Officer (CEO), Datuk Iskandar Mohd Nuli, expressed confidence in the collaboration: “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, which acts as a Shariah-compliant digital gateway.”
QFC CEO Yousuf Mohamed Al-Jaida emphasised the shared vision between the two organisations: “This partnership exemplifies our shared vision to advance Islamic finance solutions across sectors and regions, promote closer collaboration, and bridge markets, ultimately driving economic growth in our respective jurisdictions.”
A strategic relationship between the two financial centres will increase the adoption of Islamic products in Asia and the Middle East and North Africa (MENA) regions. Moreover, it will enable fintech and its supporting ecosystems to thrive in new markets.
