Qatar Financial Centre Authority signs MoU with Labuan IBFC Inc enhancing Asia and MENA financial sector ties

The Qatar Financial Centre Authority (QFC Authority) has signed a Memorandum of Understanding (MoU) with Labuan IBFC Inc, to develop long term cooperation and boost economic and financial sector ties between the two financial centres.

The MoU, which Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, and Farah Jaafar-Crossby, Chief Executive Officer, Labuan IBFC Inc, signed on 15 April 2021, 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 International Business and Financial Centre (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.

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