Labuan IBFC Incorporated Sdn Bhd, the official marketing agency for the Labuan International Business & Financial Center (Labuan IBFC), has renewed its Memorandum of Understanding (MoU) partnership with the Qatar Financial Center Authority (QFCA) which is responsible for development and promotion of the Financial Center of Qatar.
Under the partnership, the two financial centers agreed to cooperate in captive insurance, capital markets, Islamic finance, and digital finance.
The renewed MoU, signed by Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., and Yousuf Mohamed Al-Jaida, CEO of QFCA, shows a commitment towards recognition, and subsequent collaboration in market development activities.
The two centers had previously signed an MoU in 2021, during which the two companies would collaborate on market development and promotional initiatives.
After the success of these programs, the two parties decided to renew the MoU to enable further exploration of mutual benefits.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. commented: “This strategic partnership will create more exposure and awareness of Labuan IBFC in the MENA region. Labuan IBFC Inc. We are confident that the two financial centers that share a strong legal framework and comply with global financial standards will serve as an ideal platform for intermediaries seeking to establish their presence in both Asia and MENA regions. We look forward to working closely with the QFCA to further deepen our collaboration in a meaningful way.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFCA, added: “We are delighted to renew our partnership with Labuan IBFC Inc.
He further explained that Labuan IBFC offers a strategic platform to expand into the Asian market, which is in line with QFC’s strategy to attract international companies and create more opportunities for QFC companies to expand throughout world.
