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QFC, Labuan IBFC sign deal to boost cooperation

QFC, Labuan IBFC sign deal to boost cooperation

QNA
Doha
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 centers.
The MoU, which Chief Executive Officer of QFC Yousuf Mohamed Al Jaida and Chief Executive Officer of Labuan IBFC Inc 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 committed to exploring a mutually beneficial framework to allow relevant financial institutions in Qatar to operate in Labuan IBFC and allow relevant financial institutions in Labuan IBFC to operate in the QFC, subject to the approval of competent authorities. Both financial centres also agreed 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.