As published on reinsurancene.ws, Wednesday 24 May, 2023.
Labuan IBFC Incorporated Sdn Bhd, the official marketing agency for the Labuan International Business & Financial Centre (Labuan IBFC), has renewed its Memorandum of Understanding (MoU) partnership with Qatar Financial Centre Authority (QFCA) which is responsible for the development and promotion of Qatar Financial Centre.
Under the partnership, both financial centres have agreed to cooperate on captive insurance, capital market, Islamic finance, and digital finance.
The renewed MoU, which was signed by Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., and Yousuf Mohamed Al-Jaida, CEO of QFCA, demonstrates a commitment towards the identification, and subsequent collaboration on shared market development activities.
Both centres previously signed an MoU in 2021, during a period which saw both firms collaborate on market development and promotion initiatives.
Following the success of these programmes, both parties decided to renew the MoU to enable a further exploration of mutual benefits.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. commented: “This strategic partnership will further generate greater exposure and awareness of Labuan IBFC in the MENA region. Labuan IBFC Inc. is confident that both financial centres’ shared commonality comprising a sound legal framework and adherence to global financial standards will serve as an ideal platform for intermediaries looking to establish their presence in both the Asian and MENA regions. We look forward to working closely with QFCA to further deepen our collaboration in a meaningful manner.”
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFCA, added: “We are delighted to renew our partnership with Labuan IBFC Inc. and embark on further collaborations that will allow both financial centres to expand into strategic markets.”
He further elaborated that Labuan IBFC offers a strategic platform to expand into the Asian market, which aligns with QFC’s strategy of attracting international firms and creating further opportunities for QFC firms to expand globally.