QFC and Labuan IBFC host masterclass to explore business opportunities and enhance collaboration

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Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and Labuan International Business and Financial Centre (Labuan IBFC), Asia’s premier international financial hub, jointly hosted a masterclass aimed at fostering collaboration and exploring new business opportunities between the two business and financial centres. The event is one of the initiatives born out of the ongoing partnership established by the two entities through a Memorandum of Understanding (MoU) signed in 2023.

Held in Doha, the masterclass brought together key stakeholders from QFC entities, Islamic financial institutions, and other financial service providers, along with law firms, regulators, enterprises within the Oil & Gas field and Qatari family businesses. It highlighted Labuan’s leasing and family office offerings from a Shariah perspective and family office solutions offered by QFC, in line with Qatar's positioning as a regional hub for wealth management.

A notable highlight of the session was the unveiling of the joint publication by Labuan IBFC and QFC, which underscores the pivotal roles they play in Islamic finance, their mutual collaboration to promote the Sharia-compliant financing, and their shared commitment to drive the industry’s growth beyond their borders.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented on the collaboration, stating, "We are delighted to join hands with Labuan IBFC in organising this masterclass. This cooperation demonstrates a shared vision to facilitate cross-border business opportunities and promote Islamic finance solutions across sectors and beyond our jurisdictions. By bringing together industry experts and stakeholders, we aim to explore new avenues for growth and deliver value to our respective stakeholders.”

Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. echoed similar sentiments, stating, “The masterclass and launch of the joint publication marks a milestone in the collaboration journey between Labuan IBFC and QFC. Both these endeavours are definite steps in ensuring both Labuan IBFC and QFC are active participants in the push for the digitalisation and globalisation of Islamic finance."

The existing partnership between QFC and Labuan IBFC is centred on boosting their economic and financial sector ties through joint projects, marketing both financial centres and promoting innovation in the financial industry.

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ABOUT QATAR FINANCIAL CENTRE

Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. QFC offers its own legal, regulatory, tax, and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. QFC welcomes a broad range of financial and non-financial services firms.

For more information about the permitted activities and the benefits of setting up in QFC, please visit www.qfc.qa

@QFCAuthority | #QFCMeansBusiness

MEDIA CONTACTS
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ABOUT Labuan International Business and Financial Centre

Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive suite of solutions, striking an ideal balance between client confidentiality and compliance with international best standards and practices. Labuan IBFC boasts a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs. These unique qualities offer sound options for regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.

For more information, follow @LabuanIBFC on LinkedIn and Facebook.

Alternatively, visit www.labuanibfc.com