QFC, Labuan IBFC Host Masterclass to Explore Business Opportunities, Enhance Collaboration

Doha: Qatar Financial Centre (QFC) 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 and 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 a nd 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. Chief Executive Officer of QFC Yousuf Mohamed Al Jaida commented on the collaboration, stating, "We are delighted to join hands with Labuan IBFC in organizing 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." For his part Executive Chairman and CEO of Labuan IBFC Datuk Iskandar Mohd Nuli 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 ensur ing both Labuan IBFC and QFC are active participants in the push for the digitalization and globalization of Islamic finance." The existing partnership between QFC and Labuan IBFC is centered on boosting their economic and financial sector ties through joint projects, marketing both financial centers and promoting innovation in the financial industry. Source: Qatar News Agency