The 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 centres.
The MoU, which Mr Yousuf Mohamed Al-Jaida, QFC CEO, and Ms Farah Jaafar-Crossby, Labuan IBFC Inc CEO, signed on 15 April 2021, 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 International Business and Financial Centre (Labuan IBFC) commit 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 all competent authorities. Both financial centres also agree to collaborate on financial sector domains, such as
Labuan International Business and Financial Centre (Labuan IBFC) has signed a Memorandum of Understanding (MoU) with the Qatar Financial Centre Authority (QFC) in an agreement designed to strengthen financial ties between the two centres.
Thursday, 15 Apr 2021 05:51 PM MYT
KUALA LUMPUR, April 15 The Qatar Financial Centre Authority (QFC Authority) today signed a Memorandum of Understanding (MoU) with Labuan IBFC Incorporated to develop a long-term cooperation and boost the economic and financial sector ties between the two financial centres.
The MoU entails a commitment to collaborate on certain objectives including, but not limited to, marketing, awareness activities and identification of mutually beneficial initiatives.
Under the agreement’s structure, QFC and Labuan IBFC will commit to exploring a mutually beneficial framework to allow relevant financial institutions in the State of Qatar to operate in Labuan IBFC and allow relevant financial institutions in Labuan IBFC to operate in the QFC, subject to the approval of all competent authorities.
Published on: Wednesday, April 07, 2021
By: Bernama
Text Size:
Labuan IBFC is the only jurisdiction in Asia which provides for the formation of protected cell companies and this has been the largest growth vertical within the self-insurance industry in 2020. (Image: Labuan IBFC)
LABUAN: A leading global trade publication, Captive Review has recently highlighted Labuan International Business and Financial Centre’s (Labuan IBFC) achievement in charting a strong captive growth in 2020, with its total number of captives increasing by 15.4 per cent.
The World Domicile Update 2020 report, which canvassed all global jurisdictions offering this form of self-insurance vehicle, confirmed that Labuan IBFC licensed a quarter of all captives in Asia, and Middle East and North Africa (MENA), thereby reinforcing its position as the fastest growing captive centre in Asia.
To print this article, all you need is to be registered or login on Mondaq.com.
Growth in Digital Family, testament to the
jurisdiction s progressive approach in embracing the digital
revolution
Kuala Lumpur, 10 December 2020 –
Labuan International Business and Financial Centre (Labuan IBFC)
continues to attract new business innovations and opportunities as
evidenced by the influx of digital financial service providers
revolutionising its financial offerings. This segment has grown significantly in the last four
years in tandem with our aspirations to have the market embrace
digitalisation as the future of conducting business, said
Labuan Financial Services Authority (Labuan FSA) Director-General,
Datuk Danial Mah Abdullah at the second Connecting Digital