Qatar launches the largest Islamic energy bank in the world

Details:

• The announcement was made on the sidelines of the 5th Doha Conference on Islamic Finance.
• The bank, which is still under construction, will provide world class investment banking services in the fields of oil, gas, petrochemicals and renewable energy, in accordance with the rules and regulations of the Islamic Sharia.
• Statement: The creation of the bank takes into account the enormous growth expected of the energy sector in Qatar, particularly as a result of expansion projects aiming to increase the annual production capacity of LNG to 110 million tonnes by 2024.
• The bank will operate as a financial institution authorized by the Qatar Financial Center, based in Doha, to become the largest bank of its kind in the world with representative offices in several countries in the Middle East and North Africa and in the whole world.
• The chairman of the founding committee of the energy bank, Khalid bin Ahmed Al-Suwaidi, said at a press conference that "despite the constraints and obstacles that the unfair blockade imposed on Qatar, our country has been able to progress in various fields and has succeeded in maintaining the world's confidence as a key partner of the international energy sector ".
• Al Suwaidi: In the coming years, our goal is to become a major player in the field of energy investments and to be the trusted funding partner, not only in the region, but also worldwide.
• The bank will provide banking products and services that will enable energy companies to meet the needs of growing local and regional markets.
• Al Suwaidi: The bank will provide competitive and innovative products, corporate and project finance plans, as well as asset management services.
• QFC CEO Yousef Mohammed Al Jaidah: We are proud to be the first Islamic bank in the UAE to enter the QFC.
• Al-Jadeh: The Energy Bank is part of our commitment to developing a sound financial system characterized by world-class services and in line with the recently announced strategy that highlights the financial sector in general and the energy sector. Islamic finance in particular. .
• The announcement is particularly important given the continued growth of the Islamic finance and energy sectors, which will reach about $ 2.3 trillion in 2020, providing the framework for the future success of the Islamic Energy Bank. .
• Chairman of the bank's media committee, Mohammed Saleh Al Marri: The bank will have investors from around the world to start operations with an authorized capital of $ 10 billion.
• Al Marri: We should start working in the fourth quarter of this year with paid-up capital of $ 2 billion and $ 500 million.
• Al-Marri: Investors have chosen Qatar as the bank's headquarters because of the stability of the financial and banking sectors and the legislation and incentive laws that will contribute to its success.
• A member of the bank's advisory board, Abdulaziz bin Hamad al-Dulaimi, said the bank was in talks with Gulf countries over petrochemical projects.