Qatar launches the largest Islamic energy bank in the world, endowed with a capital of 10 billion dollars

Doha: The first and largest Islamic bank in the world, focused on energy and finance, has announced the launch of the world's first Islamic bank.

The Islamic Energy Bank has a capital of 10 billion dollars to finance international energy projects.

Al Suwaidi, who will head the new bank at a conference in Doha this morning, said the energy bank is expected to be launched in the fourth quarter of 2019 under the aegis of the Qatar Financial Center.

The creation of the bank represents a major turning point in the region, contributing to Qatar's increased energy exports through an energy-based Islamic contracting system.

Qatar withdrew from the Organization of Petroleum Exporting Countries (OPEC) in early January 2019, after 57 years of membership, and Qatar's average output was about 600,000 barrels per day.

Qatar is the world's largest exporter of liquefied natural gas and has recently faced competition from markets such as the United States and Australia. (Anatolia)