(MENAFN- Kuwait News Agency (KUNA)) DOHA, March 19 (KUNA) -- Qatar has launched "Energy Bank," the world's largest facility, with an authorized capital of USD 10 billion, a bank official announced on Tuesday.
The bank's actual work will begin in the fourth quarter of 2019, with the aim of financing global projects.
Speaking in a news conference held in the sidelines of the 5th Doha Islamic Finance Conference, head of the constituent's committee of the bank Khaled Al-Suwaidi said "we seek during the next five years to be a key actor in energy investments and make the bank a trusted funding partner not only in the region but also in the entire world." He added that the bank includes a galaxy of energy and banking experts to provide a range of products and services, which enable energy companies to meet growing needs of local and regional markets.
The bank would provide competitive and innovative products, and financing plans for companies as well as projects and others, he noted.
Meanwhile, Yusuf Al Jaidah, Chief Executive Officer of the Qatar Financial Center Authority (QFC), said "We are proud to have the first Islamic bank to join the QFC as part of our commitment to evolving a solid financial ecosystem with world-class services." The bank is being established in accordance with strategies focusing on the financial sector in general and the Islamic financing sector in particular, he pointed out.
For his part, Mohammad Al-Marri, head of the bank's media committee, said that the facility would include investors all over the world with an authorized capital of USD 10 billion.
It is expected that the bank would begin work in the fourth quarter with a paid capital of USD 2.5 billion, he made clear.
Investors chose Qatar to be the bank's headquarters due to its stable financial and banking positions as well as the incentive legislations and laws there, he pointed out.
The bank, which is being under construction, will provide world-class investment banking services in the domains of oil, gas, petrochemicals and renewable energy industry, in line with Islamic Sharia rules and regulations, he revealed. (end) nnd.hm
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