The new Islamic Energy Bank will finance TAQA projects in Turkey Other Services

The Islamic Energy Bank, recently announced by Qatar, is set to begin its business and invest in energy both inside and outside the country.

Last month, the world's largest energy bank was launched with a $ 10 billion capital in Qatar. Its operations begin in the fourth quarter of this year. The creation of the bank represents a major turning point in the region, contributing to the increase in Qatar's energy exports through an Islamic system of contracts issued by the bank in the field of energy.

Youssef Mohamed Jaidah, chief executive of the Qatar Financial Center, says the bank, which was founded on March 19, will fund energy projects in Turkey.

The bank, set up jointly by the private sector and international investors, will fund projects in energy-rich countries such as Kazakhstan, Russia, Sudan and the Caspian basin, he said in an interview in Istanbul on Friday. He added that the energy projects in Turkey will also benefit from the bank, which will support the projects of natural gas and oil, renewable energy and petrochemical projects.

Qatar, as one of the world's most energy-rich countries and the world's largest exporter of liquefied natural gas, has been able to launch and embrace the Islamic Energy Bank, he said. Qatar has recently begun to face competition from gas producers in the United States and Australia.

The Energy Bank will operate as a financial institution licensed by the Doha-based Qatar Financial Center (QFC) to be the largest bank of its kind in the world. It will have representative offices in a number of countries in the Middle East and North Africa region and around the world. The bank official said the bank would be a company that finances large energy projects and that it would often provide financing in the form of joint loans.

On the economic relations between Turkey and Qatar, Al-Jaidah said that the current trade volume between the two sides exceeded 2 billion dollars.

He added that the QFC is currently conducting studies on strategic investments, seeking to attract foreign investors to Qatar and holding consultations with Turkey in this regard.

Turkey has sided with Qatar after being boycotted and surrounded by four Arab states - Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.

In August, Qatar unveiled a $ 15 billion long-term investment plan in Turkey. "So far, $ 3 billion has come to Turkey from Turkey as a cash investment, and another $ 3 billion has been provided through swap agreements , Which means that 40 percent of the investment plan announced in August, has been achieved, and we communicate with Turkish officials, to invest the remaining portion in different sectors.

He said Qatar was investing in the banking sector in Turkey through the banks of Finance Bank and Alternative Bank. He added that the real estate and defense industries are important sectors for Qatari investment.

He also pointed out that retail trade, food and agriculture are other areas where the two countries can cooperate.

Al-Jaidah talked about the possibility of cooperation between Qatar and Turkey in the field of Islamic finance, and the possibility that Doha, Istanbul and Kuala Lumpur will be at the forefront of Islamic finance.

"Our long-term strategic goal is to make Istanbul a center of Islamic finance in Europe and Kuala Lumpur in Asia, and in this way we believe Doha will be a gateway to the Middle East."

He noted that he had met with officials of the Istanbul Center for Finance, and noted that they share his view, and that this note gives rise to optimism to achieve the strategic goal of making Istanbul a center for Islamic finance in Europe.

"We currently have five Turkish companies in the structure of the QFC. Two Turkish banks are willing to work in Qatar, and we are in contact with them. One of the two banks has made its final decision to enter the markets," he said. While we continue to consult with the other bank. "

"If you want to expand and invest in Kuwait, Oman and the wider Middle East, Qatar can be an important center for you. You have to be confident that Qatar will facilitate your actions and will give you incentives."