- The biggest energy bank in the world with a USD 10 Billion Capital
Doha, Qatar – On the sidelines of the 5th Doha Islamic Finance Conference, H.E Khaled Al- Suwaidi, the Chairman of the Founding Committee of the anticipated biggest Energy Bank in the world, announced the launch of its operations during the fourth quarter of 2019.
During a press conference that was held today at Sheraton Hotel , Dr Mohammed Al Marri, Chairman of the Media Committee of Qatar Energy Bank, stated that the bank will raise USD 10bn capital. The conference panel included Dr Jaber Al Marri, Chairman of the Advisory Board and Board Member, Vice Chairman of the Advisory Board, Mr Faisal M. Al Suwaidi, Member of the Advisory Board, Mr Abdul Aziz Hamad Al-Dulaimi, Member of the Advisory Board, and Mr Hamed Al Bader, Board Member.
The attendees elaborated that this economic initiative comes in light of the incredible growth projected for Qatar’s energy sector, which has an extensive expansion plan to increase annual capacity to 110 million tons by 2024.
The Energy Bank will be licensed by Qatar Financial Centre to become the biggest bank of its kind globally, with representative offices in the MENA region and all over the world. Currently under formation, the bank is set to be an international investment entity that specializes in oil and gas, petrochemicals and renewable energy, offering first-class services to the energy industries, in compliance with the Islamic Shariah.
HE Khalid Bin Ahmed Al Suwaidi, Chairman of the Founding Committee of Qatar Energy Bank said: “Despite the blockade, Qatar succeeded in overriding the situation, under the wise leadership of His Highness Sheikh Tamim Bin Hamad and continues to be trusted as a leading financial partner of energy projects regionally and globally.
“The bank will further Qatar’s firm financial stance and will make us a significant key player on the global energy scene, a catalyst of growth in the regional energy sector, and the enabler of energy innovation,” he added.
The Bank is established by a team of experts specialized in the banking and energy industries bringing to the table their wide expertise, local and international relations, technical capabilities, and knowledge in the energy sector. It will offer competitive and innovative products, corporate and project financing, as well as asset management services.
Mr Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said: “We are very proud to welcome Qatar’s first Islamic Energy Bank to the Qatar Financial Centre, an entity which strongly underlines our commitment to developing a robust financial ecosystem. This step fully aligns with the commitments we recently announced, reiterating our focus on the financial sector and specifically the Islamic Finance industry, locally and globally. The continued growth of both the Islamic Finance industry and the energy sector provides the necessary framework for the future success of the Islamic Energy Bank.”
Chairman of the Media Committee of the Energy Bank, Dr Mohammed Saleh Al-Marri, said: “With investors from all over the world, the bank has an authorized capital of USD $10 billion and is expected to start its operations in the fourth quarter of 2019, with a paid-up capital of USD $2.5 billion.”
“Investors chose Qatar as the bank's headquarters because of its stable financial and banking systems and the legislative and regulatory environment that will enable the Bank's success,” he added.
The Energy Bank is an international Islamic investment bank based in Qatar with the mission of seeking, funding, and enabling conventional and renewable energy projects in the MENA region. The bank is operated by a team of experts, under the license of Qatar Financial Centre (QFC), providing a variety of Shariah-compliant products and services to enable energy companies to cater to the rising market demand, whether locally or regionally.
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