The President of Cyprus, Nicos Anastasiades (third left) with the Chairman of QIB, Sheikh Jassim bin Hamad bin Jassim bin Jaber AI Thani (fourth left), the Minister of Energy and Industry H E Dr Mohamed bin Saleh Al Sada (second left) and other officials at the meeting.
DOHA: Qatar Islamic Bank (QIB) yesterday extended support to Cyprus in preparing a framework and legislation to introduce Islamic financial tools and instruments, such as sukuk (Islamic bonds), in the island-nation, which is a member of the European Union and Eurozone.
The announcement came after the President of Cyprus, Nicos Anastasiades, met the Chairman of QIB, Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, said a press statement. The meeting was attended by the Minister of Energy and Industry H E Dr Mohamed bin Saleh Al Sada, his Cypriot counterpart Yiorgos Lakkotrypis, Constantinos Petrides, Under Secretary to the President of Cyprus, Nikos Christodoulides, Director of the President’s Diplomatic Office and members of QIB’s senior management.
The meeting was described as highly productive promoting mutual benefits for the financial and business communities of Qatar and Cyprus. The potential to support Cyprus in preparing the framework and legislation to benefit from Islamic finance was explored and opportunities for collaboration in the energy and electricity sectors in Cyprus discussed.
Sheikh Jassim confirmed the bank’s support to Cypriot companies which have or plan to establish a presence in Qatar and said the bank is looking forward for further business flow between Cypriot and Qatari companies.
Follow-up meetings will be held in Cyprus in the near future to discuss opportunities.
Anastasiades and Sheikh Jassim praised productive discussions and said both sides were looking forward to a close relationship. Cyprus is the third largest and third most populous island in the Mediterranean Sea. It is an advanced, high-income economy with a very high human development index.
The Peninsula
