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Economy

Qatar partners Malaysia, Turkey to conquer Islamic finance market

Gas-rich Gulf state aims to escape blockade by diversifying economy

DOHA -- Qatar is planning an ambitious new initiative with Malaysia and Turkey to serve the $2 trillion global Islamic finance market from hubs in the three countries using common platforms and technology, as part of efforts by the Gulf emirate to overcome a blockade imposed by its neighbors and diversify its economy away from oil and gas.

"We have a vision to cover the entire globe’s Islamic financial transactions between three financial centers: Doha, Istanbul and Malaysia," said Yousef Mohamed Al Jaida, CEO of the Qatar Financial Centre in a group interview on the sidelines of the annual Doha Forum. "This requires international platforms and technology which we believe Qatar Financial Centre has."

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