Qatar Islamic Bank (QIB) has 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 agreement follows a meeting between the president of Cyprus Nicos Anastasiades and QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, according to

The meeting was attended among others by the Minister of Energy, Mohamed bin Saleh al-Sada, along with his Cypriot counterpart Yiorgos Lakkotrypis.

"Follow-up meetings have been agreed, scheduled to be held in Cyprus in the near future, for both parties to discuss further all identified opportunities," QIB said in a release.

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