HSBC eyes first branch dedicated to Shariah banking

HSBC Qatar chief executive reveals plans for Amanah branch in Doha.

HSBC is planning to establish its first Middle East branch dedicated to Amanah, the bank’s Shariah-based banking business, in Qatar, a top official has announced.

CEO Abdul Hakeem Mostafawi said the move - which will see a branch opening in Doha - underscored the bank's commitment "to fulfilling our customers’ diverse financial needs".

“This will be the first branch in the Middle East dedicated exclusively to HSBC Amanah,” Mostafawi said in comments published by Gulf Times on Sunday.

“We have seen a double digit growth in the Islamic banking business in the last five years or so,” Mostafawi told the paper.

On plans for HSBC Qatar to open more branches in the country, Mostafawi said: “We will assess the situation and take decision at the right time. If our presence is required in a particular zone or area, we will look at it. But then we also need to see the actual need given the rising acceptance of electronic banking channels including the ATMs and Internet.”

HSBC Qatar has five branches across the country but Mostafawi told the paper he believed Qatar had "great potential" in private banking and wealth management.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

Posted by: RFarook

Congrats. My wishes, Islamic finance grows strongly not only in Qatar but also in the middle east and world.For the success of the endeavour, more effort and time to be spent on educating people to differentiate with traditional banking.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Filipino expats in Gulf look to hardman Duterte

Filipino expats in Gulf look to hardman Duterte

President on tour of region as more than a million Filipino workers...

Qatar’s love affair with the UK is at stake

Qatar’s love affair with the UK is at stake

GCC country plans to increase its investment in the United Kingdom...

The cost of the US laptop ban

The cost of the US laptop ban

Aviation analysts and airline bosses are warning of significant...

Most Discussed