HSBC eyes first branch dedicated to Shariah banking

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Companies
Join the Discussion

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

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.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Fear and roaming in the Gulf

Fear and roaming in the Gulf

The Gulf’s telecommunications giants are once more pushing ahead...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams