HSBC eyes first branch dedicated to Shariah banking

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.