HSBC Bank Middle East completed its first Islamic trade facility in Middle East, North Africa and Turkey (MENAT) valued at $100mn in January with Qatar Islamic Bank, Qatar’s largest Islamic institution. The Financial Institutions Refinance trade facility is a new addition to HSBC Bank Middle East’s Islamic product suite.
“This is a first-of-its-kind transaction for HSBC Bank Middle East within the MENAT region and we are very proud that Qatar was the first country where it was executed,” said Abdul Hakeem Mostafawi, CEO, HSBC Qatar.
“We are very optimistic about the different growth opportunities in Qatar that is driven by the expansion in gas production, final preparations for the FIFA 2022 World Cup and ongoing investment in infrastructure development. This transaction signals a strong start to the year.”
The fact that this transaction was first completed in Qatar demonstrates that the country has a number of market leading internationally recognised Islamic financial institutions with diversified product sets and a high demand for Sharia compliant banking products.
Bassel Gamal, Group CEO, QIB stated: “We are very proud that QIB is the first Bank in the region to complete an Islamic trade facility with HSBC. The transaction has been executed efficiently, with the highest professional standards. We look forward to further cooperation in the future”.
Osama Ali, HSBC Head of Global Banking in Qatar said, “This transaction demonstrates our ability to identify and deliver unique solutions to our clients, by utilising our extensive global network and applying our broad knowledge of the market in Qatar.”
HSBC is able to offer a complete range of Islamic financial products to its wholesale clients. In addition to being the top Sukuk arranger globally, it provides its clients with Islamic financing, hedging and bespoke solutions.