HSBC, QIB completes first Islamic trade facility in MENAT at $100mn

By Amirtha P S, Trainee Reporter
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HSBC
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The British multinational investment bank, HSBC has completed its first Islamic trade facility in the Middle East, North Africa, and Turkey (MENAT) region which is valued at $100 million in January by joining with Qatar’s largest Islamic institution, Qatar Islamic Bank (QIB).

The Financial Institutions Refinance trade facility is a new addition to HSBC Bank Middle East’s Islamic product suite. Being the first country to complete the transaction, Qatar demonstrates its market-leading globally acclaimed Islamic financial institutions with diversified product sets and high demand for Sharia-compliant banking products.

Abdul Hakeem Mostafawi
Abdul Hakeem Mostafawi
CEO – HSBC Qatar

“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. We are very optimistic about the different growth opportunities in Qatar that are 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.”

Bassel Gamal, Group CEO of QIB, added that “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 furthering cooperation in the future”.

Commenting on the successful completion of the transaction, Osama Ali, Head of Global Banking in Qatar, stated, “This transaction demonstrates our ability to identify and deliver unique solutions to our clients, by utilizing our extensive global network and applying our broad knowledge of the market in Qatar.”

In addition to being the top Sukuk arranger globally, HSBC is able to offer a complete range of Islamic financial products, hedging and bespoke solutions.

Also Read: UAE businesses can now do virtual card payments with HSBC

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