HSBC completes its Islamic trade facility in MENAT with QIB
By Edil Corneille
HSBC Bank Middle East completed its Islamic Trade Facility in MENAT, valued at USD 100 million, in January 2021 with Qatar Islamic Bank (QIB). 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 of 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 internationally recognized Islamic financial institutions with diversified product sets and a high demand for Sharia-compliant banking products, the bank mentioned.
Bassel Gamal Group CEO of 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, Head of Global Banking in Qatar said: “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.”
HSBC is able to offer a complete range of Islamic financial products to its wholesale clients. In addition to being a Sukuk arranger, it provides its clients with Islamic financing, hedging and bespoke solutions.
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