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HSBC completes its Islamic trade facility in MENAT with QIB

HSBC Bank Middle East completed its Islamic Trade Facility in MENAT, valued at USD 100 million, in January 2021 with Qatar Islamic Bank.

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HSBC completes first Islamic trade facility in Menat at $100m with QIB

HSBC completes first Islamic trade facility in Menat at $100m with QIB
14 Feb 2021 - 8:53
Abdul Hakeem Mostafawi (left), CEO of HSBC Qatar, and Bassel Gamal, Group CEO of QIB.
The Peninsula
Doha: HSBC Bank Middle East has completed its first Islamic trade facility in the Middle East, North Africa, and Turkey (Menat) region valued at $100m, in January 2021 with Qatar Islamic Bank (QIB), 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 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,” he added.

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Qatar- HSBC completes first Islamic trade facility in Menat at $100m with QIB

The Peninsula

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