Qatar’s largest Islamic institution, Qatar Islamic Bank (QIB) has signed an Islamic trade facility with HSBC Bank Middle East, valued at $100 million within the Middle East, North Africa, and Turkey (MENAT) region.
This trade facility is a welcome new addition to the HSBC Bank Middle East’s product range, showcasing the country’s largest sharia-compliant lender’s products.
The transaction is first-of-its-kind with the MENAT region, says CEO of HSBC Qatar, Abdul Hakeem Mostafawi in his statement to the Qatar Stock Exchange. The lender is optimistic of the various growth opportunities led by events like preparations for the FIFA 2022 World Cup, gas production, and investment in infrastructure development.
As Qatar becomes the first country to complete the transaction, the country shows its ability with diversified product range and Sharia-compliant banking products in the global market.
Commenting on the trade facility and successful completion of the deal, the Head of Global Banking in Qatar, Osama Ali said that the transaction promises to deliver unique solutions to clients with the utilization of their extensive global network and broad knowledge of the Qatar market.